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PURPOSE OF THE SERIES 1991 BONDS The County finds it necessary and desirable to construct and equip an expansion (the "1991 Project") to the Sandridge Golf Course, a public golf course and related clubhouse facilities now owned and operated by the County (the "Project"), in accordance with the plans and specifications on file or to be on file with the Clerk of the Board of County Commissioners. The golf course is to be expanded from its current eighteen holes to thirty-six holes with an enlarged clubhouse and will continue to be owned and operated by the County. The will be Project, costs of Series 1991 Bonds are being issued in an amount which sufficient to acquire, construct and equip the 1991 fund a debt service reserve account and to finance the issuance of the Series 1991 Bonds. DESCRIPTION OF THE SERIES 1991 BONDS The Series 1991 Bonds will be dated August 1, 1991, and will bear interest from such date at the rates per annum as set forth on the cover page hereof, payable on March 1, 1992 and semiannually thereafter on each September 1 and March 1 and will mature on September 1 in the years and principal amounts as set forth on the cover page hereof. The Series 1991 Bonds will be issued in fully registered form in the denominations of $5,000 or any integral multiple thereof. Principal and any redemption premium is payable upon surrender of the Series 1991 Bonds at the principal corporate trust office of C&S/Sovran Trust Company (Florida), N.A., Fort Lauderdale, Florida, the Paying Agent and Bond Registrar. Interest will be payable by check or draft mailed to each registered owner at his address as it appears on the registration books kept by the Bond Registrar on the fifteenth day of the month preceding the applicable interest payment date. The Series 1991 Bonds are being issued on a parity with the County's $2,720,000 Recreational Revenue Bonds, Series 1985, issued in April of 1986 (the "Parity Bonds"). The Series 1991 Bonds, the Parity Bonds and any Additional Parity Obligations issued under the Resolution are collectively referred to herein as the "Bonds." Optional Redemption 04 or The Series 1991 Bonds maturing before September 1, )?n}'1 will not be subject to optional redemption by the County. Bonds maturing on or after September 1, 7O are subject to redemption prior to maturity at the option of the County, in whole or in 2