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Resolution 078-2003 RESOLUTION NO. 078-2003 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA SUPPLEMENTING A RESOLUTION ADOPTED BY THE BOARD ON FEBRUARY 19, 2003 AND ENTITLED "A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $25,000,000 IN AGGREGA TE PRINCIPAL AMOUNT OF MONROE COUNTY, FLORIDA INFRASTRUCTURE SALES SURTAX REVENUE BONDS, SERIES 2003, TO FINANCE THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF CERTAIN CAPITAL IMPROVEMENTS WITHIN THE COUNTY; PLEDGING MONEYS RECEIVED BY THE COUNTY FROM THE ONE CENT LOCAL GOVERNMENT INFRASTRUCTURE SALES SURTAX TO SECURE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SAID BONDS; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS; PROVIDING CERTAIN TERMS AND DETAILS OF SAID BONDS; AND PROVIDING FOR AN EFFECTIVE DATE FOR THIS RESOLUTION;" MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SUCH SERIES 2003 BONDS; AUTHORIZING THE A WARDING OF SAID SERIES 2003 BONDS PURSUANT TOAPUBLICBID; DELEGATING CERTAIN AUTHORITY TO THE MAYOR FOR THE A WARD OF THE SERIES 2003 BONDS AND THE APPROVAL OF THE TERMS AND DETAILS OF SAID SERIES 2003 BONDS; APPOINTING THE PAYING AGENT AND REGISTRAR FOR SAID SERIES 2003 BONDS; AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND THE EXECUTION AND DELIVERY OF AN OFFICIAL STATEMENT WITH RESPECT THERETO; AUTHORIZING THE EXECUTION AND DELIVERY OF A CONTINUING DISCLOSURE CERTIFICATE; AUTHORIZING MUNICIPAL BOND INSURANCE FOR THE BONDS; AUTHORIZING A RESERVE ACCOUNT INSURANCE POLICY WITH RESPECT TO THE BONDS; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA: SECTION 1. determined that: FINDINGS AND AUTHORIZATIONS. It is hereby found and (A) On the date hereof, the Board of County Commissioners (the "Board") of Monroe County, Florida (the "Issuer") duly adopted an ordinance (the "Bond Ordinance") and a resolution, the title of which resolution is quoted in the title of this supplemental resolution (as supplemented, the "Resolution"), for the purposes described therein, each of which authorized, among other things, the issuance of the Issuer's Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2003 (the "Series 2003 Bonds"), for the principal purpose of financing the acquisition, construction and equipping ofthe 2003 Proj ect (as defined in the Resolution). (B) In accordance with Section 218.385, Florida Statutes, and pursuant to this Resolution, the Series 2003 Bonds shall be advertised for competitive bids pursuant to the Official Notice of Sale, the form of which is attached hereto as Exhibit A. (C) Pursuant to the Official Notice of Sale, competitive bids received in accordance with the Official Notice of Sale on or prior to 10:00 a.m., local time, on March 4, 2003 or such other date or time as is determined by the Mayor in accordance with the terms and provisions of the Official Notice of Sale, shall be publicly opened and announced. (D) Due to the present volatility and uncertainty of the market for tax-exempt obligations such as the Series 2003 Bonds, it is desirable for the Issuer to be able to advertise and award the Series 2003 Bonds at the most advantageous time and date which shall be determined by the Mayor; and, accordingly, the Issuer hereby determines to delegate the advertising and awarding of the Series 2003 Bonds to the Mayor, and in her absence or unavailability, to the Mayor Pro Tern of the Board, within the parameters described herein. (E) It is necessary and appropriate that the Board determine certain parameters for the terms and details of the Series 2003 Bonds and to delegate certain authority to the Mayor, 2 and in her absence or unavailability, to the Mayor Pro Tern of the Board for the award of the Series 2003 Bonds and the approval of the terms of the Series 2003 Bonds in accordance with the provisions hereof, of the Resolution and of the Official Notice of Sale. (F) In the event Bond Counsel shall determine that the Series 2003 Bonds have not been awarded competitively in accordance with the provisions of Section 218.385, Florida Statutes, the Board shall adopt such resolutions and make such findings as shall be necessary to authorize and ratify a negotiated sale of the Series 2003 Bonds in accordance with said Section 218.385. (0) The covenants, pledges and conditions in the Resolution shall be applicable to the Series 2003 Bonds herein authorized and said Series 2003 Bonds shall be on a parity with and rank equally as to the lien on and source and security for payment from the Pledged Funds (as defined in the Resolution) and in all other respects with all Additional Bonds (as defined in the Resolution) hereafter issued pursuant to the Resolution, and shall constitute "Bonds" within the meaning of the Resolution; provided, however, the pledge of and lien on the Infrastructure Sales Surtax Revenues (as defined in the Resolution) for the benefit of the Series 2003 Bonds shall be junior and subordinate in all respects to the pledge thereof and lien thereon granted with respect to the Prior Bonds (as defined in the Resolution) under the Prior Resolution (as defined in the Resolution). (H) The Resolution provides that the Series 2003 Bonds shall mature on such dates and in such amounts, shall bear such rates of interest, shall be payable in such places and shall be subject to such redemption provisions as shall be determined by, or provided for in, a Supplemental Resolution adopted by the Issuer; and it is now appropriate that the Issuer set forth the parameters and mechanism to determine such terms and details through a competitive sale in accordance with the provisions herein and in the hereinafter described Official Notice of Sale. SECTION 2. DEFINITIONS. When used in this Supplemental Resolution, the terms defined in the Resolution shall have the meanings therein stated, except as such definitions shall be hereinafter amended and defined. SECTION 3. AUTHORITY FOR THIS SUPPLEMENTAL RESOLUTION. This Supplemental Resolution is enacted pursuant to the provisions of the Resolution and the Act. SECTION 4. AUTHORIZATION AND DESCRIPTION OF THE SERIES 2003 BONDS. The Issuer has heretofore determined pursuant to the Bond Ordinance and the Resolution to issue a Series of Bonds in the aggregate principal amount of not exceeding 3 $25,000,000 to be known as the "Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2003," for the purposes of providing moneys to (i) fund the acquisition, construction and equipping ofthe 2003 Project, and (ii) paying costs associated with the issuance of the Series 2003 Bonds, including the purchase of a Bond Insurance Policy and the hereinafter described Reserve Account Insurance Policy. The exact initial aggregate principal amount of Series 2003 Bonds to be issued shall be determined by the Mayor, provided such initial aggregate principal amount does not exceed $25,000,000. The Series 2003 Bonds shall be dated as of their date of delivery (or such earlier or later date as may be determined by the Mayor), shall be issued in the form of fully registered Bonds in the denomination of$5,000 principal amount or any integral multiple thereof, shall be numbered consecutively from one upward in order of maturity preceded by the letter "R," and shall bear interest from their date of delivery (or such other earlier or later date as may be determined by the Mayor), payable semi-annually on each October I and April I (each date an "Interest Date"), commencing on October 1,2003 (or such later date as may be determined by the Mayor). The Series 2003 Bonds shall bear interest at such rates and yields, shall mature on April 1 of each of the years and in the principal amounts corresponding to such years as determined by the Mayor subject to the provisions set forth in Section 5 hereof and the provisions of the Official Notice of Sale. The final maturity of the Series 2003 Bonds shall not be later than April 1, 2018. All of the terms of the Series 2003 Bonds will be included in a certificate to be executed by the Mayor following the award of the Series 2003 Bonds (the "Award Certificate") and shall be set forth in the final Official Statement as described herein. SECTION 5. AWARD OF SERIES 2003 BONDS. The Mayor, on behalf of the Issuer and only in accordance with the terms hereof and of the Official Notice of Sale, shall award the Series 2003 Bonds to the underwriter or underwriters that submit a bid proposal which complies in all respects with the Resolution and the Official Notice of Sale and offers to purchase the Series 2003 Bonds at the lowest true interest cost to the Issuer, as calculated by the Issuer's Financial Advisor in accordance with the terms and provisions of the Official Notice of Sale; provided, however, the Series 2003 Bonds shall not be awarded to any bidder unless the true interest cost set forth in the winning bid (as calculated by the Issuer's Financial Advisor) is equal to or less than 6.00%. In accordance with the provisions of the Official Notice of Sale, the Mayor may, in her sole discretion, reject any and all bids. SECTION 6. REDEMPTION PROVISIONS. The Series 2003 Bonds may be redeemed prior to their respective maturities from any moneys legally available therefor, upon notice as provided herein, upon the terms and provisions as may be determined by the Mayor, in her discretion and upon the advice of the Issuer's Financial Advisor; provided, 4 however, with respect to optional redemption terms for the Series 2003 Bonds, if any, the first optional redemption date may be no later than April 1, 2013 and no call premium may exceed 2.00% of the par amount of that portion of the Series 2003 Bonds to be redeemed. Term Bonds may be established with such Amortization Installments as the Mayor deems appropriate and upon the advice of the Issuer's Financial Advisor. The Mayor may determine, in her discretion and upon the advice of the Issuer's Financial Advisor, that the Series 2003 Bonds shall not be subject to any optional or mandatory redemption provisions. The redemption provisions for the Series 2003 Bonds, if any, shall be set forth in the Award Certificate and in the final Official Statement. SECTION 7. OFFICIAL NOTICE OF SALE. The form of the Official Notice of Sale attached hereto as Exhibit A and the terms and provisions thereof are hereby authorized and approved. The Mayor is hereby authorized to make such changes, insertions and modifications as she shall deem necessary prior to the advertisement of such Official Notice of Sale. The Mayor is hereby authorized to advertise and publish the Official Notice of Sale or a summary thereof at such time as she shall deem necessary and appropriate, upon the advice of the Issuer's Financial Advisor, to accomplish the competitive sale of the Series 2003 Bonds. SECTION 8. PRELIMINARY OFFICIAL STATEMENT. The Issuer hereby authorizes the distribution and use of a Preliminary Official Statement in substantially the form attached hereto as Exhibit B in connection with offering the Series 2003 Bonds for sale. If between the date hereof and the mailing of the Preliminary Official Statement, it is necessary to make insertions, modifications or changes in the Preliminary Official Statement, the Mayor and the County Administrator are hereby authorized to approve such insertions, changes and modifications. The Mayor and the County Administrator (or either's designee) are hereby authorized to deem the Preliminary Official Statement "final" within the meaning of Rule 15c2-12(b) under the Securities Exchange Act of 1934 (the "Rule") in the form as mailed. Execution of a certificate by the Mayor or County Administrator deeming the Preliminary Official Statement "final" as described above shall be conclusive evidence of the approval of any insertions, changes or modifications. SECTION 9. OFFICIAL STATEMENT. Subject in all respects with the award of the Series 2003 Bonds in accordance with Section 5 hereof, the Mayor and the County Administrator are hereby authorized and directed to execute and deliver a final Official Statement, dated the date of the award of the Series 2003 Bonds, which shall be in substantially the form of the Preliminary Official Statement, in the name and on behalf of the Issuer, and thereupon to cause such Official Statement to be delivered to the underwriter or underwriters with such changes, amendments, modifications, omissions and additions as may be approved by the Mayor and the County Administrator. Said Official Statement, including 5 any such changes, amendments, modifications, omissions and additions as approved by the Mayor and the County Administrator, and the information contained therein are hereby authorized to be used in connection with the sale of the Series 2003 Bonds to the public. Execution by the Mayor and the County Administrator of the Official Statement shall be deemed to be conclusive evidence of approval of such changes. SECTION 10. APPOINTMENT OF PAYING AGENT AND REGISTRAR. Subject in all respects with the award ofthe Series 2003 Bonds in accordance with Section 5 hereof, Wells Fargo Bank, National Association, Coral Springs, Florida, is hereby designated Registrar and Paying Agent for the Series 2003 Bonds. The Mayor and the County Administrator are hereby authorized to enter into any agreement which may be necessary to effect the transactions contemplated by this Section 10 and by the Resolution. SECTION 11. SECONDARY MARKET DISCLOSURE. Subject in all respects with the award of the Series 2003 Bonds in accordance with Section 5 hereof, the Issuer hereby covenants and agrees that, in order to provide for compliance by the Issuer with the secondary market disclosure requirements of the Rule, it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate to be executed by the Issuer and dated the dated date of the Series 2003 Bonds, as it may be amended from time to time in accordance with the terms thereof. The Continuing Disclosure Certificate shall be substantially in the form of Exhibit C hereto with such changes, amendments, modifications, omissions and additions as shall be approved by the Mayor who is hereby authorized to execute and deliver such Certificate. Notwithstanding any other provision ofthe Resolution, failure of the Issuer to comply with such Continuing Disclosure Certificate shall not be considered an Event of Default under the Resolution; provided, however, to the extent permitted by law, the sole and exclusive remedy of any Series 2003 Bondholder for the enforcement of the provisions of the Continuing Disclosure Certificate shall be an action for mandamus or specific performance, as applicable, by court order, to cause the Issuer to comply with its obligations under this Section 11 and the Continuing Disclosure Certificate. For purposes of this Section 11, "Series 2003 Bondholder" shall mean any person who (A) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Series 2003 Bonds (including persons holding such Bonds through nominees, depositories or other intermediaries), or (B) is treated as the owner of any such Bond for federal income tax purposes. SECTION 12. MUNICIPAL BOND INSURANCE; RESERVE ACCOUNT INSURANCE POLICY. (A) Subject in all respects with the award of the Series 2003 Bonds in accordance with Section 5 hereof, the Issuer hereby authorizes the payment of the principal of and interest on the Series 2003 Bonds to be insured pursuant to a municipal bond insurance policy (the "Bond Insurance Policy") to be issued by MBIA Insurance Corporation 6 ("MBIA"). The Mayor and the County Administrator are hereby authorized to execute such documents and instruments necessary to cause MBIA to insure the Series 2003 Bonds. (B) Subject in all respects with the award ofthe Series 2003 Bonds in accordance with Section 5 hereof, the Issuer shall deposit to the Reserve Account a reserve account