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o term shall mean any person who shall be the bearer or owner of any outstanding Obligation or Obligations registered to bearer, or not registered, or the registered owner of any such Obligation or Obligations which shall at the time be registered other than to bearer. L. "Race Track Funds and Jai Alai Fronton Funds" shall mean that portion of. the Race Track Funds and Jai Alai Fronton Funds accruing annually to the County under the provisions of Chapters 550 and 551, Florida Statutes, and allocated to the Board pursuant to law. M. "Authorized investments" shall mean any of the following if and to the extent the same are at the time legal for investment of municipal funds; (a) direct obligations of or obli- gations guaranteed by the United States; (b) bonds, debentures or notes issued by any of the following federal agencies: Bank for Cooperatives; Federal Intermediate Credit Banks; Federal Home Loan Bank System Export -Import Bank of Washington; Federal Land Banks; or the Federal National Mortgage Association (including Participation Certificates); (c) Public Housing Bonds, Temporary Notes, or Preliminary Loan Notes fully secured by contracts with the United States;.(d) full faith and credit obligations of any State, provided that at the time of purchase such obligations are rated in either of the two highest rating categories by two nationally recognized bond rating agencies; (e) corporate deben- tures rated in the highest rating category by two nationally recognized bond rating agencies; or (f) time deposits represented by certificates of deposit fully secured in the manner provided by the laws of the State of Florida. N. "Fiscal year" shall.mean the period commencing on October 1 of each year and ending on the succeeding September 30, or such other period as is at the time prescribed by law. SECTION 3. FINDINGS. It is hereby found and determined as follows: A. It is necessary and desirable to reconstruct, alter, -3-