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40 40 •0 i company to be selected and named by the Issuer prior to the deli- very of the Bonds, which agreement shall be in substantially such form as shall be determined by subsequent resolution of the Issuer. M. ""ederal Securities" shall mean, collectively, (i) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America, which are not redeemable prior to maturity at the option of the obligor; (ii) bank certificates of deposit fully secured as to principal and interest by the obligations described in (i); (iii) certificates evidencing ownership of portions of such obli- gations described in (1) held by a bank or trust company as custodian, under which the owner of the investment is the real party in interest and has the right to proceed directly and inde- pendently against the obligor on the underlying obligations if such underlying obligations are not available to satisfy any claim against the custodian; or (iv) municipal obligations that have been refunded and are secured by an escrow within which are held obligations described in (1). N. "Fiscal Year" shall mean the period commencing on October 1 of each year and ending on the succeeding September 30 or such other annual period as may be prescribed by law from time to time for the Issuer. O. "Holder of Bonds" or "Bondholders" or any similar term shall mean any person who shall be the Registered Owner of any such Bond or Bonds, or his transferee. P. "Issuer" or "County" shall mean Indian River County, Florida. Q. "Maximum Debt Service Requirement" shall mean, as of any particular date of calculation, the greatest amount of aggre- gate Debt Service Requirements for the then current or any future Fiscal Year. R. "Municipal Bond insurer" shall mean a firm or cor- poration which issues a policy of insurance guaranteeing payment of the principal of and interest on the Bonds. -6-