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(c) Any part of the new municipality's proposed boundaries must be at least two miles from the boundaries of an existing municipality within the County contiguous and amicable to separate municipal government. No new incorporated municipalities have been formed within the County since 1965 when the Town of Orchid was incur rno ated. Under Section 171.041(3), Florida Statutes, a municipality may annex contiguous, compact, unincorporated territory by adopting an annexation ordinance. Following adoption, such ordinance roust be submitted to a separate vote of the registered electors of the annexing municipality and the registered electors of the area proposed to be annexed. If there is a separate majority vote for annexation in both the annexing municipality and in the area proposed to be annexed, then the ordinance of annexation shall become effective on the effective date specified therein. If there is a majority vote against annexation in either the annexing municipality or in the area proposed to be annexed, or in both, the ordinance shall not become effective and the area proposed to be annexed shall not be the subject to an annexation ordinance by the annexing municipality for a period of two years from the date of the referendum on annexation. If more than 70% of the land in an area proposed to be annexed is owned by individuals, corporations, or legal entities which are not registered electors of such area, such area may not be annexed unless the owners of more than 50% of the land in such area consent to such annexation. Such consent must be obtained prior to the referendum to be held on the annexation. An area proposed to be annexed must meet certain standards set forth in Section 171.043, Florida Statutes. In addition to the annexation procedures described above, under Section 171.044, Florida Statutes, the owner or owners of real properly in an unincorporated area which is contiguous to a municipality, and reasonably compact, may file a petition with the governing body of such municipality requesting that such property be annexed to the municipality. Upon determination by the governing body of the municipality that the petition bears the signatures of all owners of property in the area proposed to be annexed, the governing body may adopt a ordinance to annex such properly and, after publication as required by law, such ordinance shall become effective. Reserve Account Under the Resolution, the County is required to maintain a Reserve Account at an amount equal to the Maximum Debt Service Requirement on all Bonds issued and outstanding under the Resolution. The County may satisfy this debt service reserve requirement by making deposits either from the proceeds of sale of Bonds or from other funds of the County and/or by providing an insurance policy or a letter of credit meeting certain credit criteria set forth in the Resolution. The Reserve Account will be in an amount equal to the Maximum Debt Service Requirement upon issuance and delivery of the Series 1992 Bonds. Money in the Reserve Account shall be used only for the purpose of paying principal or interest on the Bonds issued and outstanding under the Resolution when money in the Sinking Fund is insufficient to make such payments, and for no other purpose. Subordinate Bonds The County previously issued its Recreational Revenue Bonds, Series 1985, and its Recreational Revenue Bonds, Series 1991 (collectively, the "Subordinate Bonds"), which are outstanding in the aggregate principal amount of $ and are scheduled to be retired over the period ending September 1, 2016. The Subordinate Bonds were issued pursuant to Chapter 125, Florida Statutes, County Home Rule Ordinance No. 77-19, enacted August 3, 1977, as amended and other applicable provisions of law and Indian