insurance policy purchased from MBIA (the "Reserve Account Insurance Policy") the face amount of which, together with any other cash amounts and the face amounts of any other reserve policies or surety bonds on deposit in the Reserve Account, is equal to the Reserve Account Requirement for the Series 2003 Bonds. The Reserve Account Insurance Policy is a "Reserve Account Insurance Policy" for purposes ofthe Resolution. The Mayor is hereby authorized to enter into a financial guaranty agreement substantially in the form attached hereto as Exhibit D (the "Debt Service Reserve Fund Policy Agreement") in order to cause MBIA to issue such Reserve Account Insurance Policy. The provisions of such Debt Service Reserve Fund Policy Agreement, when executed and delivered, shall be incorporated herein by reference and to the extent there are any conflicts between the Debt Service Reserve Fund Policy Agreement and the Resolution, the provisions of the Debt Service Reserve Fund Policy Agreement shall control. SECTION 13. PROVISIONS RELATING TO BOND INSURANCE POLICY AND RESERVE ACCOUNT INSURANCE POLICY. (A) The commitments from MBIA to issue its Bond Insurance Policy and Reserve Account Insurance Policy on the Series 2003 Bonds are hereby approved and authorized and payment for the premiums for such insurance is hereby authorized from proceeds of the Series 2003 Bonds. A statement of insurance is hereby authorized to be printed on or attached to the Series 2003 Bonds for the benefit and information of the Holders of the Series 2003 Bonds. (B) Subject in all respects with the award of the Series 2003 Bonds in accordance with Section 5 hereof, so long as the Bond Insurance Policy issued by MBIA is in full force and effect and MBIA has not defaulted in its payment obligations under the Bond Insurance Policy or the Reserve Account Insurance Policy, the Issuer agrees to comply with the following provisions: (I) In the event that, on the second business day, and again on the business day, prior to an Interest Date on the Series 2003 Bonds, the Paying Agent has not received sufficient moneys to pay all principal of and interest on the Series 2003 Bonds due on the second following or following, as the case may be, business day, the Paying Agent shall immediately notify MBIA or its designee on the same business day by telephone or telegraph, confirmed in writing by registered or certified mail, of the amount of the deficiency. 7 (2) If the deficiency is made up in whole or in part prior to or on the Interest Date, the Paying Agent shall so notify MBIA or its designee. (3) In addition, if the Paying Agent has notice that any Series 2003 Bondholder has been required to disgorge payments of principal or interest on a Series 2003 Bond to a trustee in bankruptcy or creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes a voidable preference to such Series 2003 Bondholder within the meaning of any applicable bankruptcy laws, then the Paying Agent shall notify MBIA or its designee of such fact by telephone or telegraphic notice, confirmed in writing by registered or certified mail. (4) The Paying Agent is hereby irrevocably designated, appointed, directed and authorized to act as attorney-in-fact for Series 2003 Bondholders as follows: (A) If and to the extent there is a deficiency in amounts required to pay interest on the Series 2003 Bonds, the Paying Agent shall (i) execute and deliver to State Street Bank and Trust Company, N.A., or its successors under the Bond Insurance Policy (the "Insurance Paying Agent"), in form satisfactory to the Insurance Paying Agent, an instrument appointing MBIA as agent for such Series 2003 Bondholders in any legal proceeding related to the payment of such interest and an assignment to MBIA of the claims for interest to which such deficiency relates and which are paid by MBIA, (ii) receive as designee of the respective Series 2003 Bondholders (and not as Paying Agent) in accordance with the tenor of the Bond Insurance Policy payment from the Insurance Paying Agent with respect to the claims for interest so assigned, and (iii) disburse the same to such respective Series 2003 Bondholders; and (B) If and to the extent of a deficiency in amounts required to pay principal of the Series 2003 Bonds, the Paying Agent shall (i) execute and deliver to the Insurance Paying Agent in form satisfactory to the Insurance Paying Agent an instrument appointing MBIA as agent for such Series 2003 Bondholder in any legal proceeding relating to the payment of such principal and an assignment to MBIA of any of the Series 2003 Bonds surrendered to the Insurance Paying Agent of so much of the principal amount thereof as has not previously been paid or for which moneys are not held by the Paying Agent and available for such payment (but such assignment shall be delivered only if payment from the Insurance Paying Agent is received), (ii) receive as designee of the respective Series 2003 Bondholders (and not as Paying Agent) in accordance with the tenor of the Bond Insurance Policy payment therefor 8 from the Insurance Paying Agent, and (iii) disburse the same to such Series 2003 Bondholders. (5) Payments with respect to claims for interest on and principal of Series 2003 Bonds disbursed by the Paying Agent from proceeds of the Bond Insurance Policy shall not be considered to discharge the obligation of the Issuer with respect to such Series 2003 Bonds, and MBIA shall become the owner of such unpaid Series 2003 Bond and claims for the interest in accordance with the tenor ofthe assignment made to it under the provisions of this subsection or otherwise. (6) Irrespective of whether any such assignment is executed and delivered, the Issuer and the Paying Agent agree for the benefit of MBIA that: (A) They recognize that to the extent MBIA makes payments, directly or indirectly (as by paying through the Paying Agent), on account of principal of or interest on the Series 2003 Bonds, MBIA will be subrogated to the rights of such Series 2003 Bondholders to receive the amount of such principal and interest from the Issuer, with interest thereon as provided and solely from the sources stated in the Resolution and the Series 2003 Bonds; and (B) They will accordingly pay to MBIA the amount of such principal and interest (including principal and interest recovered under subparagraph (ii) of the first paragraph of the Bond Insurance Policy, which principal and interest shall be deemed past due and not to have been paid), with interest thereon as provided in the Resolution and the Series 2003 Bonds, but only from the sources and in the manner provided in the Resolution for the payment of principal of and interest on the Series 2003 Bonds to Series 2003 Bondholders, and will otherwise treat MBIA as the owner of such rights to the amount of such principal and interest. (7) In connection with the issuance of Additional Bonds, the Issuer shall deliver to MBIA a copy ofthe disclosure document, if any, circulated with respect to such Additional Bonds. (8) Copies of any amendments made to the documents executed in connection with the issuance of the Series 2003 Bonds which are consented to by MBIA shall be sent to Standard & Poor's Corporation. 9 (9) The Issuer shall provide MBIA with notice of the resignation or removal of the Paying Agent and the appointment of a successor thereto. (10) The Issuer shall provide MBIA with copies of all notices required to be delivered to Series 2003 Bondholders under the Resolution and, on an annual basis, copies of the Issuer's audited financial statements and annual budget. (11) Any notice required to be given to or by any party, including, but not limited to, a Series 2003 Bondholder or the Paying Agent, pursuant to the Resolution shall also be provided to MBIA. All notices required to be given to MBIA shall be in writing and shall be sent by registered or certified mail addressed to MBIA Insurance Corporation, 113 King Street, Armonk, New York 10504, Attention: Surveillance. (12) The Issuer agrees to reimburse MBIA immediately and unconditionally upon demand, to the extent permitted by law, for all reasonable expenses, including attorneys' fees and expenses, incurred by MBIA in connection with (a) enforcement by MBIA of the Issuer's obligations, or the preservation or defense of any rights of MBIA, under the Resolution and any other document executed in connection with the issuance ofthe Series 2003 Bonds, and (b) any consent, amendment, waiver or other action with respect to the Resolution or any related document, whether or not granted or approved, together with interest on all such expenses from and including the date incurred to the date of payment of Citibank's prime rate plus 3% or the maximum interest rate permitted by law, whichever is less. In addition, MBIA reserves the right to charge a fee in connection with its review of any such consent, amendment or waiver, whether or not granted or approved. (13) The Resolution may not be terminated until all amounts owed to MBIA under the terms of the Debt Service Reserve Fund Policy Agreement have been satisfied. (14) There may be no optional redemption of the Series 2003 Bonds or distribution of funds to the Issuer unless all amounts owed to MBIA under the terms of the Debt Service Reserve Fund Policy Agreement have been paid in full. SECTION 14. GENERAL AUTHORITY. The Mayor, the County Administrator, the Clerk, the County Attorney, and the other officers, attorneys and other agents or employees of the Issuer are hereby authorized to do all acts and things required of them by this Supplemental Resolution, the Resolution, the Official Statement, the Continuing Disclosure Certificate, the Debt Service Reserve Fund Policy Agreement or the Official 10 Notice of Sale or desirable or consistent with the requirements hereof or of the Resolution, the Official Statement, the Continuing Disclosure Certificate, the Debt Service Reserve Fund Policy Agreement or the Official Notice of Sale for the full punctual and complete performance of all the terms, covenants and agreements contained herein or in the Series 2003 Bonds, the Resolution, the Official Statement, the Continuing Disclosure Certificate, the Debt Service Reserve Fund Policy Agreement and the Official Notice of Sale and each member, employee, attorney and officer of the Issuer is hereby authorized and directed to execute and deliver any and all papers and instruments and to be and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated hereunder. If the Mayor is unavailable or unable at any time to perform any duties or functions hereunder, the Mayor Pro Tern is hereby authorized to act on her behalf. SECTION 15. SEVERABILITY AND INVALID PROVISIONS. Ifanyone or more of the covenants, agreements or provisions herein contained shall be held contrary to any express provision oflaw or contrary to the policy of express law, though not expressly prohibited or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements or provisions and shall in no way affect the validity of any of the other provisions hereof or of the Series 2003 Bonds. SECTION 16. CONFLICTS; RESOLUTION TO CONTINUE IN FORCE. Except as herein expressly provided, the Resolution and all the terms and provisions thereof are and shall remain in full force and effect; provided, however, that in the event of a conflict between the terms of this Supplemental Resolution and the Resolution, the terms of this Supplemental Resolution shall govern. SECTION 17. EFFECTIVE DATE. This Supplemental Resolution shall become effective immediately upon its adoption. [Remainder of page intentionally left blank] 11 PASSED AND ADOPTED by the Board of County Commissioners of Monroe County, Florida, at a regular meeting of said Board held on the 19th day of February, 2003. Yes Yes Yes Yes Yes BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA L. KOLHAGE, Clerk " ----- - 4/9 ~ /()~ +"} -t)i# m ~ By' C. tJLv ~ By: Deputy Clerk./ Mayor/Chairperson o ex:: C) CJ LW a.: 0::: o l.J.- o W ...J l.J.- c.o o c: :z:: ex: <! ~ -...l ,.>!'" L.a- ...,....: . :Cu>- ~~~ ,:"'10 J .W ., .~w .'; ,-lo ,;; u 0::: :i % r') 0 ,... k r- N co L.U u... tT"' C::' =~ ('..J 12 EXHIBIT A FORM OF OFFICIAL NOTICE OF SALE DRAFT #3: 2/18/03 083-00010.H3 OFFICIAL NOTICE OF SALE $21,455,000* Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2003 Electronic Bids, as Described Herein Will Be Accepted Until 10:00 a.m., Eastern Time, March 4,2003* *Subject to change as provided herein. OFFICIAL NOTICE OF SALE $21,455,000* Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2003 NOTICE IS HEREBY GIVEN that electronic bids will be received in the manner, on the date and up to the time specified below: DATE: Tuesday, March 4,2003* TIME: 10:00 a.m. Eastern Time* ELECTRONIC BIDS: May be submitted only through Bidcomp/Parity Competitive Bidding System ("PARITY') as described below. No other form of bid or provider of electronic bidding services will be accepted. GENERAL Bids will be received for the purchase of all, but not less than all, of the $21,455,000* Infrastructure Sales Surtax Revenue Bonds, Series 2003 (the "Bonds") to be issued by Monroe County, Florida (the "County") pursuant to the terms and conditions of a resolution adopted by the County's Board of Commissioners (the "Board") on February 19,2003, as supplemented (the "Bond Resolution"). The Bond proceeds will be used to finance the acquisition, construction and equipping of various capital improvements within the County and pay certain costs and expenses related to the issuance of the Bonds. The Bonds are more particularly described in the Preliminary Official Statement dated February _, 2003 relating to the Bonds, available at I-Deal's website, www.i-dealprospectus.com.This Official Notice of Sale contains certain information for quick reference only. It is not, and is not intended to be, a summary of the Bonds. Each bidder is required to read the entire Preliminary Official Statement to obtain information essential to making an informed investment decision. Prior to accepting bids, the County reserves the right to change the principal amount of the Bonds being offered and the terms of the Bonds, to postpone the sale to a later date or time, or cancel the sale based upon market conditions. Notice of a change or cancellation will be announced via The Bond Buyer news service at the internet website address www.tm3.com not later than Noon, Eastern Time, on the day preceding the bid opening or as soon as .Subject to change as provided herein, 1 practicable. Such notice will specify the revised principal amount or terms, if any, and any later date or time selected for the sale, which may be postponed or cancelled in the same manner. If the sale is postponed, a later public sale may be held at the hour, in the manner, and on such date as communicated upon at least forty-eight hours notice via The Bond Buyer news service at the internet website address www.tm3.com. The County reserves the right, after the bids are opened, to adjust the principal amount of the Bonds, to eliminate maturities, or to cancel the sale of the Bonds, as further described herein. See "ADJUSTMENT OF AMOUNTS AND MATURITIES." To the extent any instructions or directions set forth in PARITY conflict with this Official Notice of Sale, the terms of this Official Notice of Sale shall control. For further information about PARITY and to subscribe in advance of the bid, potential bidders may contact PARITY at (212) 404-8102. Each prospective electronic bidder must be a subscriber to PARITY. Each qualified prospective electronic bidder shall be solely responsible to make necessary arrangements to view the bid form on PARITY and to access PARITY for the purposes of submitting its bid in a timely manner and in compliance with the requirements of the Official Notice of