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<br />The County and the Bond Registrar may charge the Registered Owner a sum sufficient to reimburse them for any
<br />expenses incurred in malting any exchange or transfer. The Bond Registrar or the County also may require payment from
<br />the Registered Owner or his transferee, as the case may be, of a sum sufficient to cover any tax, fee, or other governmental
<br />charge that may be imposed in relation thereto. Such charges and expenses shall be paid before any such new Series 1991
<br />Bond shall be delivered.
<br />The County and the Bond Registrar may treat the Registered Owner of any Series 1991 Bond as the absolute owner
<br />thereof for all purposes, and shall not be bound by any notice to the contrary.
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<br />SECURITY AND SOURCES OF PAYMENT
<br />Pledge of Net Revenues
<br />The Bonds are limited obligations of the County. The Bonds will be payable solely by the County from and secured
<br />by a lien upon and pledge of the Net Revenues of the System, together with such other revenues and funds which the County
<br />may choose to pledge by subsequent resolution u described below. Such lien and associated pledge of the Net Revenues
<br />of the System is subordinate to a lien on the revenues and receipts of the System granted to secure payment of the Senior
<br />Lien Bonds. See 'ADDITIONAL FINANCING ARRANGEMENTS — Senior Lien Bonds.'
<br />Subject to the release of security as discussed below, 'Net Revenues' for purposes of the Bonds means Revenues less
<br />Operating Expenses. 'Revenues' as used herein means: (i) all receipts and revenues of the County derived from the
<br />imposition, collection, and enforcement of uniform water and sewer service rates, fees and charges for the use of and the
<br />services furnished or to be furnished by the facilities constituting the System, including the earnings and interest income
<br />derived from the investment of the moneys on deposit in various funds and accounts established in connection with the
<br />System, but excluding Surcharges, Impact Fees, Special Assessments, Franchise Fees, and Fees in lieu of Franchise Fees
<br />(the 'Uniform Charges'); (ii) all receipts and revenues of the County received from the operation of the 1991 Project for
<br />the treatment of septage and grease; (iii) all North Beach Water Surcharges (u hereinafter defined) for services furnished
<br />by the North Beach Water System (u defined hereinafter); (iv) with the consent of the Bond Insurer, so long as any Series
<br />1989 Bonds or Series 1991 Bonds are outstanding, such Surcharges, Impact Fees, Special Assessments, Franchise Fees, and
<br />Fees in lieu of Franchise Fees as the County, by resolution, may pledge specifically in connection with the Bonds; and (v)
<br />with the consent of the Bond Insurer, so long as any Series 1989 Bonds or Series 1991 Bonds are outstanding, such other
<br />revenues of the County as the County, by resolution, may pledge specifically in connection with the Bonds.
<br />THE REVENUES PLEDGED IN CONNECTION WITH THE BONDS INCLUDE ONLY THE UNIFORM CHARGES
<br />OF THE SYSTEM AND DO NOT INCLUDE ANY SURCHARGES, IMPACT FEES, SPECIAL ASSESSMENTS,
<br />FRANCHISE FEES, FEES IN LIEU OF FRANCHISE FEES, OR OTHER REVENUES OF THE SYSTEM, EXCEPT
<br />CERTAIN RECEIPTS, REVENUES, AND SURCHARGES DESCRIBED IN (ii) AND (iii) ABOVE.
<br />The County may, by resolution of the Board filed with the Clerk of the Board of County Commissioners, except and
<br />release from the foregoing pledge and lien, and the phrase 'Revenues' as used in connection with the Bonds shall no longer
<br />include, the receipts and revenues of the County derived from the Uniform Charges for the use of and services furnished
<br />or to be furnished by any water and/or sewer facilities constituting a physically independent system of the County, or any
<br />impact Fees, Special Assessments, Surcharges, Franchise Fees, Fees w Lieu of Franchise Fees, or other receipts and
<br />revenues (other than Uniform Charges) theretofore pledged in connection with the Bonds, if there shall be filed with the
<br />Clerk of the Board of County Commissioners the following:
<br />(1) A certificate of an independent firm of certified public accountants of suitable experience and responsibility:
<br />(i) stating that the books and records of the County relating to the collection and receipt of the Revenues and the
<br />Operating Expenses have been audited by them for the Fiscal Year immediately preceding the date of the proposed
<br />release of such receipts and revenues from the pledge hereunder or for any twelve (12) consecutive month period out
<br />of the eighteen (18) consecutive months immediately preceding such date; (ii) setting forth the Revenues, the Uniform
<br />Charges, the Operating Expenses and the Net Revenues for the audited period referred to in (i) above, with respect to
<br />which such certificate is made; and (iii) stating that the Net Revenues, adjusted to give effect to the proposed release
<br />of such receipts and revenues as if the same had occurred at the beginning of such audited period, were equal to at least
<br />1.20 times the largest amount of principal and interest which will mature and become due in any Fiscal Year thereafter
<br />on all Bonds then outstanding. For purposes of (iii) above (A) Revenues, Uniform Charges, and Operating Expenses
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