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HISTORICAL AND ESTIMATED REVENUES AND
<br />DEBT SERVICE COVERAGE (1)
<br />The following table sets forth the historical and estimated Pledged Funds of the County for the Fiscal
<br />You indicated.
<br />Audited Flsures for Fiscal Year Ended Sell. 300) Prot
<br />ls>� leas in 13n
<br />Gross Revenues(3) $1,125,389 $013,313 $1,526,621 $1,647,087 $1,557,367 $2,880,389
<br />Cost of Operation
<br />and Maintenance<4) 943.915 243.41$ 1,438,594 1.185,312 1.213,533 2,457.11.5
<br />Net Revenues 283,474 349,895 428,077 461,775 343,776 84634
<br />Racetrack and
<br />Jai Alai
<br />Fronton Funds 446,500 446,500 446,500 446,500 446,500 446,500
<br />Excess Half -Cent
<br />Slits Tax(s) 1".011 1,714.1,!' Q ,689,$52 2,13Q W 2.165.454 2nba_70(6)
<br />Total Pledged
<br />Funds 1= 2r= 2.564.439 M='2.)55.730 JJ=
<br />Maximum Annual
<br />Debt Service(7) 740,000 740,000 740,000 740,000 740,000 740,000
<br />Ratio of Total
<br />Pledged Funds to
<br />Maximum Annual
<br />Debt Service 2.76x 339x 3.47x 4.13x 3.99x 4.51z
<br />(1) Based on County's Audited Financial Statements.
<br />(2) Based upon the County's Annual Budget for the Fiscal Year ending September 30,1993.
<br />(3) Includes Pro Shop Sales, Green Fees, Cart Rentals, Food and Beverage Sales and Other Income of the
<br />Recreational Facilities
<br />(4) Includes Salaries and Benefits and Materials and Supplies of the Recreational Facilities.
<br />(5) Half -Cent Sales Tax revenues remaining after payment of debt service on the Senior Half -Cent Sales
<br />Tax Bonds. This does not include debt service from additional senior lien bonds (if any) which may be
<br />issued under the Sales Tax Resolution. See the Caption "THE SENIOR HALF -CENT SALES TAX
<br />BONDS" herein.
<br />(6) The estimated Half -Cent Sales Tax projected for Fiscal Year 1993 is $3,450,958 obtained from the Local
<br />Government Financial Information handbook published by the Florida Department of Revenue. The
<br />maximum annual debt service requirement on the Senior Lien Half -Cent Sales Tax Bonds is $1,382,214.
<br />Therefore, the net Half -Cent Sales Tax Revenues available for the Series 1993 Bonds is $2,068,744
<br />assuming no additional fust lien Half -Cent Sales Tax Bonds are issued in the future.
<br />(7) Estimated Maximum Annual Debt Service on the Series 1993 Bonds.
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