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L. "Race Track Funds" shall mean the first $446,500 of <br />the Race Track Funds and Jai Alai Fronton Funds accruing annually <br />to the County under the provisions of Chapters 550 and 551, <br />Florida Statutes, and allocated to the Board pursuant to law. <br />M. "Authorized Investments" shall mean any of the <br />following if and to the extent the same are at the time legal for <br />investment of municipal funds; (a) direct obligations of or obli- <br />gations guaranteed by the United States; (b) bonds, debentures or <br />notes issued by any of the following federal agencies: Bank for <br />Cooperatives; Federal Intermediate Credit Banks; Federal Home <br />Loan Bank System Export -Import Bank of Washington; Federal Land <br />Banks; or the Federal National Mortgage Association (including <br />Participation Certificates); (c) Public Housing Bonds, Temporary <br />Notes, or Preliminary Loan Notes fully secured by contracts with <br />the United States; (d) full faith and credit obligations of any <br />State, provided that at the time of purchase such obligations <br />are rated in either of the two highest rating categories by two <br />nationally recognized bond rating agencies; (e) corporate deben- <br />tures rated in the highest rating category by two nationally <br />recognized bond rating agencies; (f) time deposits represented <br />by certificates of deposit fully secured in the manner provided <br />by the laws of the State of Florida; or (g) investments under the <br />Investment of Local Government Surplus Funds Act of the State of <br />Florida, being Chapter 218, Part IV, Florida Statutes. <br />N. "Refunded Bonds" shall mean the County's outstanding <br />Capital Improvement Revenue Bonds, Series 1980, dated April 1, <br />1980, and Capital Improvement Revenue Bonds, Series 1981, dated <br />October 1, 1981. <br />O. "Escrow Deposit Agreement" means that certain Escrow <br />Deposit Agreement by and between the County and a bank or trust <br />company to be selected and named by the County prior to the deli- <br />very of the Bonds, which agreement shall be in substantially such <br />form as shall be determined by subsequent resolution of the <br />County. <br />-3- <br />