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"Federal Securities" shall mean direct non -callable obligations of the United States of America and securities fully and unconditionally guaranteed as to the timely payment of principal and interest by the United States of America, to which direct obligation or guarantee the full faith and credit of the United States of America has been pledged, Refcorp interest strips, CATS, TIGRS, STRPS,'or defeased municipal bonds rated AAA by S&P or Aaa by Moody's (or any combination of the foregoing), "Fiscal Year" shall mean the period commencing on October 1 of each year and ending on the succeeding September 30, or such other period as is at the time prescribed by law. "Fourth Cent Tourist Development Tax" shall mean the proceeds of the additional one percent tourist development tax levied by the Issuer in Ordinance No. 2000-029, enacted pursuant to Section 125.0104(3)(1), Florida Statutes. "Holder" or `Bondholder" or any similar term shall mean any person who shall be the registered owner of any outstanding Bonds. "Interest Payment Date" shall mean each April 1 and October 1, commencing April 1, 2002. "Issuer" shall mean Indian River County, Florida. "Local Government Half -Cent Sales Tax" shall mean 86% of the proceeds of the local government half -cent sales tax on deposit from time to time in the Local Government Half -Cent Sales Tax Clearing Trust Fund in the State Treasury of the State of Florida, allocated for and distributed monthly to the Issuer as and when received by the Issuer pursuant to Chapter 218, Part VI, Florida Statutes. "Maximum Bond Service Requirement" shall mean, as of each date on which Additional Parity Bonds are issued, the maximum amount of Bond Service Requirement which is to become due in any Fiscal Year on all Bonds and Additional Parity Bonds deemed to be Outstanding immediately after the issuance of such Additional Parity Bonds except that with respect to any Bonds and Additional Parity Bonds for which Amortization Installments have been established, the amount of principal coming due on the final maturity date with respect to such Bonds and Additional Parity Bonds shall be reduced by the aggregate principal amount of such Bonds and Addiuonal Parity Bonds that are to be redeemed from Amortization Installments to be made in prior Bond Years. "Option Bonds" shall mean Additional Parity Bonds subject to tender for payment prior to their maturity at the option of the Holder thereof. "Outstanding" shall mean all Bonds which have been issued pursuant to this Resolution, except: (1) Bonds canceled after purchase in the open market or because of payment at or redemption prior to maturity; (2) Bonds for the payment or redemption of which cash funds or Federal Securities or any combination thereof shall have theretofore irrevocably been set aside in a special account with an escrow agent (whether upon or prior to the maturity or redemption date of any such Bonds) in an amount which, together with earnings on such acquired obligations, will be sufficient to pay the principal of and interest on such Bonds at maturity or upon their earlier redemption; provided that, if such Bonds are to be redeemed before the maturity thereof, notice of such redemption shall have been given AUGUST 7, 2001 Bit 1 095 -81-