Sale. Neither the Issuer nor PARITY shall have any duty or obligation to provide or assure access to P ARIIT to any prospective bidder, and neither the County nor PARITY shall be responsible for a bidder's failure to register to bid or for proper operation of, or have any liability for any delays or interruptions of, or any damages caused by, PARITY. The County is using PARITY as a communication mechanism, and not as the County's agent, to conduct the electronic bidding for the Bonds. The County is not bound by any advice and determination of PARITY to the effect that any particular bid complies with the terms of this Official Notice of Sale and, in particular, the bid specifications hereinafter set forth. All costs and expenses incurred by prospective bidders in connection with their registration and submission of bids via PARITY are the sole responsibility of such bidders and the County shall not be responsible, directly or indirectly, for any such costs or expenses. If a prospective bidder encounters any difficulty in submitting, modifying or withdrawing a bid for the Bonds, the prospective bidder should immediately telephone PARITY at (212) 404- 8102 and notify the Issuer's Financial Advisor, Hal Canary, at (239) 939-3009 or by facsimile at (239) 939-1220. The Issuer shall have no responsibility for technological or transmission errors that any bidder may experience in transmitting a bid. [Remainder of page intentionally left blank] 2 Summary Table* Terms of the Bonds Dated Date Date of Delivery Anticipated Delivery Date March 26, 2003 Interest Payment Dates October 1 and April I, commencing October 1,2003 Principal Payment Dates (April 1)**: Year Principal Amount Year Principal Amount 2004 2005 2006 2007 2008 2009 2010 2011 $1,105,000 1,145,000 1,170,000 1,205,000 1,240,000 1,285,000 1,335,000 1,385,000 2012 2013 2014 2015 2016 2017 2018 $ 1,445,000 1,505,000 1,575,000*** 1,645,000*** 1,720,000*** 1,805,000*** 1,890,000*** Interest Calculation 360-day year of twelve 30-day months Ratings Moody's - A3 Standard & Poor's - A Bidding Parameters Sale Date March 4, 2003 Bidding Method BidcomplParity Competitive Bidding System ("PARITY'~ All or none? Yes Bid Award Method Lowest true interest cost Bid Confirmation Fax signed PARITY screen Bid Award As soon as practicable Good Faith Deposit $214,000; Surety bond required prior to bid * Ifnumerical or date references contained in the body of this Official Notice of Sale conflict with this Summary Table, the body of this Official Notice of Sale shall control. Consult the body of this Official Notice of Sale for a detailed explanation of the items contained in the Summary Table, including interpretation of such items and methodologies used to determine such items. PROSPECTIVE PURCHASERS OF THE BONDS MUST READ THE ENTIRE OFFICIAL NOTICE OF SALE. ** The County reserves the right to adjust the maturities of the Bonds as provided herein. *** May be designated as part of a Term Bond, as provided herein. 3 Coupon Multiples Maximum Coupon Minimum Coupon Optional Redemption Term Bonds Maximum Reoffering Price Maturity Unlimited Aggregate Unlimited Minimum Reoffering Price Maturity 98.0% Aggregate 99.0% Insurance Adiustment Parameters Principal Increases Maturity None Aggregate None Principal Reductions Maturity None Aggregate None 1/8 or 1/20 of 1 % 6.00% None Yes, as provided herein Yes, as provided herein Yes, MBIA Insurance Corporation; premium to be paid by the County. 4 THE BONDS The Bonds will be issued in fully registered, book-entry only form, without coupons, will be dated as of their date of delivery (currently anticipated to be March 26, 2003), will be issued in denominations of $5,000 or integral multiples thereof, will bear interest from their date until paid or duly called for redemption at the annual rate or rates specified by the successful bidder, subject to the limitations specified below, payable as shown on the Summary Table. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Bonds must meet the minimum and maximum coupon and reoffering price criteria shown in the Summary Table on a maturity and aggregate basis. The Bonds will mature on the month and day, in the years and principal amounts shown on the Summary Table as either serial bonds or as a term bond with sinking fund installments as described below under "Designation of Term Bond." Designation of Term Bond Bidders in their bids may specifY that the annual principal amounts coming due in any two or more consecutive years on and after April 1, 2014 may be combined into one term bond (the "Term Bond"), with mandatory sinking fund redemptions occurring prior to the maturity of such Term Bond on each April 1 of the preceding consecutive years. Bidders may only specifY one such Term Bond for the Bonds. All principal amounts due before April 1 , 2014 shall be serial Bonds. In the event a bidder chooses to designate a Term Bond, the form of mandatory redemption provision provided below will be utilized. The Bonds maturing on April 1, 20_, are subject to mandatory sinking fund redemption, prior to maturity in part, by lot on April 1 , 20_ and on each April 1 thereafter, at a redemption price equal to the principal amount of such Bonds or portions thereof to be redeemed, plus interest accrued thereon to the date of redemption, on April 1 in the following years and in the following amounts: Year Amount * Maturity. 5 Optional Redemption The Bonds maturing on or before April 1 ,2013 are not subject to optional redemption prior to maturity. The Bonds maturing on or after April 1, 2014 are subject to redemption at the option of the Issuer in whole or in part, at any time, on or after April 1, 2013 in such order of maturities as may be determined by the Issuer (less than all of a single maturity to be selected by lot) at a redemption price equal to 100.0% of the Bonds to be redeemed, together with accrued interest to the date set for redemption. SECURITY Payment of the principal of and interest on the Bonds will be payable solely from and secured by a lien upon and pledge of the Pledged Funds, as described in the Bond Resolution. Pledged Funds include the County's proceeds of the local government one cent infrastructure sales surtax defined and described in and distributed pursuant to Section 212.055(2), Florida Statutes, as amended (the "Infrastructure Sales Surtax Revenues"). Additionally, until applied in accordance with the provisions of the Bond Resolution, Pledged Funds include all moneys, including investments thereof, in certain funds and accounts designated in the Bond Resolution. The County currently intends to fully fund a reserve account with a reserve account insurance policy to be issued by MBIA Insurance Corporation. Notwithstanding the foregoing, the lien on and pledge ofthe Infrastructure Sales Surtax Revenues granted in favor of the Bonds shall be junior and subordinate in all respects to the pledge thereof and lien thereon granted with respect to the Prior Bonds under the Prior Resolution (as such terms are defined in the Bond Resolution and described in the Preliminary Official Statement). ADJUSTMENT OF AMOUNT AND MATURITIES The aggregate principal amount of each maturity of Bonds is subject to adjustment by the County after the receipt and opening of the bids for their purchase. Changes to be made after the opening of the bids will be communicated to the successful bidder directly prior to 8:00 a.m., Eastern Time on the date following the sale date. The County may cancel the sale of the Bonds or adjust the aggregate principal amount. The County may increase or decrease the principal amount of the Bonds or any maturity thereof by no more than the individual maturity or aggregate principal percentages, if any, shown in the Summary Table. The County will consult with the successful bidder before adjusting the amount of any maturity of the Bonds or canceling the Bonds; however, the County reserves the sole right to make adjustments, within the limits described above, or cancel the sale of the Bonds. 6 Adjustment to the size ofthe Bonds within the limits described above does not relieve the purchaser from its obligation to purchase all of the Bonds offered by the County. Each bid must specify the initial reoffering prices to the public of each maturity of Bonds. Adjustments may be made to the principal amounts based on the reoffering prices shown on PARITY. In determining whether there will be any revision to the principal amount of or maturity of the Bonds subsequent to the bid opening and award, the County expects that changes may be made that are necessary to increase or decrease the principal amount of the Bonds to meet the County's capital improvement funding objectives, all subject to the limitations set forth above. In the event that the principal amount of any maturity of the Bonds is revised after the award, the interest rate and reoffering price for each maturity and the Underwriter's Discount on the Bonds as submitted by the successful bidder shall be held constant. The "Underwriter's Discount" shall be defined as the difference between the purchase price of the Bonds submitted by the bidder and the price at which the Bonds will be issued to the public, calculated from information provided by the bidder, divided by the par amount ofthe Bonds bid. FORM AND PAYMENT The Bonds will be issued in fully registered, book-entry only form and a bond certificate for each maturity will be issued to The Depository Trust Company, New York, New York ("DTC"), registered in the name ofits nominee, Cede & Co. A book-entry system will be employed, evidencing ownership ofthe Bonds, with transfers of ownership effected on the records ofDTC and its participants pursuant to rules and procedures adopted by DTC and its participants. The successful bidder, as a condition to delivery of the Bonds, will be required to deposit the Bond certificates with DTC or the Registrar (as defined below), registered in the name of Cede & Co. Principal of, premium, if any, and interest on the Bonds will be payable by Wells Fargo Bank, National Association, the paying agent and registrar (the "Registrar") for the Bonds by wire transfer or in clearinghouse funds to DTC or its nominee as registered owner of the Bonds. Transfer of principal, premium, if any, and interest payments to the beneficial owners by participants ofDTC will be the responsibility of such participants and other nominees of beneficial owners. Neither the County nor the Registrar will be responsible or liable for payments by DTC to its participants or by DTC participants to beneficial owners or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. Principal of, and premium, if any, on the Bonds will be payable on surrender thereof at the principal office of the Registrar on the month and day, in the years and amounts established in accordance with the award of the Bonds. Interest on the Bonds is payable on 6 7 the dates shown in the Summary Table. The Registrar will mail interest payments on the Bonds on each interest payment date to the owners of the Bonds at the addresses listed on the registration books maintained by the Registrar for such purpose on the fifteenth day of the month prior to payment, as described in the Bond Resolution. So long as DTC or its nominee is the registered owner of the Bonds, payments of principal, interest and any redemption premium on the Bonds will be made to DTC or its nominee. PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT The County has authorized the preparation and electronic distribution of a Preliminary Official Statement dated February 20, 2003 (the "Preliminary Official Statement") containing information relating to the Bonds. The Preliminary Official Statement has been deemed final by the County as required by Rule 15c2-12 of the Securities and Exchange Commission. The County will furnish the successful bidder on the date of closing, with its certificate as to the completeness and accuracy of the Official Statement. The Preliminary Official Statement, this Official Notice of Sale and the official written confirmation of bid form and any other information concerning the proposed financing will be available electronically at I-Deal's website, www.i-dealprospectus.com. Assistance in obtaining the documents will be provided by I-Deal's customer service at (212) 404-8102 or from Public Financial Management, Inc., Financial Advisor to the County, 10100 Deer Run Farms Road, Suite 201, Ft. Myers, FL 33912-1045, (239) 939-3009, (239) 939-1220 fax, canaryh@publicfm.com. The Preliminary Official Statement, when amended to reflect the actual amount of the Bonds sold, the interest rates specified by the successful bidder and the price or yield at which the successful bidder will reoffer the Bonds to the public, together with any other information required by law, will constitute a "Final Official Statement" with respect to the Bonds as that term is defined in Rule 15c2-12. No more than seven business days after the date of the sale, the County will provide without cost to the respective successful bidder up to 200 copies of the Final Official Statement. If the Bonds are awarded to a syndicate, the County will designate the senior managing underwriter of the syndicate as its agent for purposes of distributing copies of the Final Official Statement to each participating underwriter. Any underwriter submitting a bid with respect to the Bonds agrees thereby that if its bid is accepted, it shall accept such designation and shall enter into a contractual relationship with all participating underwriters for the purpose of assuring the receipt and distribution by each participating underwriter of the Final Official Statement. 8 LEGAL OPINIONS The Bonds will be sold subject to the opinion of Nabors, Giblin & Nickerson, P.A., the County's Bond Counsel, as to the legality thereof and such opinion will be furnished without cost to the purchaser and all bids will be so conditioned. A form of Bond Counsel's opinion is attached to the Preliminary Official Statement as Appendix E. Certain matters will be passed on for the County by John R. Collins, County Attorney. A legal opinion (or reliance letter thereon) of Bryant, Miller and Olive, P.A., Tampa, Florida, Disclosure Counsel, and a legal opinion of John R. Collins, County Attorney, with respect to certain matters concerning the Final Official Statement will be furnished without charge to the successful bidder at the time of delivery of the Bonds. BIDDING PROCEDURE; OFFICIAL BID FORMS Only electronic bids submitted via PARITY will be accepted. No other provider of electronic bidding services will be accepted. No bid delivered in person or by facsimile directly to the County will be accepted. Bidders are permitted to submit bids for the Bonds during the bidding time period, provided they are eligible to bid as described under "GENERAL" above. Each electronic bid submitted via PARITY shall be deemed an irrevocable offer in response to this Official Notice of Sale and shall be binding upon the bidder as if made by a signed, sealed bid delivered to the County. All bids remain firm until an award is made. The successful bidder must confirm the details of such bid by a signed PARITY Bid Form delivered by fax to Public Financial Management, Inc. at (239) 939-1220 no later than one hour after being notified by the County of being the winning bidder, the original of which must be received by Public Financial Management, Inc., Financial Advisor to the County on the following business day at 10100 Deer Run Farms Road, Suite 201, Ft. Myers, FL 33912- 1045, (239) 939-3009, (239) 939-1220 fax, canaryh@publicfm.com. Failure to deliver does not relieve the bidder of the obligation to purchase the Bonds. See also the information under the heading "GENERAL" above. FORM OF BID, INTEREST RATES AND BID PRICES Bidders must bid to purchase all maturities of the Bonds. No bid will be considered which does not offer to purchase all of the Bonds. Each bid must specify (1) an annual rate of interest for each maturity, (2) reoffering price or yield for each maturity and (3) a dollar purchase price for the entire issue of the Bonds. No more than one (1) bid from any bidder will be considered. 