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SUMMARY OF CERTAIN PROVISIONS OF THE RESOLUTION General The following constitutes a summary of certain provisions of the Resolution. This summary, together with the information contained in the Official Statement under the captions "DESCRIPTION OF THE SERIES 1991 BONDS," 'SECURITY AND SOURCES OF PAYMENT,' and "ADDITIONAL FINANCING ARRANGEMENTS' is intended to provide information as to the general nature of the provisions of the Resolution, and is not intended and does not purport to be a complete description of the terms of the Resolution. Accordingly, this summary is qualified in its entirety by reference to the Resolution, a copy of which may be inspected at the office of the County Attorney or the Clerk of the Board of County Commissioners. The covenants of the County set forth in the Resolution are subject to any stricter covenants which may have been imposed upon the County in the Senior Lien Bond Resolution, which covenants shall be observed while any Senior Lien Bonds are outstanding. See, for example, 'SECURITIES AND SOURCES OF PAYMENT -- Flow of Funds Under Senior Lien Bond Resolution." The 1991 Project The Resolution authorizes the 1991 Project in accordance with the plans and specifications on file or to be placed on file with the County. Also, the Resolution declares the 1991 Project to be part of the System. Retirement of Series 1988 Notes The Resolution authorizes the County to retire the Series 1988 Notes, in whole, at or prior to maturity with a portion of the proceeds of the sale of the Series 1991 Bonds and other legally available funds. Non-Arhitrage and Tax Covenants The County covenants in the Resolution that it will make no use of the proceeds of the Series 1991 Bonds which would cause the Series 1991 Bonds to be "arbitrage bonds' within the meaning of Section 103(b)(2) and Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"), and that it will comply with all other requirements of applicable provisions of the Code. Application of the Series 1991 Bond Proceeds All moneys received from the sale of the Series 1991 Bonds shall be deposited and applied by the County as follows: (1) All accrued interest on the Series 1991 Bonds, plus such other amount as may be designated by the County to be made available to pay interest on the Series 1991 Bonds for a specified period after issuance, shall be deposited into the Sinking Fund and applied exclusively for the payment of interest first becoming due on the Series 1991 Bonds. (2) A sum, if any, specified by subsequent resolution of the County shall be deposited into the Reserve Account in the Sinking Fund. (3) The amount specified by subsequent resolution as necessary to retire all of the outstanding Series 1988 Notes shall be so applied. (4) The amount necessary to pay all engineering fees, costs and expenses of financial reports, studies and projections, legal fees, fees of financial advisors, printing expenses, insurance premiums, rating fees, and all other similar costs incurred in connection with the issuance of the Series 1991 Bonds shall be paid or provided for.