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River County Resolution No. 89-78, adopted July 17, 1985, as amended and supplemented (the "Subordinate Bonds Resolution"). The Subordinate Bonds are secured primarily by the Net Revenues of the County's Golf Course and a first lien on the racetrack funds and jai alai fronton funds accruing annually to the County pursuant to Chapter 550 and 551, Florida Statutes. The Subordinate Bonds are additionally secured by a lien on the Half -Cent Sales Tax (as described herein) subordinate to the lien and pledge in favor of the herein described Series 1992 Bonds, the remaining outstanding Refunding and Improvement Revenue Bonds, Series 1985 that were not refunded as part of this bond issue, and any additional bonds issued on a parity with the Series 1992 Bonds and the remaining Outstanding Refunding and Improvement Revenue Bonds, Series 1985. In the Subordinate Bonds Resolution, the County has covenanted that it will issue no additional obligations on a parity with the Subordinate Bonds, except for refunding purposes and then only if such refunding does not increase in the maximum annual debt service requirements with respect to the bonds issued under the Subordinate Bonds Resolution. Issuance of Additional Parity Obligations Under the Resolution, before Additional Parity Obligations may be issued, there shall have been obtained and filed with the County not later than the date of delivery of the Additional Parity Obligations, a certificate of the Accountant: (a) stating that the books and records of the County relating to the Sales Tax have been audited by him; (b) selling forth the amount of the Half -Cent Sales Tax, as defined therein, received by the County for either (i) the immediately preceding Fiscal Year or (ii) any twelve (12) consecutive months of the eighteen (18) months immediately preceding the proposed date of sale of the Additional Parity Obligations with respect to which such certificate is made, at the option of the County, and (c) slating that the Half -Cent Sales Tax receipts and certain investment income for such Fiscal Year or such twelve (12) months period, as the case may be, are equal to at least 1.35 times the Maximum Debt Service Requirement on (i) all Bonds then outstanding and (ii) the Additional Parity Obligations with respect to which such certificate is made. In addition, the issuance of Additional Parity Obligations is further restricted under the Subordinate Bonds Resolution , so long as any of the Subordinate Bonds remain outstanding. MUNICIPAL BOND INSURANCE The following information has been furnished by Municipal Bond Investors Assurance Corporation (the "Insurer") for use in this Official Statement. Reference is made to Appendix D for a specimen of the Insurer's Policy. The Insurer's policy unconditionally and irrevocably guarantees the full and complete payment required to be made by or on behalf of the County to the Paying Agent or its successor of an amount equal to (i) the principal of (either at the stated maturity or by an advancement of maturity pursuant to a mandatory sinking fund payment) and interest on, the Series 1992 Bonds as such payments shall become due but shall not be so paid (except that in the event of any acceleration of the due date of such principal by reason of mandatory or optional redemption or acceleration resulting from default or otherwise, other than any advancement of maturity pursuant to a mandatory sinking fund payment, the payments guaranteed by the Insurer's policy shall be made in such amounts and at such times as such payments of principal would have been due had there not been any such acceleration); and (ii) the reimbursement of any such payment which is subsequently recovered from any owner of the Series 1992 Bonds pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such owner within the meaning of any applicable bankruptcy law (a "Preference").