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The County, pursuant to power and authority vested in it by law, has determined to retire the Retired Bonds, as defined in the Resolution. The Resolution provides that the proceeds of the Series 1993 Bonds, together with other available funds of the County, are to be used for the following purposes, inter alis: (i) to retire the Retired Bonds; (ii) to make a deposit into the reserve account established under the Resolution; and (iii) to pay certain costs and expenses of issuance of the Series 1993 Bonds and retirement of the Retired Bonds, all as more fully provided in the Resolution. The Resolution contains covenants of the County to comply with provisions of the Internal Revenue Code of 1986, as amended (the "Code"), and applicable regulations promulgated thereunder, inter alia, to preserve the exclusion of interest on the Series 1993 Bonds from gross income for federal income tax purposes. The principal of, interest and premium, if any, on the Bonds are payable from and secured by (1) a first lien upon and pledge of, inter alia, the Net Revenues from the operation of the Recreational Facilities and the Racetrack Funds and Jai Alai Fronton Funds received by the County; and (2) a subordinate lien upon and pledge of the Half -Cent Sales Tax (collectively, the "Pledged Funds"), all as defined and to the extent and as more fully provided in the Resolution. The Series 1993 Bonds shall not constitute a general obligation or indebtedness of the County and the holders thereof shall never have the right to require or compel the exercise of the power of the County to levy ad valorem taxes for the payment of the principal of, interest or premium, if any, on the Series 1993 Bonds. As Bond Counsel, we have examined, among other things: certified copies of 2