9 A bidder must specify the rate or rates of interest per annum (with no more than one rate of interest per maturity), which the Bonds are to bear, to be expressed in multiples of 1/8 or 1/20 of 1 %. Any number of interest rates may be named, but the Bonds of each maturity must bear interest at the same single rate for all bonds of that maturity. Each bid for the Bonds must meet the minimum and maximum coupon criteria and minimum and maximum reoffering price criteria shown in the Summary Table on a maturity and aggregate basis. Each bidder must specify, as part of its bid, the prices or yields at which a substantial amount (i.e., at least 10%) of the Bonds of each maturity will be offered and sold to the public. Reoffering prices presented as a part of the bids will not be used in computing the bidders' true interest cost. As promptly as reasonably possible after bids are received, the County will notify the successful bidder that it is the apparent winner. MUNICIPAL BOND INSURANCE The Issuer has received a commitment from MBIA Insurance Corporation of its intent to issue a municipal bond insurance policy insuring payment of principal and interest on the Bonds, when due. The cost of municipal bond insurance will be paid by the Issuer. Information regarding the bond insurance commitment may be obtained from the financial advisor to the Issuer, Public Financial Management, Inc., 10100 Deer Run Farms Road, Suite 201, Ft. Myers, FL 33912, (239) 939-3009. A WARD OF BID The County expects to award the Bonds to the winning bidder as soon as practicable after the bids are opened. Bids may not be withdrawn prior to the award. Unless all bids are rejected, the Bonds will be awarded by the County on the sale date to the bidder whose bid complies with this notice and results in the lowest true interest cost to the County. The lowest true interest cost will be determined in accordance with the True Interest Cost ("TIC") method by doubling the semi-annual interest rate, compounded semi-annually, necessary to discount the debt service payments from the payment dates to the dated date of the Bonds and to the aggregate purchase price of the Bonds. If two or more responsible bidders offer to purchase the Bonds at the same lowest true interest cost, the Bonds shall be awarded to the bidder offering the highest premium, and if the highest premium is offered by two or more such bidders (or if no premium is offered by any of such bidders), the County will award the Bonds to one of such bidders by lot. Only the final bid submitted by any bidder through PARITY will be considered. The right reserved to the County shall be final and binding upon all bidders with respect to the form and adequacy of any proposal received and as in its conformity to the terms of this Official Notice of Sale. 10 The County will not accept and will reject any bid for less than all of the above described Bonds. The right is reserved to reject any and all bids for any reason. No facsimile, mailed or hand-delivered bids will be accepted. RIGHT OF REJECTION The County reserves the right, in its discretion, to reject any and all bids and to waive irregularity or informality in any bid. DELIVERY AND PAYMENT Delivery of the Bonds will be made by the County to DTC in book-entry only form, in New York, New York on or about the delivery date shown in the Summary Table, or such other date agreed upon by the County and the successful bidder. Payment for the Bonds must be made in Federal Funds or other funds immediately available to the County at the time of delivery ofthe Bonds. Any expenses incurred in providing immediate funds, whether by transfer of Federal Funds or otherwise, will be borne by the purchaser. The County intends to conduct the closing in Key West, Florida. RIGHT OF CANCELLATION The successful bidder will have the right, at its option, to cancel its obligation to purchase the Bonds if the Registrar fails to authenticate the Bonds and tender the same for delivery within 60 days from the date of sale thereof, and in such event the successful bidder will be entitled to the return of the Good Faith Deposit accompanying its bid. GOOD FAITH DEPOSIT Each bid for the purchase of the Bonds must be accompanied by a financial surety bond which guarantees payment to the County of the Good Faith Deposit amount shown in the Summary Table to secure the County against any loss resulting from a failure of the successful bidder to take up and pay for the Bonds in accordance with the terms of the Notice of Sale and of their bids. Each financial surety bond must be from an insurance company acceptable to the County and licensed to issue such a bond in the State of Florida. Each financial surety bond must be submitted to Public Financial Management, Inc., Financial Advisor to the County, 10100 Deer Run Farms Road, Suite 201, Ft. Myers, FL 33912, (239) 939-3009, prior to the time bids are required to be submitted and must be in form and substance acceptable to the County. Each financial surety bond must identify each bidder whose deposit is guaranteed by such financial surety bond. 11 The successful bidder for the Bonds is required to submit its Good Faith Deposit to the County in the form of a wire transfer in federal funds not later than 12:30 p.m., Eastern Time, on the next business day following the award. If such deposit is not received by that time, the relevant financial surety bond will be drawn upon by the County to satisfy the deposit requirement. The Good Faith Deposit so wired will be retained by the County until the delivery of such Bonds, at which time the good faith deposit will be applied against the purchase price of such Bonds or the good faith deposit will be retained by the County as partial liquidated damages in the event of the failure ofthe successful bidder to take up and pay for such Bonds in compliance with the terms of the Official Notice of Sale and of its bid. The County will pay no interest on the good faith deposit. The balance of the purchase price must be wired in federal funds to the account detailed in the closing memorandum provided by the County to the successful purchaser, simultaneously with delivery of such Bonds. CUSIP NUMBERS It is anticipated that CUSIP numbers will be printed on the Bonds, but neither failure to print such numbers on any Bonds nor any error with respect thereto will constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for the Bonds. Bond Counsel will not review or express any opinion as to the correctness of such CUSIP numbers. The policies ofthe CUSIP Service Bureau will govern the assignment of specific numbers to the Bonds. The successful bidder will be responsible for applying for and obtaining CUSIP numbers for the Bonds. All expenses in relation to the printing of CUSIP numbers on the Bonds will be paid for by the County; provided, however, that the CUSIP Service Bureau charge for the assignment of said numbers will be the responsibility of and will be paid for by the successful bidder. BLUE SKY The County has not undertaken to register the Bonds under the securities laws of any state, nor investigated the eligibility of any institution or person to purchaser or participate in the underwriting of the Bonds under any applicable legal investment, insurance, banking or other laws. By submitting a bid for the Bonds, the successful bidder represents that the sale of the Bonds in states other than Florida will be made only under exemptions from registration or, wherever necessary, the successful bidder will register the Bonds in accordance with the securities laws of the state in which the Bonds are offered or sold. The County agrees to cooperate with the successful bidder, at the bidder's written request and expense, in registering the Bonds or obtaining an exemption from registration in any state where such action is necessary; provided, however, that the County shall not be required to consent to suit or to service of process in any jurisdiction. 12 DISCLOSURE OBLIGATIONS OF THE PURCHASER Section 218.38(1)(b)(2), Florida Statutes, requires that the successful purchaser file a statement with the County containing information with respect to any fee, bonus or gratuity paid, in connection with the Bonds, by any underwriter or financial consultant to any person not regularly employed or engaged by such underwriter or consultant. Receipt of such statement is a condition precedent to the delivery of the Bonds to such successful bidder. The winning bidder must (1) complete the Truth-in-Bonding Statement provided by Bond Counsel (the form of which is attached hereto as Exhibit A) and (2) indicate whether such bidder has paid any finder's fee to any person in connection with the sale of the Bonds in accordance with Section 218.386, Florida Statutes. The successful purchaser will be required to submit to the County prior to closing a certification to the effect that (i) all of the Bonds have been subject of a bona fide initial offering to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers) at prices no higher than those shown on the cover of the Official Statement relating to the Bonds, (ii) to the best of their knowledge, and based on their records and other information available to them which they believe to be correct, at least 10 percent of each maturity of the Bonds were sold to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers) at initial offering prices not greater than the respective prices shown on the cover of the Official Statement, and (iii) at the time they agreed to purchase the Bonds, based upon their assessment of the then prevailing market conditions, they had no reason to believe any of the Bonds would be sold to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers) at prices greater than the prices shown on the cover of the Official Statement including interest accrued on the Bonds. CONTINUING DISCLOSURE The County has covenanted to provide ongoing disclosure in accordance with Rule 15c2-12 ofthe Securities and Exchange Commission. The specific nature ofthe information to be contained in the Annual Report and the notices of material events are set forth in the Continuing Disclosure Certificate which is reproduced in its entirety in Appendix F attached to the Preliminary Official Statement for the Bonds. The covenants have been undertaken by the County in order to assist the successful purchaser in complying with clause (b)( 5) of Rule 15c2-12 of the Securities and Exchange Commission. 13 CERTIFICATE The County will deliver to the purchaser of the Bonds a certificate of an official of the County, dated the date of delivery of said Bonds, stating that as of the date thereof, to the best of the knowledge and belief of said official, the Official Statement does not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statement made, in light of the circumstances under which they were made, not misleading, and further certifying that the signatory knows of no material adverse change in the financial condition of the County. MONROE COUNTY, FLORIDA By: IslDixie M Svehar Mayor, Board of County Commissioners Monroe County, Florida Dated: February 20, 2003 14 EXHIBIT A FORM OF TRUTH-IN-BONDING STATEMENT , 2003 Board of County Commissioners Monroe County, Florida Re: $ Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2003 Dear Commissioners: The purpose ofthe following two paragraphs is to furnish, pursuant to the provisions of Sections 218.385(2) and (3), Florida Statutes, as amended, thetruth-in-bonding statement required thereby, as follows: (a) The County is proposing to issue $ principal amount ofthe above- referenced Bonds for the principal purposes of (i) financing the acquisition, construction and equipping of various capital improvements within the County, and (ii) paying certain costs and expenses related to the issuance of the Bonds. This obligation is expected to be repaid over a period of approximately _ years. At a true interest cost of %, total interest paid over the life of the obligation will be approximately $ (b) The Bonds are special, limited obligations of the County. The source of repayment or security for the bonds are the Pledged Funds (as described in the Official Statement for the Bonds). Authorizing this debt will result in approximately $ (representing the average annual debt service with respect to the Bonds) of such moneys being used to pay debt service on the Bonds each year for years. The foregoing is provided for information purposes only and shall not affect or control the actual terms and conditions of the Bonds. Very truly yours, Underwriter By: Authorized Signatory A-I EXHIBIT B FORM OF PRELIMINARY OFFICIAL STATEMENT PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 20, 2003 NEW ISSUE - BOOK ENTRY ONLY In the opinion of Nabors, Giblin & Nickerson, P.A., Tampa, Florida, Bond Counse" interest on the Series 2003 Bonds (as hereinafter defined) is, under existing statutes, regulations, rulings and court decisions: (a) excludable from gross income for federal income tax purposes except as otherwise described herein under the caption "TAX EXEMPTION" and (b) not an item of tax preference for purposes of the federal alternative nu'nimum tax imposed on individuals and corporations. Such interest, however, will be includable in the calculation of a corporation 's alternative minimum taxable income and may be subject to other federal income tax consequences described herein under the caption 'TAX EXEMPTION." Bond Counsel is further of the opinion that the Series 2003 Bonds and the interest thereon are exempt from all present intangible personal property taxes imposed pursuant to Chapter 19~ Florida Statutes. See 'TAX EXEMPTION" herein for a discussion of Bond Counsel's opinion, including a discussion of the corporate alternative minimum tax. $21,455,000* MONROE COUNTY, FLORIDA Infrastructure Sales Surtax Revenue Bonds, Series 2003 Dated: Date of Delivery Due: April 1 in each year as shown on the inside cover Monroe County, Florida (the "Issuer" or the "County") is issuing its Infrastructure Sales Surtax Revenue Bonds, Series 2003 (the "Series 2003 Bonds") as fully registered bonds, which initially will be registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"). Individual purchases will be made in book entry form only in denominations of $5,000 and any integral multiple thereof. Purchasers of the Series 2003 Bonds (the "Beneficial Owners") will not receive physical delivery of the Series 2003 Bonds. Transfer of ownership in the Series 2003 Bonds will be effected by DTC's book -entry system as described herein. As long as Cede & Co. is the registered owner as nominee of DTC, principal and interest payments will be made directly to such registered owner which will in turn remit such payments to the Participants (as defined herein) for subsequent disbursement to the Beneficial Owners. Interest on the Series 2003 Bonds is payable semi-annually on April 1 and October 1 of each year commencing October 1, 2003. Principal of the Series 2003 Bonds is payable, when due, to the registered owners upon presentation and surrender at the designated corporate office of Wells Fargo Bank, National Association, Minneapolis, Minnesota. All payments of principal of and interest on the Series 2003 Bonds shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. The payment of the principal of, redemption premium, if any, and interest on the Series 2003 Bonds