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Annual Audit. The County shall, immediately after the close of <br />each Fiscal Year, cause the books, records and accounts relating to the Sales Tax <br />to be properly audited by a recognized independent firm of certified public <br />accountants, and shall require the auditors to complete their reports within one <br />hundred eighty (180) days after the close of the Fiscal Year. Such audits shall <br />contain, but not be limited to, the statements required by generally accepted <br />accounting principles applicable to governmental units, and a certificate by the <br />auditors disclosing any default on the part of the County with respect to any <br />covenant in the Master Bond Resolution. A copy of such annual audit shall be <br />made available to any Bondholder upon request. <br />No Impairment of Sales Tax Pledge. The County will not take any <br />action which will impair or adversely affect in any manner the pledge of the <br />Sales Tax or the rights of the Holders of the Bonds issued pursuant to the Master <br />Bond Resolution. The County shall be unconditionally and irrevocably obligated, <br />so long as any of the Bonds or the interest thereon are outstanding and unpaid, <br />to take all lawful action necessary or required to continue to entitle the County <br />to receive the Sales Tax, to pay the principal of and interest on the Bonds and <br />to make the other payments provided for in the Master Bond Resolution. <br />Events of Default. It shall be an event of default under the <br />Master Bond Resolution if: <br />(1) The County fails to pay the principal, <br />Amortization Installments or interest on the Bonds when <br />due; <br />(2) The County fails to deposit or pay within <br />ten (10) days after the due date any required deposit or <br />payment under the Master Bond Resolution. <br />C-8 <br />