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in a particular accrual period will be considered to be received ratably on each day of the accrual period, will be excluded from gross income for federal income tax purposes, and will increase the holder's tax basis in such Series 1991 Bond. Any gain realized by a holder from a sale, exchange, payment or redemption of a Series 1991 Bond would be treated as gain from the sale or exchange of such Series 1991 Bond. Other Federal Income Tax Consequences Ownership of the Series 1991 Bonds may also result in other Federal income tax consequences to certain taxpayers, including, but not limited to, financial institutions, property and casualty insurance companies, certain subchapter S corporation with substantial passive income and subchapter C earnings and profits, individual recipients of Social Security or Railroad Retirement benefits and taxpayers who may be deemed to have incurred or continued indebtedness to purchase or carry the bonds. No opinion or representation concerning these matters is being given or made by the County, Bond Counsel or any other party associated with issuance, offering or sale of the Series 1991 Bonds. Prospective purchasers of the Series 1991 Bonds should consult their own tax advisors concerning these matters. UNDERWRITING William R. Hough & Co. (the "Underwriter") has agreed, subject to certain conditions, to purchase the Series 1991 Bonds from the County at an aggregate discount of $/7,fs4f 5-9,5from the initial public offering prices set forth on the cover page of this Official Statement. This discount includes an original issue discount of $ C5#5. ,'S . The Underwriter's obligation is subject to certain conditions precedent, and it will be obligated to purchase all the Series 1991 Bonds if any Series 1991 Bonds are purchased. The Series 1991 Bonds may be offered and sold to certain dealers (including dealers depositing such Series 1991 Bonds into investment trusts) at prices lower than such public offering prices, and such public offering prices may be changed, from time to time, by the Underwriter. 30