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PURPOSE OF THE SERIES 1991 BONDS The County finds it necessary and desirable (i) to establish the Construction Fund to construct, acquire, furnish, and equip a regional sludge treatment facility (the '1991 Project') in the County in order to preserve and protect the public health, safety, and welfare of its inhabitants, (ii) to retire the Water Revenue Bonds, Series 1988, Anticipation Notes, dated December 1, 1988 (the 'Series 1988 Notes'), (iii) to make a deposit to the Reserve Account established under the Resolution, (iv) to fund the Sinking Fund in an amount to pay a portion of the invest first coming due on the 1991 Bonds, and (v) to pay certain costs incurred in connection with the issuance of the Series 1991 Bonds. The Series 1991 Bonds are being issued in en amount which, together with other legally available funds, the County believes will be sufficient for such purposes. ESTIMATED SOURCES AND USES OF FUNDS Sources: Principal Amount of Series 1991 Bonds Accrued Interest The Grant County Funds Uses: Total Sources Deposit to Construction Fund(1) Deposit to Series 1988 Note Payment Account Deposit to Reserve Account (2) Deposit to Sinking Fund Original Issue Discount Underwriter's Discount Issuance Expenses and Municipal Bond Insurance Premium Total Uses (1) Includes design, administrative, and certain other costs relating to construction of the 1991 Project. (2) Amount required to increase Reserve Account to maximum annual debt served on all Bonds to be outstanding. DESCRIPTION OF THE SERIES 1991 BONDS The Series 1991 Bonds will be dated October 1, 1991, and will bear interest from such date at the rates per annum as set forth on the cover page hereof, payable on May 1, 1992 and semiannually thereafter on each November 1 and May 1 and will mature on May 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 denominations of 55,000 and any integral multiple thereof. Interest on the Series 1991 Bonds is payable by check or draft or, at the option of the registered owners of S1,000,000 or more in principal amount of the Series 1991 Bonds, by wire transfer, of , as Paying Agent ("Paying Agent"), made out and mailed to, or in the case of a wire transfer of funds pursuant to the written instructions of, the registered owner ("Registered Owner"), as shown on the registration books of the County, maintained by Bond Registrar ('Bond Registrar"), on the fifteenth day of the month next proceeding the applicable interest ' as and as otherwise described herein. The unci of the Series 1991 Bonds, when due, and anypayment date principal Pv premium thereon will be payable upon presentation and surrender thereof at the principal corporate trust office of the Paying Agent. The Series 1991 Bonds aro subordinate to certain indebtedness of the County to FmHA. The aggregate amount of such indebtedness is $9,650,000. Other than the bonds relating to such indebtedness, the County shall not issue any hoods or obligations senior to or having priority over the Series 1991 Bonds. See "ADDITIONAL FINANCING ARRANGEMENTS -• Senior Lien Bonds.'