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TABLE OF CONTENTS <br />Page <br />INTRODUCTION................................. 1 <br />PURPOSE 2 <br />ESTIMATED SOURCES AND USES OF FUNDS 2 <br />DESCRIPTION OF THE BONDS................................ 3 <br />REDEMPTION PROVISIONS 3 <br />Mandatory Redemption 3 <br />Optional Redemption 4 <br />Notice of Redemption 5 <br />SECURITY AND SOURCES OF PAYMENT 5 <br />Pledge of Net Revenues.............. I .................. 5 <br />Insurance.....................................7 <br />Rate Covenant ..................... 8 <br />Flow of Funds for Series 1989 Bonds ..... 8 <br />Flow of Funds Under Senior Lien Bond Resolution . 11 <br />FUTURE FINANCING PLANS 13 <br />Prior Pledge to and Lien for Series 1986 Bonds 13 <br />Issuance of Additional Parity Bonds 13 <br />MUNICIPAL BOND INSURANCE................................ 16 <br />DEBT SERVICE SCHEDULE....... 17 <br />THESYSTEM .............................................. 17 <br />General................................................ 17 <br />System Staff................................ 18 <br />Water and Sewer Customers 18 <br />RateStructure......................................... <br />18 <br />Outstanding Debt................................19 <br />Selected Financial Data...... 19 <br />THE COUNTY.............................................. 21 <br />Description............................................ 21 <br />......... <br />Government .................................... 21 <br />Population............................................. 22 <br />Industry............................................... 23 <br />Employment........................................... 24 <br />........ <br />Transportation................................. 26 <br />Health Care................................... 26 <br />Education ................... 27 <br />Communications and Electric Utilities 27 <br />SUMMARY OF CERTAIN PROVISIONS OF THE RESOLUTION.....,.... 27 <br />TAX EXEMPTION ........................................... 32 <br />Corporate Alternative Minimum Taxes; <br />Environmental Tax; Branch Profits Tax................. 32 <br />Financial Institutions' Cost of Carrying <br />Tax-Exempt Bonds. 33 <br />Other Federal Income Tax Consequences.......... 33 <br />NON-ARBITRAGE BONDS ...................................... 34 <br />LITIGATION............................................... 34 <br />RATINGS................................................. 34 <br />UNDERWRITING............................................. 35 <br />LEGALITY....................................35 <br />MISCELLANEOUS............................................ 35 <br />iii <br />