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Series 2025 Bonds in the manner and to the extent provided in the Resolution, the County currently intends to pay the debt service on the Series 2025 Bonds from revenues derived from the operation of the Golf Course. THE COUNTY IS NOT REQUIRED TO PAY SUCH DEBT SERVICE FROM GOLF COURSE REVENUES AND MAY DISCONTINUE SUCH PRACTICE AT ANY TIME. THE SERIES 2025 BONDS ARE SECURED BY AND PAYABLE FROM A COVENANT OF THE COUNTY TO BUDGET AND APPROPRIATE SUFFICIENT NON -AD VALOREM REVENUES TO PAY DEBT SERVICE ON THE SERIES 2025 BONDS IN THE MANNER AND TO THE EXTENT PROVIDED IN THE RESOLUTION AND DESCRIBED HEREIN. SEE "SECURITY FOR THE SERIES 2025 BONDS" herein. The following information concerning the Golf Course is only provided for informational purposes and should not be interpreted by an investor in the Series 2025 Bonds as a description of any security or required source of payment for the Series 2025 Bonds. Located on approximately 350 acres in Vero Beach, Florida, the Golf Course is owned and operated by the County and is comprised of two 18 -hole championship layouts designed by Ron Garl, the Dunes course and the Lakes course. The Dunes course opened in April 1987, and the Lakes course opened in December 1992. The Golf Course is home to numerous competitive golf events including the Treasure Coast Amateur Championship; American Junior Golf Association and many other multi -day championship events. The Golf Course is known as the home of junior golf development on the Treasure Coast with year round programming and competitive events for junior players. The Golf Course is one of the most popular golf courses in the County and has many amenities including an award-winning pro shop, full-service snack bar, expanded driving range and numerous practice areas. The level of service provided at the Golf Course parallels that of a private golf club at an affordable price and the Golf Course is consistently recognized as one of the finest public golf courses in the State of Florida. OTHER MATTERS REGARDING COUNTY FINANCES Ad Valorem Taxes The Series 2025 Bonds are secured by the County's covenant to budget and appropriate Non -Ad Valorem Revenues in the manner and to the extent provided in the Resolution, as described under "SECURITY FOR THE SERIES 2025 BONDS" herein, and are not payable from ad valorem taxation. However, the ability of the County to pay the Series 2025 Bonds is subject to a variety of factors, including the obligation of the County to provide governmental services and the provisions of State law which require the County to have a balanced budget. The holders of the Series 2025 Bonds do not have a lien on any specific Non -Ad Valorem Revenues of the County. .E