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Series 1991 (the 'Series 1991 Bonds") currently outstanding in the aggregate principal amount of S9,205,000, (ii)
<br />retire debt currently secured by special assessments collected on specific benefitted property within the County
<br />consisting of $6,075,000 Special Assessment Revenue Bonds, Series 1989 (the "Series 1989 Special Assessment
<br />Bonds") currently outstanding in the aggregate principal amount of 54,855,000 and the $720,000 Special
<br />Assessment Revenue Bonds, Series 1990 (the "Series 1990 Special Assessment Bonds') currently outstanding in
<br />the aggregate principal amount of 5580,000, (iii) provide funds to make certain capital improvements and
<br />additions to the County's System (as described below under "DESCRIPTION OF THE CAPITAL PROJECTS"
<br />herein); (iv) make a deposit to the Reserve Account established under the Master Bond Resolution, (v) fund
<br />the Sinking Fund in an amount to pay a portion of the interest first coming due on the Series 1993 Bonds, and
<br />(vi) pay certain costs incurred in connection with the issuance of the Series 1993 Bonds, all as more particularly
<br />described herein.
<br />REFUNDING PLAN
<br />The County will refund all of the outstanding bonds of the System which consist of the Series 1986
<br />Farmers Home Loans, the Series 1989 Bonds and the Series 1991 Bonds to (i) defease the first lien on the Net
<br />Revenues currently granted to the Farmers Home Administration, United Slates Department of Agriculture
<br />('FHA') for the Series 1986 Farmers Home Loans pursuant to Resolution No. 82.61 of the County, and (ii)
<br />defease The subordinate lien on the Net Revenues granted to the holders of the Series 1989 Bonds and Series
<br />1991 Bonds. The County will also advance refund the Series 1989 Special Assessment Bonds and the Series 1990
<br />Special Assessment Bonds, thereby defeasing the liens on certain special assessments created under Resolution
<br />No. 89-54 and Resolution No. 90-40, respectively.
<br />To effect the current refunding of the Series 1986 Farmers Home Loans, the County will transfer to the
<br />holder thereof an amount sufficient to pay the outstanding principal, redemption premium (if any) and accrued
<br />interest to the retirement dale.
<br />To effect the advance refunding of the Series 1989 Bonds, the Series 1991 Bonds, the Series 1989 Special
<br />Asseument Bonds, and the Series 1990 Special Assessment Bonds (collectively, the 'Refunded Bonds"), the
<br />County will enter into an Escrow Deposit Agreement (the 'Escrow Agreement") on or prior to delivery of the
<br />Series 1993 Bonds, with NationsBank of Florida, NA., Fort Lauderdale, Florida, as escrow agent ((he 'Escrow
<br />Agent'). Pursuant to the terms of the Escrow Agreement, the County will deposit a portion of the proceeds of
<br />the Series 1993 Bonds with the Escrow Agent. Such moneys will be applied on the date of delivery of the Series
<br />1993 Bonds to the purchase of direct obligations of or obligations the payment of which are guaranteed by the
<br />Unitsd States of America (the "Escrow Securities"). The Escrow Securities will mature at such times and in such
<br />amounts, together with cash held by the Escrow Agent, so that the maturing principal, together with the interest
<br />income thereon, will he sufficient to pay when due the principal, interest and redemption premium, if any, on
<br />the Refunded bonds.
<br />In the opinion of Bond Counsel, rendered in reliance upon the opinion of
<br />described under' VERIFICATION OF MATHEMATICAL COMPUTATIONS" herein, upon such deposit with
<br />the Escrow Agent and purchase of the Escrow Securities the Refunded Bonds will no longer be outstanding for
<br />purposes of the Master Bond Resolution and the pledge of and lien on the Net Revenues created by or pursuant
<br />to the Master Bond Resolution with respect to such Refunded Bonds will cease, terminate and be discharged.
<br />The cash and Escrow Securities held by the Escrow Agent, all interest or income thereon, and all
<br />proceeds from the disposition thereof will be used only to pay the principal and redemption premium, if any, of
<br />and interest on the Refunded Bonds and will not be available for payment of the Series 1993 Bonds, or any other
<br />bonds hereafter issued.
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