shall be secured forthwith equally and ratably by a pledge of and lien upon (i) the proceeds received by the Issuer pursuant to Ordinance No. 013-1989 adopted by the Board of County Commissioners of the Issuer (the "Board") on May 23, 1989 and Ordinance No. 01-2000 adopted by the Board on January 19, 2000 (collectively, the "Infrastructure Sales Surtax Ordinance") from the levy of the one cent local government infrastructure sales surtax pursuant to Section 212.055(2), Florida Statutes, and other applicable provisions of law (the "Infrastructure Sales Surtax Revenues") and (ii) until applied in accordance with the provisions of a resolution adopted by the Board on February 19, 2003, as supplemented (the "Resolution"), all moneys, including investments thereof, in certain funds and accounts established pursuant to the Resolution (collectively, the "Pledged Funds"). Notwithstanding the foregoing, the pledge of and lien upon the Infrastructure Sales Surtax Revenues for the benefit of the Series 2003 Bonds is junior and subordinate in all respect to the pledge thereof and lien thereon granted with respect to the Monroe County, Florida Sales Tax Refunding Revenue Bonds, Series 1998, currently outstanding in the aggregate principal amount of $8,885,000 which finally mature on April 1, 2004. The Series 2003 Bonds are being issued to provide funds to (i) acquire, construct and equip various capital improvements as more fully described herein, and (ii) pay costs associated with the issuance of the Series 2003 Bonds, including the municipal bond insurance policy premium and the reserve account insurance policy premium. THE SERIES 2003 BONDS SHALL NOT BE OR CONSTITUTE GENERAL OBLIGATIONS OR INDEBTEDNESS OF THE ISSUER AS "BONDS" WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION, BUT SHALL BE SPECIAL OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY FROM AND SECURED BY A LIEN UPON AND PLEDGE OF THE PLEDGED FUNDS, WITH AND TO THE EXTENT SET FORTH IN THE RESOLUTION. NO HOLDER OF ANY SERIES 2003 BOND SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER TO PAY SUCH SERIES 2003 BOND, OR BE ENTITLED TO PAYMENT OF SUCH SERIES 2003 BOND FROM ANY MONEYS OF THE ISSUER EXCEPT FROM THE PLEDGED FUNDS IN THE MANNER PROVIDED IN THE RESOLUTION. Certain of the Series 2003 Bonds are subject to optional and mandatory redemption as provided herein. Payment of principal of and interest on the Series 2003 Bonds when due will be insured by a municipal bond insurance policy to be issued by MBIA Insurance Corporation (the "Insurer") simultaneously with the delivery of the Series 2003 Bonds. [INSERT LOGO] This cover page contains certain information for quick reference only. It is not, and is not intended to be, a summary of this issue. Investors must read the entire Official Statement to obtain information essential to making an informed investment decision. The Series 2003 Bonds are offered when, as and lj issued, subject to the approving legal opinion of Nabors, Giblin & Nickerson, P.A., Tampa, Florida, Bond Counsel Certain legal matters will be passed upon for the Issuer by John R. Collins, Esq., County Attorney, and Bryant, Miller and Olive, P.A., Tampa, Florida, Disclosure Counsel Public Financial lIbnagement, Inc., Fort Myers, Florida is Financial Advisor to the Issuer in regard to the issuance of the Series 2003 Bonds. The Series 2003 Bonds in definitive form are expected to be available for delivery in New York, New York through the facilities of DTC on or about March 26, 2003. Sealed bids for the Series 2003 Bonds will be received through the PARITY Electronic Bid Submission System as specified in the Omcial Notice of Sale. Dated: ,2003 *Preliminary, subject to change RED HERRING LANGUAGE: This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Series 2003 Bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or exemption under the securities laws of such jurisdiction. The Issuer has deemed this Preliminary Official Statement "final," except for certain permitted omissions, within the contemplation of Rule 15c2-12 promulgated by the Securities and Exchange Commission. $21,455,000* MONROE COUNTY, FLORIDA Infrastructure Sales Surtax Revenue Bonds, Series 2003 AMOUNTS*, MATURITIES*, INTEREST RATES, YIELDS AND INITIAL CUSIP NUMBERS $ * Serial Bonds Amount* Maturity (Anril 1)* Interest Rate Yield Initial Cusip Number $1,105,000 1,145,000 1,170,000 1,205,000 1,240,000 1,285,000 1,335,000 1,385,000 1,445,000 1,505,000 1,575,000 1,645,000 1,720,000 1,805,000 1,890,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014** 2015** 2016** 2017** 2018** Preliminary, subject to change ** Bidder may designate these maturities to be part of one Term Bond rather than Serial Bonds as described more particularly in the Official Notice of Sale under the caption "MANDATORY REDEMPTION." * MONROE COUNTY, FLORIDA The Historic Gato Cigar Factory 1100 Simonton Street Key West, Florida 33040 MEMBERS OF THE BOARD OF COUNTY COMMISSIONERS Dixie Spehar, Mayor/Chairman Murray Nelson, Mayor Pro-TemNice Chairman Charles McCoy George Nugent David Rice CLERK OF THE CIRCUIT COURT OF MONROE COUNTY, FLORIDA AND EX OFFICIO CLERK OF THE BOARD OF COUNTY COMMISSIONERS Danny L. Kolhage COUNTY ADMINISTRATOR James L. Roberts COUNTY ATTORNEY John R. Collins, Esq. BUDGET DIRECTOR Jennifer Hill BOND COUNSEL Nabors, Giblin & Nickerson, P.A. Tampa, Florida FINANCIAL ADVISOR Public Financial Management, Inc. Fort Myers, Florida DISCLOSURE COUNSEL Bryant, Miller and Olive, P.A. Tampa, Florida CERTIFIED PUBLIC ACCOUNTANTS Marva Green P A, Inc. Key West, Florida No dealer, broker, salesman or other person has been authorized by the Issuer to give any information or to make any representations in connection with the Series 2003 Bonds other than as contained in this Official Statement, and, if given or made, such information or representations must not be relied upon as having been authorized by the Issuer. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Series 2003 Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained from the Issuer, The Depository Trust Company, the Insurer, and other sources which are believed to be reliable, but is not guaranteed as to accuracy or completeness, and is not to be construed as a representation by the Issuer with respect to any information provided by others. The underwriters listed on the cover page hereof (the "Underwriters") have reviewed the information in this Official Statement in accordance with and as part of their responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information. The information and expressions of opinion stated herein are subject to change, and neither the delivery of this Official Statement nor any sale made hereunder shall create, under any circumstances, any implication that there has been no change in the matters described herein since the date hereof. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICE OF THE SERIES 2003 BONDS AT LEVELS ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. All summaries herein of documents and agreements are qualified in their entirety by reference to such documents and agreements, and all summaries herein of the Series 2003 Bonds are qualified in their entirety by reference to the form thereof included in the aforesaid documents and agreements. NO REGISTRATION STATEMENT RELATING TO THE SERIES 2003 BONDS HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "COMMISSION") OR WITH ANY STATE SECURITIES COMMISSION. IN MAKING ANY INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATIONS OF THE ISSUER AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THE SERIES 2003 BONDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE COMMISSION OR ANY STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. THE FOREGOING AUTHORITIES HAVE NOT PASSED UPON THE ACCURACY OR ADEQUACY OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE CONTRARY MAY BE A CRIMINAL OFFENSE. [Remainder of page intentionally left blank] TABLE OF CONTENTS Contents Paste INTRODUCTION.................. .................................. .......................................................... ................1 General............. ....................................................................................................................1 Monroe County.......................................................................................... ............................1 Authority for and Purpose of Issuance...................................................................................l Security for the Bonds................................................................. ..........................................2 Proposed Additional Bonds... .................. ................ .... ................. .............................. ............2 Municipal Bond Insurance.......................................................................................... ...........2 Description of the Series 2003 Bonds.......................... ........... ...... ............................... ...........2 Tax Exemption......................................................................................................................2 Continuing Disclosure................................... ............ .................. ..........................................3 Other Information .................................................................................................................3 AUTHORITY FOR AND PURPOSE OF ISSUANCE......................... ................................................3 DESCRIPTION OF THE SERIES 2003 BONDS................................................................................4 General................................................................................... ..............................................4 Book-Entry Only System............................................................................. ..........................4 Optional Redemption...................................................................................... .......................6 Mandatory Redemption.......................................................... ...............................................6 Selection of Series 2003 Bonds to be Redeemed..................................................................... 6 Notice of Redemption............................................................................................................. 7 Interchangeability, Negotiability and Transfer ...................................................................... 7 SECURITY FOR THE BONDS ......... ................... ............. ............... ..................... ............. ................8 General.................. ........................... .......................................................... ..... ........... ..........8 Uniform Commercial Code.................................................................................................... 9 Funds and Accounts................................... ...........................................................................9 Construction Fund................................................................................................................ 9 Reserve Account.................................................................................................................. 10 Disposition of Infrastructure Sales Surtax Revenues ...........................................................10 Additional Bonds................................................................................................................. 13 Subordinated Indebtedness................................................................................................. 14 Accession of Subordinated Indebtedness To Parity Status with Series 2003 Bonds ..............14 Books and Records............................................................................................................... 14 Receipt of Infrastructure Sales Surtax Revenues .................................................................14 No Impairment; Limitation on Maturity of Bonds................................................................ 15 Investments........................................................................................................................ 15 Separate Accounts ......... ...... ....... ........ .............. ... ............. ......... ........ ..... ...... .... ..... ...... ........15 Amendment of Resolution without Consent of Bondholders; Control by Credit Facility Provider in Case of Event of Default....................................................................... .16 INFRASTRUCTURE SALES SURTAX REVENUES .......................................................................16 General.............................................................................................................................. . 16 Local Actions and Limitations... ........ ............. ................. .... ............... ............. ...... ..... ...... ...17 Distribution........................................................................................................................ .18 Historical Distribution Factors ............... ....... ............... ..................... ....................... ........... 19 Historical Collections........................................................................................................... 20 MANAGEMENT DISCUSSION AND ANALYSIS ...........................................................................21 MUNICIPAL BOND INSURANCE............. ............... .............................. ................. ........... ............21 The Bond Insurance Policy....... ...... ............... ......... ..................... ......... .......... .....................21 The Insurer......................................................................................................................... 22 The Insurer's Information ....... ...... ....... ........ ........... ........ ......... ...... ... ...... .... .... ........... .........23 Financial Strength Ratings the Insurer............................................................................... 23 RESERVE ACCOUNT INSURANCE POLICy.................... ........................... ...................... ........... 24 ESTIMATED SOURCES AND USES OF FUNDS ...........................................................................24 DEBT SERVICE SCHEDULE...................................................... ........ ...........................................26 INVESTMENT POLICy................................. ............ ....... ..............................................................26 LEGAL MATTERS...................................................... ............................................. ....................... 27 LITIGATION..................................................................................................... .......................... ....27 DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS .........................................28 TAX EXEMPTION ............................................. ............................................................................. 28 Opinion of Bond Counsel....... .... ........... ................................ ...............................................28 Internal Revenue Code of 1986 ............. .................................................................... ........... 29 Collateral Tax Consequences.................... ................. ............. .............................................29 Florida Taxes............... .............................. ......................................................................... 