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Policy is not covered by the Florida Insurance Guaranty Association created under Chapter 631, Florida Statutes. The information relating to AMBAC Indemnity contained above has been furnished by AMBAC Indemnity and neither the County nor the Underwriter have undertaken any independent investigation of the operations of AMBAC Indemnity. No representation is made herein as to the accuracy or adequacy of such information or as to the absence of material adverse changes in such information subsequent to the date hereof. The County and the Underwriter make no representation as the ability of AMBAC Indemnity to make payments under the Municipal Bond Insurance Policy. See "APPENDIX D - SPECIMEN MUNICIPAL BOND INSURANCE POLICY". A Statement of Insurance relating to the Municipal Bond Insurance Policy will be printed on the Series 1991 Bonds. THE PARITY BONDS The County issued its $2,720,000 Recreational Revenue Bonds, Series 1985 (the "Parity Bonds"), in April of 1986, pursuant to the Resolution, to construct and equip an eighteen hole public golf course and related clubhouse facilities to be owned and operated by the County. The Parity Bonds are presently outstanding in the aggregate principal amount of $2,720,000, with a final maturity date of September 1, 2015. The Parity Bonds are secured by a lien on and pledge of the Pledged Funds on a parity with the lien and pledge of such revenues in favor of the holders of the Series 1991 Bonds. THE SENIOR HALF -CENT SALES TAX BONDS The County issued its $9,855,000 Refunding and Improvement Revenue Bonds, 1985 Series in November of 1985 and its $3,655,000 Capital Improvement Revenue Bonds, 1987 Series in July of 1987 (collectively, the "Senior Half -Cent Sales Tax Bonds"), to finance or refinance certain capital improvements in the County. The Senior Half -Cent Sales Tax Bonds are presently outstanding in the aggregate principal amount of $11,865,000, with a final maturity date in 2005. The Senior Half -Cent Sales Tax Bonds are secured by a lien on and pledge of the Half -Cent Sales Tax which is prior and superior to the lien and pledge of the holders of the Series 1991 Bonds and the Parity Bonds. In the Resolution, the County has covenanted not to issue additional bonds on a parity with the Senior Half -Cent Sales Tax Bonds (except for refunding bonds) unless the Half -Cent Sales Tax receipts and Racetrack and Jai Alai Fronton Funds for either the immediately preceding Fiscal Year or any twelve consecutive months of the eighteen months immediately preceding the date of sale of such additional bonds are equal to at least 1.35 times the maximum debt service requirement on the Senior Half -Cent Sales Tax Bonds, the Series 1991 Bonds, the Parity Bonds, and 12