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• Government Half -Cent Sales Tax, such additional revenues (based on the amount received by the County in the most recent Fiscal Year) shall also be considered in determining whether such revenues equal or exceed 1.25 times the Maximum Bond Service Requirement as set forth above. For the purpose of determining the portion of Maximum Bond Service Requirement on the Outstanding Bonds "anticipated" to be paid with Local Government Half -Cent Sales Tax, the difference between the Maximum Bond Service Requirement of the Bonds and the sum of the State Payments and the average amount of the Fourth Cent Tourist Development Tax, will be the amount "anticipated" to be paid with Local Government Half -Cent Sales Tax. The average amount of the Fourth Cern Tourist Development Tax shall be determined by adding the amount attributable to one cent of the Tourist Development Tax collected by the Issuer in the four most recently completed Fiscal Years and dividing such total by four. G. BOOKS AND ACCOUNTS. The Issuer shall keep proper books, records and accounts of the receipts of the Pledged Revenues which shall be separate and apart from all other records and accounts of the Issuer, showing correct and complete entries of revenues collected and any Holders of any of the Bonds or any duly authorized agent or agents of such Holders shall have the right at any and all reasonable times to inspect such books, records and accounts. The Issuer shall, at least once in a year, cause the audit of such books, records and accounts to be made by an independent firm of certified public accountants. Copies of each such audit report shall be placed on file with the Issuer and be made available at reasonable times for inspection by Holders of the Bonds. H. PLEDGED REVENUES NOT SUBJECT TO to irrevocably pledge such Pledged Revenues to thepaymentREPEAL. The Issuer has full power of the rincipl of and interest on the Bonds, and the pledging of such Pledged Revenues m the manner provided herein shall not be subject to repeal or impairment by any subsequent ordinance, resolution or other proceedings of the governing body of the Issuer or by any subsequent act of the Legislature of Florida. L COVENANT OF PLEDGED REVENUES The County hereby covenants, that as long as the Bonds are Outstanding, it will not impair or adversely affect the right of the Issuer to receive the Pledged Revenues. The Issuer will proceed diligently to perform legally and effectively all steps required on its part to collect and receive the Pledged Revenues. SECTION 20. TAX COMPLIANCE. A. IN GENERAL. The Issuer at all times while the Bonds and the interest thereon are outstanding will comply with all applicable provisions of the Internal Revenue Code of 1986, as amended (the "Code") and any valid and applicable rules and regulations promulgated thereunder (the "Regulations") in order to ensure that the interest on the Bonds will be excluded from gross income for federal income tax purposes. B. REBATE. (1) The Issuer shall either make or cause an independent firm of certified public accountants or tax compliance firm to make and promptly provide to the Issuer the rebate calculations required by the Code and Regulations, on which the Issuer may conclusively rely in taking action under this Section. The Issuer shall make deposits to and disbursements from the Rebate Fund to the extent required by the Code and Regulations and shall otherwise maintain full and complete accounting records of receipts and disbursements of, and Investment purchases and sales allocated to, the "gross proceeds" subject to the rebate requirements of the Code and Regulations. The requirements of this Subsection 20B may be superseded or amended by new calculations accompanied by an opinion of bond counsel addressed to the Issuer to the effect that the use of the new calculations are in compliance with the Code and Regulations and will not cause the interest on the Bonds to become included in gross income for Federal income tax purposes. AUGUST 7, 2001 BKil9F106 -91- •