29 Other Tax Matters....................................... ........................................................................ 29 Tax Treatment of Original Issue Discount.. ................. .................. ........................... ........... 30 Tax Treatment of Bond Premium ........................................... ............... ..............................30 RATINGS.................................................. ...................................................................................... 30 FINANCIAL ADVISOR.............................. ............................................. ........................................ 31 INDEPENDENT ACCOUNTANTS..... ............................................................................................ 31 UNDERWRITING......................................... ................................................... ...............................31 CONTINGENT FEES...................................................................................................................... 32 ENFORCEABILITY OF REMEDIES.. ............... ........................................... ................ ...................32 CONTINUING DISCLOSURE........................................................................................................ 32 ACCURACY AND COMPLETENESS OF OFFICIAL STATEMENT ...............................................33 AUTHORIZATION OF OFFICIAL STATEMENT............................................................................ 34 APPENDIX A: General Information Concerning the Issuer APPENDIX B: General Purpose Audited Financial Statements of the Issuer APPENDIX C: Form of the Resolution APPENDIX D: Specimen Bond Insurance Policy APPENDIX E: Form of Bond Counsel Opinion APPENDIX F: Form of Continuing Disclosure Certificate [Remainder of page intentionally left blank] 11 OFFICIAL STATEMENT relating to $21,455,000* MONROE COUNTY, FLORIDA Infrastructure Sales Surtax Revenue Bonds, Series 2003 INTRODUCTION General This Official Statement, including the cover page, inside cover page and the appendices hereto, is furnished with respect to the sale of $21,455,000* aggregate principal amount of Infrastructure Sales Surtax Revenue Bonds, Series 2003 (the "Series 2003 Bonds") issued by Monroe County, Florida (the "Issuer" or the "County"). This introduction is not, and is not intended to be, a summary of this Official Statement. It is only a brief description of and guide to, and is qualified by, more complete and detailed information contained in the entire Official Statement, including the cover page, inside cover page and appendices hereto, and the documents summarized or described herein. A full review should be made of the entire Official Statement. The offering of the Series 2003 Bonds is made only by means of this Official Statement and is subject in all respects to the information contained herein. For a complete description of the terms and conditions of the Series 2003 Bonds, reference is made to "APPENDIX C--Form of the Resolution" attached hereto. Unless otherwise indicated, capitalized terms used in this Official Statement shall have the same meaning established in "APPENDIX C.-Form of the Resolution" attached hereto. Monroe County Monroe County, Florida, was constitutionally formed in 1823. It is comprised primarily of the Florida Keys, which are a string of coral islands extending in a southwesterly arc from Biscayne Bay to the Dry Tortugas. The Florida Keys separate the Atlantic Ocean on the south and the east from the Gulf of Mexico on the north and west, and extend approximately 100 miles south from the United States mainland. The County seat, the City of Key West, located on the southernmost of the Florida Keys, lies 98 miles north of Cuba, approximately 160 miles southwest of Miami and 66 nautical miles north of the Tropic of Cancer. According to the United States Census, in 2000, the County's population was 79,589. The estimated 2001 population of the County was 80,588 according to the University of Florida Bureau cf Economic and Business Research. Within the County, there are five municipalities: the Cities of Key West, Layton, Marathon and Key Colony Beach and the Villages of Islamorada. See "APPENDIX A General Information Concerning the County" attached hereto. Authority for and Purpose of Issuance The Series 2003 Bonds are being issued under the authority of and in full compliance with Chapter 125, Florida Statutes, Chapter 212, Florida Statutes, the Monroe County Code, Ordinance No. 013-1989 adopted by the Board of County Commissioners of the Issuer (the "Board") on May 23, 1989 and Ordinance No. 01-2000 adopted by the Board on January 19, 2000, as each Ordinance may be amended and supplemented (collectively, the "Infrastructure Sales Surtax Ordinance"), an Ordinance adopted by the Board on February 19, 2003 (the "Ordinance") and other applicable provisions of law (collectively, the *Preliminary, subject to change "Act") and pursuant to a resolution adopted by the Board on February 19, 2003, as supplemented (the "Resolution"). The Series 2003 Bonds are being issued to provide funds to (i) acquire, construct and equip various capital improvements as more fully described herein, and (ii) pay costs associated with the issuance of the Series 2003 Bonds, including the municipal bond insurance premium and the reserve account insurance policy premium. Security for the Bonds The payment of the principal of, redemption premium, if any, and interest on the Series 2003 Bonds shall be secured forthwith equally and ratably by a pledge of and lien upon (i) the proceeds received by the Issuer pursuant to the Infrastructure Sales Surtax Ordinance from the levy of the one cent local government infrastructure sales surtax pursuant to Section 212.055(2), Florida Statutes, and other applicable provisions of law (the "Infrastructure Sales Surtax Revenues") and (ii) until applied in accordance with the provisions of the Resolution, all moneys, including investments thereof, in certain funds and accounts established pursuant to the Resolution (collectively, the "Pledged Funds"). Notwithstanding the foregoing, the pledge of and lien upon the Infrastructure Sales Surtax Revenues for the benefit of the Series 2003 Bonds is junior and subordinate in all respect to the pledge thereof and lien thereon granted with respect to the Monroe County, Florida Sales Tax Refunding Revenue Bonds, Series 1998, currently outstanding in the aggregate principal amount of $8,885,000 (the "Prior Bonds") which finally mature on April 1, 2004. Proposed Additional Bonds Pursuant to the Resolution, the Issuer may issue Additional Bonds on a parity with the Series 2003 Bonds. See "SECURITY FOR THE BONDS - Additional Bonds" herein for a description on the requirements which must be met for the issuance of Additional Bonds. Municipal Bond Insurance The scheduled payments of principal and interest on the Series 2003 Bonds when due will be insured by a municipal bond insurance policy to be issued by MBIA Insurance Corporation (the "Insurer") simultaneously with the delivery of the Series 2003 Bonds. See "APPENDIX D -- Specimen Bond Insurance Policy" attached hereto. Description of the Series 2003 Bonds Denominations. The Series 2003 Bonds will be issued in denominations of $5,000 or any integral multiple thereof. Redemntion. Certain of the Series 2003 Bonds are subject to optional and mandatory redemption prior to their stated dates of maturity as described herein. Ree-istration and Transfers. Transfer of ownership in the Series 2003 Bonds will be effected by The Depository Trust Company ("DTC") book-entry system as described herein. As long as Cede & Co. is the registered owner as nominee of DTC, principal and interest payments will be made directly to such registered owner which will in turn remit such payments to the Participants (as hereinafter defined) for subsequent disbursement to the Beneficial Owners (as hereinafter defined). Interest on the Series 2003 Bonds is payable semi-annually on April 1 and October 1 of each year commencing October 1, 2003. Tax Exemption 2 The approving legal opinion of Nabors, Giblin & Nickerson, P.A., Bond Counsel, will include an opinion to the effect that, under existing statutes, regulations, rulings and court decisions, (i) interest on the Series 2003 Bonds is exempt from all present intangible personal property taxes imposed pursuant to Chapter 199, Florida Statutes; and (ii) assuming continuing compliance by the Issuer with certain covenants set forth in the Resolution and with the Internal Revenue Code of 1986, as amen ded, interest on the Series 2003 Bonds is (a) excludable from gross income for federal income tax purposes, and (b) not an item of tax preference for purposes of the alternative minimum tax imposed on individuals and corporations; however, interest on the Series 2003 Bonds is taken into account in determining adjusted current earnings for purposes of computing the alternative minimum tax imposed on certain corporations. See "TAX EXEMPTION" herein. Continuing Disclosure The Issuer has agreed and undertaken, for the benefit of Series 2003 Bondholders, to provide certain financial information and operating data relating to the Issuer, the Pledged Funds and the Series 2003 Bonds pursuant to Rule 15c2-12 of the Securities and Exchange Commission. See "CONTINUING DISCLOSURE" herein. Other Information This Official Statement speaks only as of its date, and the information contained herein is subject to change. Copies of the Resolution and other documents and information are available, upon request and upon payment to the Issuer of a charge for copying, mailing and handling, from the County Administrator, The Historic Gato Cigar Factory, 1100 Simonton Street, Key West, Florida 33040. For a complete description of the terms and conditions of the Series 2003 Bonds, reference is made to the Resolution, the form of which is included in "APPENDIX C -- Form of the Resolution" attached hereto. The description of the Resolution, the Series 2003 Bonds and information from reports contained herein do not purport to be comprehensive or definitive. AUTHORITY FOR AND PURPOSE OF ISSUANCE The Series 2003 Bonds are being issued under the authority of and in full compliance with the Act, and under and pursuant to the terms and provisions of the Resolution. The Series 2003 Bonds are being issued to provide funds to (i) acquire, construct and equip and/or renovate various capital improvements, including without limitation, all or a portion of the following: Stock Island Fire Rescue Facility Storage; Big Pine Fire/EMS Facility; Conch Key Fire/EMS Facility; CudJoe Key Fire/EMS Facility; Key Largo North Fire Station; Tavernier Fire Rescue Facility; Ocean Reef Fire/Ambulance Replacement; Upper Keys Government Center; Plantation Key Courtroom; Marathon Courtroom Renovations; Medical Examiner Facility; Crawl Key Fire Rescue Training Facility Additions; and Dedicated EOC (collectively, the "2003 Project"), and (ii) pay costs associated with the issuance of the Series 2003 Bonds, including the municipal bond insurance premium and the reserve account insurance policy premium. 3 DESCRIPTION OF THE SERIES 2003 BONDS General The Series 2003 Bonds shall be dated the date of their delivery, shall be numbered consecutively from R-l upward, and shall be issued in the denominations of $5,000 or integral multiples thereof. The Series 2003 Bonds will mature on the dates and will bear interest at the rates set forth on the inside cover page of this Official Statement. Interest on the Series 2003 Bonds shall be payable semi-annually on April 1 and October 1 in each year commencing October 1, 2003 (each an "Interest Date") and is payable by check or draft of Wells Fargo Bank, National Association, Minneapolis, Minnesota, as initial registrar and paying agent (the "Registrar" and the "Paying Agent"), made payable to and mailed to the registered owners, as shown on the Bond registration books at the close of business on the fifteenth day (whether or not a business day) of the calendar month next preceding each Interest Date or, at the request of a holder of Series 2003 Bonds, by bank wire transfer to the account of such registered holder. Principal of the Series 2003 Bonds is payable, when due, to the registered owners upon presentation and surrender at the designated corporate trust office of the Paying Agent. While in book-entry (Illy form, such payments will be made only to Cede & Co. as described below. Book-Entry Only System THE FOLLOWING INFORMATION CONCERNING DTC AND DTC'S BOOK-ENTRY ONLY SYSTEM HAS BEEN OBTAINED FROM SOURCES THAT THE COUNTY BELIEVES TO BE RELIABLE, BUT THE COUNTY TAKES NO RESPONSIBILITY FOR THE ACCURACY THEREOF. DTC will act as securities depository for the Series 2003 Bonds. The Series 2003 Bonds will be registered in the name of Cede & Co. (DTC's partnership nominee). Purchases of beneficial ownership interests in the Series 2003 Bonds will be made in book -entry only form, in the denominations hereinbefore described. Purchasers of beneficial ownership interests in the Series 2003 Bonds ("Beneficial Owners") will not receive bond certificates representing their ownership interests in the Series 2003 Bonds, except in the event that use of the book -entry only system for the Series 2003 Bonds is discontinued. One fully registered certificate will be issued for each maturity of the Series 2003 Bonds, and deposited with DTC. DTC, the world's largest depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17 A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 2 million issues of U.S. and non -U.S. equity issues, corporate and municipal debt issues, and money market instruments from over 85 countries that DTC's participants (the "Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of securities transactions, in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non -U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust and Clearing Corporation ("DTCC"). DTCC, in turn is owned by a number of Direct Participants of DTC and Members of the National Securities Clearing Corporation, Government Securities Clearing Corporation, MBS Clearing Corporation, and Emerging Markets Clearing Corporation, as well as by the New York Stock Exchange, Inc., the American Stock Exchange LLC and the National Association of Securities Dealers, Inc. Access to the DTC system is also available to others such as both U.s. and non- U.S. securities brokers, dealers, banks, trust companies and clearing corporations that clear through or 4 maintain a custodial relationship with a Direct Participant, either directly or indirectly (the "Indirect Participants"). DTC has Standard and Poor's highest rating: AAA. The DTC rules applicable to DTC and its Direct and Indirect Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com. Purchases of Series 2003 Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for such Series 2003 Bonds on DTC's records. The ownership interest of each actual purchaser of each Series 2003 Bond (the "Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Series 2003 Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of the Beneficial Owners. Beneficial Owners will not receive certificates representing their beneficial interests in the Series 2003 Bonds, except in the event that use of the book-entry system for the Series 2003 Bonds is discontinued. To facilitate subsequent transfers, all Series 2003 Bonds deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co. or such other name as may be requested by an authorized representative ofDTC. The deposit of Series 2003 Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Series 2003 Bonds. DrC's records reflect only the identity of the Direct Participants to whose accounts such Series 2003 Bonds are credited, which mayor may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping an account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements made among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Redemption notices shall be sent to DTC. If less than all of a maturity of the Series 2003 Bonds are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such bonds, as the case may be, to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the Series 2003 Bonds unless authorized by a Direct Participant in accordance with DTC's procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the Issuer as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts the Series 2003 Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). Principal and interest payments on the Series 2003 Bonds will be made to DTC. DTC's practice is to credit Direct Participants' accounts, upon DTC's receipt of funds and corresponding detail information from the Issuer or the Registrar on the payable date in accordance with their respective holdings shown on DTC's records. Payments by Direct or Indirect Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Direct or Indirect Participants and not of DTC, the Registrar or the County, subject to any statutory and regulatory requirements as may be in effect from time to time. Payment of principal and interest to DTC is the responsibility of the County and/or the Registrar for the Series 2003 Bonds. Disbursement of such payments to Direct Participants is the responsibility of DTC, and disbursement of such payments to the Beneficial Owners is the responsibility of the Direct and Indirect Participants. 