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Fees, Special Assessments (other than those expressly discussed herein), Franchise Fees, and Fees in lieu of
<br />Franchise Fees, (H) certain Special Assessments (as described below under 'Pledge of Special Assessment
<br />Revenues' herein), (w) all receipts and revenues of the County received from the operation of the System for
<br />the treatment of septage and grease; (iv) all North Beach Water Surcharges (as hereinafter defined) for services
<br />furnished by the North Beach Water System (as defined hereinafter); (v) with the consent of the Bond Insurer,
<br />so tong as any Series 1993 Bonds are outstanding, such Surcharges, Impact Fees, Special Assessments (other than
<br />those expressly pledged), Franchise Fees, and Fees in lieu of Franchise Fees as the County, by resolution, may
<br />pledge specifically in connection with the Bonds; and (vi) with the consent of the Bond Insurer, so long as any
<br />Series 1993 Bonds are outstanding, such other revenues of the County as the County, by resolution, may pledge
<br />specifically in connection with the Series 1993 Bonds.
<br />The term "Operating Expenses" is defined in the Mastcr Bond Resolution as follows: "Operating
<br />Expenses' shall mean the current expenses paid or accrued for the operation, maintenance and repair of all
<br />facilities constituting a part of the System, as determined in accordance with generally accepted accounting
<br />methods, and shall include, without limiting the generality of the forgoing, insurance premiums, administrative
<br />expenses of the County related solely to the System, costs of labor, materials and supplies used for such
<br />operation and charges for the accumulation of the appropriate reserves for current expenses not annually
<br />recurrent but which arc such as may reasonably be expected to be incurred in accordance with such accepted
<br />accounting methods, but shall exclude payments into the Sinking Fund or the Reserve Account therein and any
<br />allowances for depreciation or for renewals or replacements of capital assets of the System.
<br />THE REVENUES PLEDGED IN CONNECTION WITH THE BONDS INCLUDE ONLY THE
<br />UNIFORM CHARGES OF THE SYSTEM AND DO NOT INCLUDE ANY SURCHARGES, IMPACT
<br />FEES, SPECIAL ASSESSMENTS (OTHER THAN THOSE EXPRESSLY DISCUSSED HEREIN),
<br />FRANCHISE FEES, FEES IN LIEU OF FRANCHISE FEES, OR OTHER REVENUES OF THE SYSTEM,
<br />EXCEPT CERTAIN RECEIPTS, REVENUES, AND SURCHARGES DESCRIBED IN (iii) AND (iv)
<br />ABOVE.
<br />The County may, by resolution of the Board of County Commissioners riled with the Clerk of the Board
<br />of County Commissioners, except and release from the foregoing pledge and Gen, and the phrase "Revenues"
<br />as used in connection with the Bonds shall no longer include, the receipts and revenues of the County derived
<br />from the Uniform Charges for the use of and services furnished or to be furnished by any water and/or sewer
<br />facilities constituting a physically independent system of the County or any Impact Fees, Special Assessments,
<br />Surcharges, Franchise Fees, Fees in Lieu of Franchise Fees, or other receipts and revenue (other than Uniform
<br />Charges) theretofore pledged in connection with the Bonds, if there shall be filed with the Clerk of the Board
<br />of County Commissioners the following:
<br />(1) A certificate of an independent firm of certified public accountants of suitable experience
<br />and responsibility: (i) stating that the books and records of the County relating to the collection and
<br />receipt of the Revenues and the Operating Expenses have been audited by them for the Fiscal Year
<br />immediately preceding the date of the proposed release of such receipts and revenues from the pledge
<br />hereunder or for any twelve (12) consecutive month period out of the eighteen (18) consecutive months
<br />immediately preceding such date; (ii) setting forth the Revenues, the Uniform Charges, the Operating
<br />Expenses and the Net Revenues for the audited period referred to in (i) above, with respect to which
<br />such certificate is made; and (iii) staling that the Net Revenues, adjusted to give effect to the proposed
<br />release of such receipts and revenues as if the same has occurred at the beginning of such audited
<br />period, were equal to at least 1.20 times the largest amount of principal and interest which will mature
<br />and become due in any Fiscal Year thereafter on all Bonds then outstanding. For purposes of (iii)
<br />above (A) Revenues, Uniform Charges, and Operating Expenses may be further adjusted so as to fairly
<br />represent the operation of the System, provided that the amount and a detailed reason for such
<br />adjustment is set forth in such certificate; (B) Net Revenues may also be adjusted for (1) the pro forma
<br />effect of rates implemented prior to the proposed release of such receipts and revenues and (II) new
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