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be subject to redemption prior to maturity. See "SECURITY AND SOURCES OF PAYMENT - Extraordinary Mandatory Redemption of Series 1993B Bonds" herein. Extraordinary Mandatory Redemption of Series 1993E Bonds The Series 1993B Bonds are subject to extraordinary mandatory redemption in whole or in part, on any interest payment date, from moneys received on prepayments of the 1989 Special Assessments and the 1990 Special Assessments, at a redemption price equal to the principal amount due thereon plus accrued interest. It is possible that substantial prepayments could occur, which result in a significant portion of the Series 19938 Bonds being redeemed prior to maturity. As of September 30,1995, none of the Series 1993B Bonds have been redeemed as a result of such prepaymeats. See "SECURITY AND SOURCES OF PAYMENT - Pledge of 19139 Special Assessment Revenues" and "SECURITY AND SOURCES OF PAYMENT - Pledge of 1990 Special Assessment Revenues" herein. Neither the Series 1993A Bonds nor the Series 1996 Bonds are subject to Extraordinary Mandatory Redemption from moneys received from prepayments of the 1989 Special Assessments and the 1990 Special Assessments. Pledge of 1996 Special Assessment Revenues On September 29, 1995, the County acquired the water and sewer system within the city limits of the City of Sebastian, Florida (the "City"), pursuant to the Interlocal Agreement For Transfer of City of Sebastian Water and Wastewater System (the "Acquisition Agreement") between the County and the City. A major requirement of the Acquisition Agreement is the City's obligation to enact a three phase assessment program to serve approximately 9,000 parcels in the Sebastian Highlands at a projected cost of approximately $9,000,000 (the "1996 Special Assessments"). The capital improvements and expansions necessary to serve these additional parcels are included as part of the Series 1996 Project and are being initially funded with proceeds of the Series 1996 Bonds. As the three phases are the parcels of property that are specifically benefitted, they will be assessed for the pro -rata share of the costs of the project and the 1996 Special Assessments, as they are imposed, will become a part of the Revenues pledged to the Bonds. It is anticipated that these assessments will be imposed by the City of Sebastian over a period of (three] years, with each special assessment having a ten year installment payment requirement, subject to the right to prepay any such assessments. Any such prepayments will not cause a corollary prepayment of the Series 1996 Bonds or the Series 1993 Bonds. Pledge of Older Assessment Re=venues All Special Assessments levied (if any) in connection with the Series 1996 Projects (see "SERIES 1996 PROJECTS'), and all interest, prepayment charges and penalties in connection therewith received by the County shall be Revenues under the Master Bond Resolution. Rate Covenant The County covenants in the Master Bond Resolution to establish and maintain such Uniform Charges and, as applicable, such Surcharges, Impact Fees, Special Assessments, Franchise Fees, Fees in lieu of Franchise Fees in comteclion with the System, and other receipts and revenues pledged under the Master Bond Resolution, so as to always provide either of the following: (1) Uniform Charges less Operating Expenses sufficient to pay (a) one hundred percent (100%) of all required deposits into the Reserve Account, and (b) one hundred twenty percent (120%) of the amount of principal and interest becoming due in such Fiscal Year on the Bonds outstanding, or