5 DTC may discontinue providing its services as securities depository with respect to the Series 2003 Bonds at any time by giving reasonable notice to the County. Under such circumstances, in the event that a successor securities depository is not obtained, certificates are required to be printed and delivered. The County may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities depository). In that event, certificates will be printed and delivered. Optional Redemption The Series 2003 Bonds maturing on or before April 1, 2013 are not subject to optional redemption prior to maturity. The Series 2003 Bonds maturing on and after April 1, 2014 are subject to redemption at the option of the Issuer in whole or in part, at any time, on or after April 1, 2013 in such order of maturities as may be determined by the Issuer (less than all of a single maturity to be selected by lot) at a redemption price equal to 100.0% of the Series 2003 Bonds to be redeemed, together with accrued interest to the date set for redemption. Mandatory Redemption The Series 2003 Bonds maturing on April 1, 20_, are subject to mandatory sinking fund redemption, prior to maturity in part, by lot on April 1, 20_ and on each April 1 thereafter, at a redemption price equal to the principal amount of such Series 2003 Bonds or portions thereof to be redeemed, plus interest accrued thereon to the date of redemption, on April 1 in the following years and in the following amounts: Year Amount *Maturity. Selection of Series 2003 Bonds to be Redeemed The Series 2003 Bonds shall be redeemed only in the principal amount of $5,000 each and integral multiples thereof. The Issuer shall, at least forty-five (45) days prior to the redemption date (unless a shorter time period is satisfactory to the Registrar, but in no event less than thirty-five (35) days) notify the Registrar of such redemption date and of the principal amount of Series 2003 Bonds to be redeemed. For purposes of any redemption of less than all of the Outstanding Series 2003 Bonds of a single maturity, the particular Series 2003 Bonds or portions of Series 2003 Bonds to be redeemed shall be selected not more than forty-five (45) days and not less than thirty-five (35) days prior to the redemption date by the Registrar from the Outstanding Series 2003 Bonds of the maturity or maturities designated by the Issuer or by such method as the Registrar shall deem fair and appropriate and which may provide for the selection for redemption of Series 2003 Bonds or portions of Series 2003 Bonds in principal amounts of $5,000 and integral multiples thereof. If less than all of the Outstanding Series 2003 Bonds of a single maturity are to be redeemed, the Registrar shall promptly notify the Issuer and Paying Agent (if the Registrar is not the Paying Agent for such Series 2003 Bonds) in writing of the Series 2003 Bonds or portions of Series 2003 Bonds selected for redemption and, in the case of any Series 2003 Bond selected for partial redemption, the principal amount thereof to be redeemed. 6 Notice of Redemption Unless DTC's book-entry only system of registration is discontinued, Notice of Redemption shall only be supplied to DTG. Notice of redemption, which shall specify the Series 2003 Bond or Series 2003 Bonds (or portions thereof) to be redeemed and the date and place for redemption, shall be given by the Registrar on behalf of the Issuer, and (A) shall be filed with the Paying Agent, and (B) shall be mailed first class, postage prepaid, at least thirty (30) days prior to the redemption date to all Holders of Series 2003 Bonds to be redeemed at their addresses as they appear on the registration books kept by the Registrar as of the date of mailing of such notice. Failure to mail notice to the Holders of the Series 2003 Bonds to be redeemed, or any defect therein, shall not affect the proceedings for redemption of Series 2003 Bonds as to which no such failure or defect has occurred. Each notice of redemption shall state: (1) the CUSIP numbers of all Series 2003 Bonds being redeemed, (2) the original issue date of such Series 2003 Bonds, (3) the maturity date and rate of interest borne by each Series 2003 Bond being redeemed, (4) the redemption date, (5) the Redemption Price, (6) the date on which such notice is mailed, (7) if less than all Outstanding Series 2003 Bonds are to be redeemed, the certificate number (and, in the case of a partial redemption of any Series 2003 Bond, the principal amount) of each Series 2003 Bond to be redeem ed, (8) that on such redemption date there shall become due and payable upon each Series 2003 Bond to be redeemed the Redemption Price thereof, or the Redemption Price of the specified portions of the principal thereof in the case of Series 2003 Bonds to 1:e redeemed in part only, together with interest accrued thereon to the redemption date, and that from and after such date interest thereon shall cease to accrue and be payable, (9) that the Series 2003 Bonds to be redeemed, whether as a whole or in part, are to be surrendered for payment of the Redemption Price at the designated office of the Paying Agent at an address specified, and (10) unless sufficient funds have been set aside by the Issuer for such purpose prior to the mailing of the notice of redemption, that such redemption is conditioned upon the deposit of sufficient funds for such purpose on or prior to the date set for redemption; and provided, further, that such notice and the redemption set forth therein may be subject to the satisfaction of on e or more additional conditions set forth therein. Interchangeability, Negotiability and Transfer The following provisions shall only be applicable lj DTC's book-entry only system of registration is discontinued. Series 2003 Bonds, upon surrender thereof at the office of the Registrar with a written instrument of transfer satisfactory to the Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing, may, at the option of the Holder thereof, be exchanged for an equal aggregate principal amount of registered Series 2003 Bonds of the same maturity of any other authorized denominations. The Series 2003 Bonds shall be and have all the qualities and incidents of negotiable instruments under the law merchant and the Uniform Commercial Code of the State of Florida, subject to the provisions for registration and transfer contained in the Resolution and in the Series 2003 Bonds. So long as any of the Series 2003 Bonds shall remain Outstanding, the Issuer shall maintain and keep, at the office of the Registrar, books for the registration and transfer of the Series 2003 Bonds. The transfer of any Series 2003 Bond shall be registered only upon the books of the Issuer, at the office of the Registrar, under such reasonable regulations as the Issuer may prescribe, by the Holder thereof in person or by his attorney duly authorized in writing upon surrender thereof together with a written instrument of transfer satisfactory to the Registrar duly executed and guaranteed by the Holder or his duly authorized attorney. Upon the registration or transfer of any such Series 2003 Bond, the Issuer 7 shall issue, and cause to be authenticated, in the name of the transferee a new Series 2003 Bond or Series 2003 Bonds of the same aggregate principal amount and maturity as the surrendered Series 2003 Bond. The Issuer, the Registrar and any Paying Agent or fiduciary of the Issuer may deem and treat the Person in whose name any Outstanding Series 2003 Bond shall be registered upon the books of the Issuer as the absolute owner of such Series 2003 Bond, whether such Series 2003 Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal and interest on such Series 2003 Bond and for all other purposes, and all such payments so made to any such Holder or upon his order shall be valid and effectual to satisfy and discharge the liability upon such Series 2003 Bond to the extent of the sum or sums so paid and neither the Issuer nor the Registrar nor any Paying Agent or other fiduciary of the Issuer shall be affected by any notice to the contrary. In all cases in which the privilege of exchanging Series 2003 Bonds or the transfer of Series 2003 Bonds shall be registered, the Issuer shall execute and the Registrar shall authenticate and deliver such Series 2003 Bonds in accordance with the provisions of the Resolution. Execution of Series 2003 Bonds by the Mayor and Clerk for purposes of exchanging, replacing or registering the transfer of Series 2003 Bonds may occur at the time of the original delivery of the Series 2003 Bonds. All Series 2003 Bonds surrendered in any such exchanges or registration of transfer shall be held by the Registrar for safekeeping until directed by the Issuer to be cancelled by the Registrar. For every such exchange or registration of transfer, the Issuer or the Registrar may make a charge sufficient to reimburse it for any tax, fee, expense or other governmental charge required to be paid with respect to such exchange or registration of transfer. The Issuer and the Registrar shall not be obligated to make any such exchange or transfer of Series 2003 Bonds during the period commencing on the fifteenth day of the month immediately preceding an Interest Date on the Series 2003 Bonds and ending on such Interest Date, or, in the case of any proposed redemption of Series 2003 Bonds, then, for the Series 2003 Bonds subject to redemption, during the 15 days next preceding the date of the first mailing of notice of such redemption and continuing until such redemption date. SECURITY FOR THE BONDS General The payment of the principal of, redemption premium, if any, and interest on the Series 2003 Bonds shall be secured forthwith equally and ratably by a pledge of and lien upon (i) the Infrastructure Sales Surtax Revenues, and (ii) until applied in accordance with the provisions of the Resolution, all moneys, including investments thereof, in funds and accounts established pursuant to the Resolution except (A) for the Unrestricted Revenue Account and the Rebate Fund (as such funds are established pursuant to the Resolution), and (B) any moneys set aside in a particular subaccount of the Reserve Account if such moneys shall be pledged solely for the payments of a different Series of Bonds for which it was established in accordance with the provisions of the Resolution (collectively, the "Pledged Funds"). In addition, the Issuer irrevocably pledged and granted a lien upon the Pledged Funds to the payment of any amounts owing to the Insurer in accordance with the provisions of the Resolution; provided, however, such pledge and lien shall be junior and subordinate in all respects to the pledge and lien upon such Pledged Funds granted by the Resolution to the Bondholders. Notwithstanding the foregoing, the pledge of and lien upon the Infrastructure Sales Surtax Revenues for the benefit of the Series 2003 Bonds is junior and subordinate in all respect to the pledge thereof and lien thereon granted with respect to the Prior Bonds issued pursuant to Resolution No. 206- 1990 adopted by the Board on March 27, 1990, as amended and supplemented (the "Prior Resolution"). The Prior Bonds are outstanding in an aggregate principal amount equal to $8,885,000, payable on April 1, 2003 in the principal amount of $4,360,000 and on April 1, 2004 in the principal amount of $4,525,000. The Prior Bonds will finally mature on April 1, 2004. In the Resolution, the Issuer covenanted and agreed not to issue any bonds or other obligations pursuant to the Prior Resolution that have a lien on the 8 Infrastructure Sales Surtax Revenues which is senior to the lien thereto granted by the Resolution with respect to the Bonds. THE SERIES 2003 BONDS SHALL NOT BE OR CONSTITUTE GENERAL OBLIGATIONS OR INDEBTEDNESS OF THE ISSUER AS "BONDS" WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION, BUT SHALL BE SPECIAL OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY FROM AND SECURED BY A LIEN UPON AND PLEDGE OF THE PLEDGED FUNDS, WITH AND TO THE EXTENT SET FORTH IN THE RESOLUTION. NO HOLDER OF ANY SERIES 2003 BOND SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER TO PAY SUCH SERIES 2003 BOND, OR BE ENTITLED TO PAYMENT OF SUCH SERIES 2003 BOND FROM ANY MONEYS OF THE ISSUER EXCEPT FROM THE PLEDGED FUNDS IN THE MANNER PROVIDED IN THE RESOLUTION. Uniform Commercial Code The Series 2003 Bonds issued under the Resolution shall be and have all the qualities and incidents of negotiable instruments under the law merchant and the Uniform Commercial Code (the "UCC"). In 2001, the Florida Legislature adopted revisions to Florida's UCC relating to secured transactions. Under the revised UCC, transfers by governments and governmental units continue to remain exempt from the provisions of Florida's UCC. Funds and Accounts The Issuer covenanted and agreed in the Resolution to establish the following funds and accounts to be known as the "Construction Fund," the "Revenue Fund," the "Debt Service Fund," and the "Rebate Fund." The Issuer shall maintain in the Revenue Fund two accounts: the "Restricted Revenue Account" and the "Unrestricted Revenue Account." The Issuer shall maintain in the Debt Service Fund four accounts: the "Interest Account," the "Principal Account," the "Bond Amortization Account," and the "Reserve Account." The Issuer shall maintain in the Construction Fund an account for each Proja:t. Subject to the provision described below and in the Resolution relating to restrictions in the Act regarding the application of Infrastructure Sales Surtax Revenues, moneys in the aforementioned funds and accounts, other than the Rebate Fund and the Unrestricted Revenue Account, until applied in accordance with the provisions of the Resolution, shall be subject to a lien and charge in favor of the Holders of the Bonds and for the further security of such Holders. The Issuer may at any time and from time to time appoint one or more depositories to hold, for the benefit of the Bondholders, anyone or more of the funds, accounts and sub accounts established by the Resolution. Such depository or depositories shall perform at the direction of the Issuer the duties of the Issuer in depositing, transferring and