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have been made into the accounts and funds, as provided under the <br />Resolution, have not been made to the full extent required. <br />The foregoing conditions shall not apply with respect to <br />Additional Parity Bonds the proceeds of which will be used to <br />complete a project a substantial portion of the cost of which has <br />been or will be paid out of the proceeds of Bonds issued under the <br />Resolution. <br />The County presently has outstanding an aggregate of $3,900,000, <br />6 7/8% Water Revenue Bonds, Series 1988, Anticipation Notes due <br />December 1, 1991 (the "1988 Anticipation Notes"). Such Notes were <br />issued in anticipation of the receipt by the County of the proceeds <br />from the future sale of its Water Revenue Bonds, Series 1988 which <br />have been authorized in an amount up to $4,000,000 (the "Series 1988 <br />Bonds"). The County expects that the Series 1988 Bonds will be sold <br />at public or private sale pursuant to the laws of the State of <br />Florida and Resolution No. 88-44 duly adopted by the County on <br />August 2, 1988, as amended and supplemented from time to time, on or <br />prior to the maturity of the 1988 Anticipation Notes. Upon <br />issuance, the Series 1988 Bonds will be either (i) payable on a <br />parity from the Net Revenues with the Series 1989 Bonds or <br />(ii) payable from and secured by a pledge of and lien upon the <br />Surcharges from the North Beach Water System operations of the <br />System, which Surcharges are not included in the Net Revenues <br />pledged in the Resolution as of the date hereof. <br />MUNICIPAL BOND INSURANCE <br />[To Be Furnished] <br />14 <br />