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Resolution unless the context would clearly indicate otherwise. A copy of the Master Bond Resolution is attached hereto as Appendix C. PURPOSE OF THE SERIES 1996 BONDS The Series 1996 Bonds are being issued by the County to provide funds, together with certain other legally available funds, to (i) make certain capital improvements and additions to the County's System (as described below under "SERIES 1996 PROJECTS"); (u) reimburse the County for the cost of acquiring (including tie in costs) a water and sewer system from the City of Sebastian, Florida, (iii) purchase for deposit to the Reserve Account established under the Master Bond Resolution a surety bond in an amount equal to the Reserve Requirement for the Series 1996 Bonds, (iv) fund the Sinking Fund in an amount to pay a portion of the faterest first Coming due on the Series 1976 Bonds, and (v) pay certain costs incurred in connection with the issuance of the Series 1996 Bonds, all as more particularly described herein. DESCRIPTION OF THE SERIES 1996 BONDS The Series 1996 Bonds will be dated March 1,1996; will bear interest from such date at the rates per annum asset forth on the cover page hereof, payable semiannually on each March 1 and September 1, commenc- ing September 1,1996; and will mature on September 1 in the years and principal amounts as set forth on the cover page hereof. The Series 1996 Bonds will be issued in fully registered form in denominations of $5,000 and any integral multiple thereof. Interest on the Series 1996 Bonds is payable by check or draft or, at the option of the registered owners (the "Registered Owners") of $1,000,000 or more in principal amount of the Series 19% Bonds, by domestic wire transfer, of The Chase Manhattan Bank, NA., New York, New York, as Paying Agent ("Paying Agent'), made out and mailed to, or in the case of a woe transfer of funds pursuant to the written instructions of, the Registered Owner, as shown on the registration books of the County, maintained by The Chase Manhattan Bank, NA., New York, New York, as Bond Registrar ("Bond Registrar"), on the fifteenth day of the month next preceding the applicable interest payment date and as otherwise described herein. The principal of the Series 1996 Bonds, when due, and any premium thereon will be payable upon presentation and surrender thereof at the principal corporate trust office of the Paying Agent. The Series 1996 Bonds may be transferred or exchanged for Series 1996 Bonds of other authorized denominations at the principal corporate trust office of the Bond Registrar. Muddery Redemption The Series 1996 Bonds maturing on September 1, , are subject to mandatory redemption prior to maturity in part (including portions of Bonds) at a price equal to 100% of the principal amount thereof plus accrued interest thereon on September 1 in the years and amounts set forth below: Principal 11K Amount (maturity)