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REFUNDING PLAN To effect the advanced refunding of the Refunded Bonds, the County will enter into an Escrow Agreement (the "Escrow Agreement") on or prior to delivery of the Series 1993 Bonds, with First Union National Bank of Florida, Jacksonville, Florida, as escrow agent (the "Escrow Agent"). Pursuant to the terms of the Escrow Agreement, the County will deposit a portion of the proceeds of the Series 1993 Bonds with the Escrow Agent. Such moneys will be applied on the date of delivery of the Series 1993 Bonds to the purchase of direct obligations of or obligations the payment of which are guaranteed by the United States of America (the "Escrow Securities"). The Escrow Securities will mature at such times and in such amounts, together with cash held by the Escrow Agent, so that the maturing principal, together with the interest income thereon, will be sufficient to pay when due the principal, interest and redemption premium, if any, on the Refunded Bonds. In the opinion of Bond Counsel, rendered in reliance upon the opinion of McGladrey & Pullen, described under "VERIFICATION OF MATHEMATICAL COMPUTATIONS" herein, upon such deposit with the Escrow Agent and purchase of the Escrow Securities, the Refunded Bonds will no longer be outstanding for purposes of the resolution under which they were issued and the pledge of and lien on the Pledged Funds created by or pursuant to said Resolution with respect to such Refunded Bonds will cease, terminate and be discharged. The cash and Escrow Securities held by the Escrow Agent, all interest or income thereon, and all proceeds from the disposition thereof will be used only to pay the principal of, redemption premium, if any, and interest on the Refunded Bonds and will not be available for payment of the Series 1993 Bonds or any other Bonds hereafter issued. DESCRIPTION OF THE SERIES 1993 BONDS General The Series 1993 Bonds will be dated June 1, 1993, and will bear interest from such date at the rates per annum as set forth on the cover page hereof, payable on September 1, 1993, and semiannually thereafter on each March 1 and September 1 and will mature on September 1 in the years and principal amounts as set forth on the cover page hereof. The Series 1993 Bonds will be issued in fully registered form in the denominations of $5,000 principal amount or any integral multiple thereof. Principal and any redemption premium, when due, are payable upon surrender of the Series 1993 Bonds at the principal corporate trust office of First Union National Bank of Florida, Jacksonville, Florida, the Paying Agent and Bond Registrar. Interest will be payable by check or draft mailed to each Registered Owner at his address as it appears on the registration books kept by the Bond Registrar on the fifteenth day of the month preceding the applicable interest payment date. At the option of any Registered Owner of $1,000,000 or more in principal amount of the Series 1993 Bonds, interest shall be payable by domestic wire transfer pursuant to written instructions from such Registered Owner. Optional Redemption The Series 1993 Bonds stated to mature on or prior to September 1, , shall not be subject to redemption prior to their respective dates of maturity. The Series 1993 Bonds stated to mature after _, are subject to redemption at the option of the County in whole or, from time to time, in part, on _, or on any date thereafter at the respective redemption prices set forth below expressed as percentages of the principal amount to be redeemed, plus accrued interest to the date of redemption.