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Subject to the release of security as discussed below, "Net Revenues" for purposes of the Bonds means
<br />Revenues less Operating Expenses. "Revenues" as used herein means: (i) all receipts and revenues of the
<br />County derived from the imposition, collection, and enforcement of uniform water and sewer service rates, fees
<br />and charges for the use of and the services furnished or to be furnished by the facilities constituting the System,
<br />including the earnings and interest income derived from the investment of the moneys on deposit in various funds
<br />and accounts established in connection with the System (the "Uniform Charges") but excluding Surcharges, Impact
<br />Fees, Special Assessments (other than those expressly discussed herein), Franchise Fees, and Fees in lieu of
<br />Franchise Fees; (ii) certain Special Assessments (as described below under "Pledge of 1989 Special Assessment
<br />Revenues", "Pledge of 1990 Special Assessment Revenues" and "Pledge of 1996 Special Assessment Revenues"
<br />herein), (w) all receipts and revenues of the County received from the operation of the System for the treatment
<br />of septage and grease; (iv) all North Beach Water Surcharges (as hereinafter defined) for services furnished by
<br />the North Beach Water System (as defined hereinafter); (v) with the consent of the Bond Insurer, so long as any
<br />Series 1996 Bonds are outstanding, such Surcharges, Impact Fees, Special Assessments (other than those
<br />expressly pledged), Franchise Fees, and Fees in lieu of Franchise Fees as the County, by resolution, may pledge
<br />specifically in connection with the Bonds; and (vi) with the consent of the Bond Insurer, so long as any Series
<br />1996 Bonds are outstanding, such other revenues of the County as the County, by resolution, may pledge specifi-
<br />cally in connection with the Series 1996 Bonds.
<br />As defined in the Master Bond Resolution, the term "Operating Expenses" means the current expenses
<br />paid or accrued for the operation, maintenance and repair of all facilities constituting a part of the System, as
<br />determined in accordance with generally accepted accounting principles, and shall include, without limiting the
<br />generality of the forgoing, insurance premiums, administrative expenses of the County related solely to the
<br />System, costs of labor, materials and supplies used for such operation and charges for the accumulation of the
<br />appropriate reserves for current expenses not annually recurrent but which are such as may reasonably be
<br />expected to be incurred in accordance with such accepted accounting methods, but shall exclude payments into
<br />the Sinking Fund or the Reserve Account therein and any allowances for depreciation or for renewals or
<br />replacements of capital assets of the System.
<br />THE REVENUES PLEDGED IN CONNECTION WITH THE BONDS INCLUDE ONLY THE
<br />UNIFORM CHARGES OF THE SYSTEM AND DO NOT INCLUDE ANY SURCHARGES, IMPACT
<br />FEES, SPECIAL ASSESSMENTS (OTHER THAN THOSE EXPRESSLY DISCUSSED HEREIN),
<br />FRANCHISE FEES, FEES IN LIEU OF FRANCHISE FEES, OR OTHER REVENUES OF THE SYSTEM,
<br />EXCEPT CERTAIN RECEIPTS, REVENUES, AND SURCHARGES DESCRIBED IN (iii) AND
<br />(iv) ABOVE.
<br />The County may, by resolution of the Board of County Commissioners filed with the Clerk of the Board
<br />of County Commissioners, except and release from the foregoing pledge and lien, and the phrase "Revenues"
<br />as used in connection with the Bonds, shall no longer include the receipts and revenues of the County derived
<br />from the Uniform Charges for the use of and services furnished or to be furnished by any water and/or sewer
<br />facilities constituting a physically independent system of the County or any Impact Fees, Special Assessments,
<br />Surcharges, Franchise Fees, Fees in lieu of Franchise Fees, or other receipts and revenue (other than Uniform
<br />Charges) theretofore pledged in connection with the Bonds, if there shall be filed with the Clerk of the Board
<br />of County Commissioners the following:
<br />(1) A certificate of an independent firm of certified public accountants of suitable experience
<br />and responsibility: (i) stating that the books and records of the County relating to the collection and
<br />receipt of the Revenues and the Operating Expenses have been audited by them for the Fiscal Year
<br />immediately preceding the date of the proposed release of such receipts and revenues from the pledge
<br />hereunder or for any twelve (12) consecutive month period out of the eighteen (18) consecutive months
<br />immediately preceding such date; (H) setting forth the Revenues, the Uniform Charges, the Operating
<br />Expenses and the Net Revenues for the audited period referred to in (i) above, with respect to which
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