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TABLE OF CONTENTS <br />Page <br />INTRODUCTION............................................ 1 <br />PURPOSE... .. ... ...................... 2 <br />.. .......... .. .. .. <br />ESTIMATED SOURCES AND USES OF FUNDS ..................... 2 <br />DESCRIPTION OF THE BONDS................................ 3 <br />Terms .................................................. 3 <br />REDEMPTION PROVISIONS................................... 3 <br />Mandatory Redemption................................... 3 <br />Optional Redemption.................................... 4 <br />Notice of Redemption................................. 4 <br />SECURITY AND SOURCES OF PAYMENT 5 <br />Pledgeof Net Revenues................................. 5 <br />Insurance.............................................. 7 <br />RateCovenant .. .. ........................ 7 <br />Flow of Funds for Series 1989 Bonds .................... 8 <br />Flow of Funds Under Senior Lien Bond Resolution ........ 10 <br />FUTURE FINANCING PLANS .................................. 12 <br />Prior Pledge to and Lien for Series 1986 Bonds ......... 12 <br />Issuance of Additional Parity Bonds .................... 12 <br />MUNICIPAL BOND INSURANCE................................ 14 <br />DEBT SERVICE SCHEDULE................................... 15 <br />THESYSTEM .............................................. 15 <br />General................................................ 15 <br />SystemStaff .. ...................................... 16 <br />Water and Sewer Customers .............................. 16 <br />RateStructure......................................... 16 <br />OutstandingDebt.................................... 17 <br />Selected Financial Data ................................ 17 <br />THE COUNTY.............................................. 19 <br />Description............................................ 19 <br />Government ........................................ 19 <br />Population............................................. 20 <br />Industry............................................... 21 <br />Employment........................................... 22 <br />Transportation......................................... 24 <br />HealthCare....................................... 24 <br />Education..... .. .................... 25 <br />Communications and Electric Utilities .................. 25 <br />SUMMARY OF CERTAIN PROVISIONS OF THE RESOLUTION.......,,. 25 <br />TAX EXEMPTION .... ... 30 <br />Corporate Alternative Minimum Taxes; <br />Environmental Tax; Branch Profits Tax................. 30 <br />Financial Institutions' Cost of Carrying <br />Tax-Exempt Bonds...................................... 31 <br />Other Federal Income Tax Consequences................... 31 <br />NON-ARBITRAGE BONDS...................................... 32 <br />LITIGATION............................................ 32 <br />RATINGS................................................. 32 <br />iii <br />