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4 (5) The balance of the moneys remaining after malting all deposits and payments provided for in (1) through (4) above shall be deposited into the 1991 Construction Fund. Moneys on deposit in the 1991 Construction Fund shall be withdrawn, used, and applied by the County, as necessary, for payment of costs of the 1991 Project and purposes incidental thereto. If for any reason any proceeds of the Series 1991 Bonds are not necessary for or are not applied to the payment of such costs, then such moneys shall be deposited by the County into the Sinking Fund and used only to pay the principal of and interest on the Series 1991 Bonds. A Rebate Account is established wherein amounts sufficient to pay the United States of America all amounts due with respect to the Series 1991 Bonds under the provisions of Section 148(0 of the Code. or under similar provisions of subsequent Federal revenue laws, will be transferred from the funds and accounts created under the Resolution. Investments All moneys in all funds and accounts created by the Resolution, including without limitation, the Revenue Fund, the Sinking Fund, the Bond Amortization Account. and the Reserve Account. must be secured in the manner by which deposits of public funds are authorized to be secured by State law and may be invested only in Authorized Investments. Moneys on deposit in the Revenue Fund and the Sinking Fund (except the Reserve Account therein) may be invested and reinvested only in Authorized Investments maturing not later than the date on which the proceeds thereof will be needed. Moneys in the Reserve Account may be invested and reinvested in Authorized Investments maturing not later than five (5) years from the date of purchase. Except as may be provided in a resolution adopted in connection with the issuance of Additional Parity Bonds. any and all income from such investments shall be deposited into the Rebate Account to the extent required and the excess, if any, into the Revenue Account. Defeasance If at any time the County shall have paid, or shall have made provision for the payment of, the principal, interest and premiums. if any, with respect to any of the Bonds or any series thereof, then, and in that event, the pledge of and lien on the Pledged Funds in favor of the Registered Owners of such Bonds or of such series, as the case may be, shall no longer be in effect. For purposes of the preceding sentence, the deposit of sufficient cash and/or Federal Securities, or bank certificates of deposit fully secured as to principal and interest by Federal Securities (or deposit of any of the securities or investments which may be authorized by law from time to time and sufficient under such law to effect sucb a defeasance) in irrevocable trust with a banking institution or trust company, for the sole benefit of the Registered Owners of such Bonds or such series, as the case may be, the principal of and interest on which will be sufficient to pay, when due, such Bonds or such series, as applicable, shall be considered "provision for payment." Events of Default; Remedies No event of default is expressly stated in the Resolution. In addition, no trustee has been appointed under the Resolution to enforce any failure by the County to pay principal of or interest on the Series 1991 Bonds, when due, or to enforce any remedies provided by the Resolution to the holders of the Series 1991 Bonds. In determining whether an event of default has occurred no effect shall be given to payments made by the Bond Insurer. No remedial action shall be taken without the consent of the Bond Insurer, and the Bond Insurer acting alone. shall have the right to direct remedies upon default. Subject to the foregoing, any Holder of any Series 1991 Bond may either at law or in equity by suit, action, mandamus, or other proceeding in anv court of competent jurisdiction, protect or enforce any and all rights existing under Florida law or granted and contained in the Resolution, and may enforce and compel the performance of all duties required by the Resolution or by any applicable state or Federal statutes to be performed by the County or any officer thereof. C-2