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system maintained by DTC through brokers and dealers who are, or act through, DTC Participants. Purchasers will not receive delivery of the Bonds. So long as any purchaser is the Beneficial Owner (as defined herein) of a Bond, he must maintain an account with a broker or dealer who is, or acts through, a DTC Participant to receive payment of principal of and interest on such Bond. See "DESCRIPTION OF THE BONDS - Book -Entry Only System" herein. Paying Agent and Registrar. , Florida (the "Registrar"), will serve as Paying Agent and Registrar for the Bonds. Registration and Transfers. The Bonds will be issued in fully registered, book -entry -only form, registered in the name of Cede & Co., as nominee for DTC. Transfers of book -entry interests will be accomplished by DTC participants or others who act for the Beneficial Owners, in accordance with DTC procedures and applicable state laws. Payments. Payments of principal of and interest on the Bonds will be made by the Registrar to Cede & Co., as nominee for DTC, which, in turn, will immediately credit the accounts of DTC participants. The DTC participants will credit the payments to the Beneficial Owners in accordance with standing instructions and customary practices between DTC and the DTC participants. For a more complete description of the Bonds and the basic documentation pursuant to which Bonds are issued, see the "DESCRIPTION OF THE BONDS" herein. Municipal Bond Insurance At the option of the bidder, as further described in the Official Notice of Sale, payment of principal of and interest on the Bonds will be insured by a municipal bond insurance policy to be delivered simultaneously with the delivery of the Bonds. See "MUNICIPAL BOND INSURANCE" herein. Tax Exemption The legal opinion of Bryant, Miller and Olive, P.A., Bond Counsel, will include an opinion to the effect that assuming compliance with certain covenants, under existing laws, regulations, judicial decisions and rulings, (i) interest on the Bonds is excluded from gross income for purposes of federal income taxation and (ii) the Bonds are exempt from all present intangible personal property taxes imposed pursuant to Chapter 199, Florida Statutes, but are subject to Florida estate taxes and taxes imposed by Chapter 220, Florida Statutes, as applicable. Interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals or corporations; however, interest on the Bonds may be subject to the alternative minimum tax when any Bond is held by a corporation. For a more complete discussion of tax aspects, see "TAX EXEMPTION," herein. Authority for Issuance The Bonds are being issued, executed and delivered pursuant to Chapter 125, Florida Statutes, and other applicable provisions of law (collectively, the "Act"), and pursuant to Resolution No. 95-63, of the Board, adopted May 16, 1995, as supplemented (herein, collectively, the "Resolution"). 3247/MD38MM/POS-BODY-1 ii