disbursing moneys to and from each of such funds and accounts as set forth in the Resolution and all records of such depository in performing such duties shall be open at all reasonable times to inspection by the Issuer and its agent and employees. Any such depository shall be a bank or trust company duly authorized to exercise corporate trust powers and subject to examination by federal or state authority, of good standing, and be qualified under applicable State law as a depository. Construction Fund The Issuer shall establish within the Construction Fund a separate account for each Project (including the 2003 Project), the Costs of which are to be paid in whole or in part out of the Construction Fund. The Issuer covenants that the acquisition, construction and equipping of each Project will be completed without delay and in accordance with sound engineering practices. The Issuer shall only make disbursements or payments from the applicable account of the Construction Fund to pay Costs of the Project for which such account was established, except as provided below with respect to any surplus 9 proceeds in a particular account. The Issuer shall keep records of such disbursements and payments and shall retain all such records for six (6) years from the dates of such records. Notwithstanding any of the other provisions of the Resolution, to the extent that other moneys are not available therefor, amounts in an account of the Construction Fund shall be applied to the payment of principal and interest on the Series of Bonds for which such account was established or to reimburse a Credit Facility Provider for the payment of such principal and interest. The date of completion of acquisition, construction and equipping of a Project shall be filed by the Clerk with the Issuer. Promptly after the date of the completion of a Project, and after paying or making provisions for the payment of all unpaid items of the Costs of such Project, the Issuer shall deposit in the following order of priority any balance of moneys remaining in the Construction Fund in (A) any other account established in the Construction Fund for which the Clerk certifies that there are insufficient moneys to pay the Costs of the Project for which such account was established, (B) the Reserve Account to the extent of any deficiency therein and (C) such other fund or account established under the Resolution as shall be determined by the Issuer, provided the Esuer has received an opinion of Bond Counsel to the effect that such transfer shall not adversely affect the exclusion, if any, of interest on the Bonds (other than Taxable Bonds) from gross income for purposes of federal income taxation. Reserve Account Pursuant to the Resolution, upon delivery of the Series 2003 Bonds, the Issuer shall deposit to the Reserve Account a reserve account surety bond issued by MBIA Insurance Company (the "Reserve Account Insurance Policy'~. See "RESERVE ACCOUNT INSURANCE POLICY" herein. See "MUNICIPAL BOND INSURANCE" herein for information about the Insurer. The amount of such Reserve Account Insurance Policy is equal to $ which equals the Maximum Annual Debt Service with respect to the Series 2003 Bonds (the "Reserve Account Requirement"). The Reserve Account may be used to secure Additional Bonds issued pursuant to the Resolution. Alternatively, the Issuer reserves the right to establish separate subaccounts for any Series of Additional Bonds for the purpose of securing such Series only. Disposition of Infrastructure Sales Surtax Revenues (A) Prior to payment or defeasance of the Prior Bonds in accordance with the Prior Resolution, the Issuer shall deposit into the Restricted Revenue Account all Infrastructure Sales Surtax Revenues received by the Issuer after the Issuer has made the required monthly deposits to the sinking fund, bond amortization account and reserve account established by the Prior Resolution, in accordance with the Prior Resolution. Subsequent to payment or defeasance of the Prior Bonds in accordance with the Prior Resolution, the Issuer shall promptly deposit upon receipt from the State all of the Infrastructure Sales Surtax Revenues into the Restricted Revenue Account. The moneys in the Restricted Revenue Account shall be deposited or credited on or before the 25th day of each month, commencing in the month immediately following delivery of any of the Bonds to the purchasers thereof, or such later date as provided in the Resolution, in the following manner and in the following order of priority: (1) Interest Account. The Issuer shall deposit or credit to the Interest Account the sum which, together with the balance in said Account, shall equal the interest on all of the Outstanding Bonds accrued and unpaid and to accrue to the end of the then current calendar month (assuming that a year consists of twelve (12) equal calendar months of thirty (30) days each). Moneys in the Interest Account shall be applied by the Issuer for deposit with the Paying Agent to pay the interest on the Bonds on or prior to the date the same shall become due, whether by maturity, redemption or otherwise. The Issuer shall adjust the amount of the deposit to the Interest Account not later than a month immediately preceding any Interest Date so as to provide sufficient moneys in the Interest Account to pay the interest on the Bonds coming due on such 10 Interest Date. No further deposit need be made to the Interest Account when the moneys therein are equal to the interest coming due on the Outstanding Bonds on the next succeeding Interest Date. (2) Princinal Account. Commencing in the month which is one year prior to the first principal due date (or if the first principal due date is less than one year from the date of issuance of the Bonds, the month immediately following the issuance of the Bonds), the Issuer shall next deposit into the Principal Account the sum which, together with the balance in said Account, shall equal the principal amount on the Outstanding Bonds due and unpaid and that portion of the principal next due which would have accrued on such Bonds during the then current calendar month if such principal amounts were deemed to accrue monthly (assuming that a year consists of twelve (12) equal calendar months having thirty (30) days each) in equal amounts from the next preceding principal payment due date, or, if there is no such preceding payment due date from a date one year preceding the due date of such principal amount. Moneys in the Principal Account shall be applied by the Issuer for deposit with the Paying Agent to pay the principal of the Bonds on or prior to the date the same shall mature, and for no other purpose. The Issuer shall adjust the amount of the deposit to the Principal Account not later than the month immediately preceding any principal payment date so as to provide sufficient moneys in the Principal Account to pay the principal on the Bonds becoming due on such principal payment date. No further deposit need be made to the Principal Account when the moneys therein are equal to the principal coming due on the Outstanding Bonds on the next succeeding principal payment date. (3) Bond Amortization Account. Commencing in the month which is one year prior to any Amortization Installment due date, there shall be deposited or credited to the Bond Amortization Account an amount which, together with the balance in said Account, shall equal the Amortization Installments of all Bonds Outstanding due and unpaid and that portion of the Amortization Installment next due which would have accrued on said Bonds during the then current calendar month if such Amortization Installment were deemed to accrue daily (assuming that a year consists of twelve (12) months of thirty (30) days each), in equal amounts from the next preceding Amortization Installment due date, or if there is no such preceding Amortization Installment due date, from a date one year preceding the due date of such Amortization Installment. Moneys in the Bond Amortization Account shall be used to purchase or redeem Term Bonds in the manner provided in the Resolution or in a Supplemental Resolution, and for no other purpose. The Issuer shall adjust the amount of the deposit into the Bond Amortization Account not later than the month immediately preceding any date for payment of an Amortization Installment so as to provide sufficient moneys in the Bond Amortization Account to ply the Amortization Installments on the Bonds coming due on such date. No further deposit need be made to the Bond Amortization Account when the moneys therein are equal to the Amortization Installments coming due on the Outstanding Bonds on the next succeeding Amortization Installment due date. Payments to the Bond Amortization Account shall be on a parity with payments to the Principal Account. Amounts accumulated in the Bond Amortization Account with respect to any Amortization Installment (together with amounts accumulated in the Interest Account with respect to interest, if any, on the Term Bonds for which such Amortization Installment was established) may be applied by the Issuer, on or prior to the sixtieth (60th) day preceding the due date of such Amortization Installment, (a) to the purchase of Term Bonds of the Series and maturity for which such Amortization Installment was established at a price not exceeding par plus accrued interest, or (b) to the redemption at the applicable Redemption Prices of such Term Bonds, if then redeemable by their terms at a price not exceeding par plus accrued interest. The applicable Redemption Price (or principal amount of maturing Term Bonds) of any Term Bonds so purchased or redeemed shall be deemed to constitute part of the Bond Amortization Account until such Amortization Installment date, for the purposes of calculating the amount of such Account. As soon as practicable after the sixtieth (60th) day preceding the due date of any such Amortization 11 Installment, the Issuer shall proceed to call for redemption on such due date, by causing notice to be given as provided in the Resolution, Term Bonds of the Series and maturity for which such Amortization Installment was established (except in the case of Term Bonds maturing on an Amortization Installment date) in such amount as shall be necessary to complete the retirement of the unsatisfied balance of such Amortization Installment. The Issuer shall payout of the Bond Amortization Account and the Interest Account to the appropriate Paying Agents, on or before the day preceding such redemption date (or maturity date), the amount required for the redemption (or for the payment of such Term Bonds then maturing), and such amount shall be applied by such Paying Agents to such redemption (or payment). All expenses in connection with the purchase or redemption of Term Bonds shall be paid by the Issuer from the Restricted Revenue Fund. (4) Reserve Account. There shall be deposited to the Reserve Account an amount which shall not be less than one twelfth (1/12) of the amount which would enable the Issuer to restore the funds on deposit in the Reserve Account to an amount equal to the Reserve Account Requirement applicable thereto in one (1) year from the date of any deficiency caused by decreased market value of the investments on deposit therein or withdrawal therefrom. On or prior to each principal payment date and Interest Date for the Bonds, moneys in the Reserve Account shall be applied by the Issuer to the payment of the principal of or Redemption Price, if applicable, and interest on the Bonds to the extent moneys in the Interest Account, the Principal Account and the Bond Amortization Account shall be insufficient for such purpose. Whenever there shall be surplus mon eys in the Reserve Account by reason of (i) investment income, shall be deposited in the Interest Account, and (ii) a decrease in the Reserve Account Requirement, such surplus moneys shall be deposited by the Issuer into the Unrestricted Revenue Account subject to receiving an opinion of Bond Counsel that such application will not have an adverse effect on the tax-exempt status of the Bonds, and otherwise to the Debt Service Fund. Whenever the amount of cash or securities in the Reserve Account, together with the other amounts in the Debt Service Fund, are sufficient to fully pay all Outstanding Bonds in accordance with their terms (including principal or applicable Redemption Price and interest thereon), the funds on deposit in the Reserve Account may be transferred to the other Accounts of the Debt Service Fund for the payment of the Bonds. Upon the issuance of any Series of Bonds under the terms, limitations and conditions as herein provided, the Issuer shall, on the date of delivery of such Series of Bonds, fund the Reserve Account in an amount at least equal to the Reserve Account Requirement, if so required. Such required amount may be paid in full or in part from the proceeds of such Series of Bonds. (5) Unrestricted Revenue Account. The balance of any moneys after the deposits required by Sections (A)(I) through (A)(4) above may be transferred, at the discretion of the Issuer, to the Unrestricted Revenue Account or any other appropriate fund and account of the Issuer and may be used for any lawful purpose including, without limitation, the early redemption of Bonds. In the event moneys on deposit in the Interest Account and the Principal Account on the third day prior to an Interest Date are not sufficient to pay the principal of and interest on the Bonds coming due on such Interest Date, the Issuer shall transfer moneys from the Unrestricted Revenue Account, if any, to the appropriate Account of the Debt Service Fund to provide for such payment. Any moneys remaining in the Unrestricted Revenue Account on each Interest Date may be used for any lawful purpose. (B) The Issuer, in its discretion, may use moneys in the Principal Account, the Bond Amortization Account and the Interest Account to purchase or redeem Outstanding Bonds coming due on the next principal payment date, provided such purchase does not adversely affect the Issuer's ability to pay the principal or interest coming due on such principal payment date on the Bonds not so purchased. 12 (C) At least two business days prior to the date established for payment of any principal of or interest on the Bonds, the Issuer shall withdraw from the appropriate Account of the Debt Service Fund sufficient moneys to pay such principal or interest and deposit such moneys with the Paying Agent. Such deposits with the Paying Agent shall be made in moneys available to make payments of the principal of and interest on the Bonds as the same becomes due. Additional Bonds No Additional Bonds, payable on a parity with the Bonds then Outstanding pursuant to the Resolution, shall be issued except upon the conditions and in the manner provided in the Resolution. The Issuer may issue one or more Series of Additional Bonds for anyone or more of the following purposes: financing or refinancing the Costs of a Project, or the completion thereof, or refunding any or all Outstanding Bonds or of any Subordinated Indebtedness of the Issuer. No such Additional Bonds shall be issued unless (1) no Event of Default (as specified in the Resolution) shall have occurred and be continuing thereunder and (2) the following conditions are complied with: (A) Except as otherwise provided in Section (D) below, there shall have been obtained and filed with the Issuer a statement of the Clerk or his/her designee: (1) stating that he or she has examined the books and records of the Issuer relating to the Infrastructure Sales Surtax Revenues which have been received by the Issuer for deposit to the Restricted Revenue Account; (2) setting forth the amount of such Infrastructure Sales Surtax Revenues during any twelve (12) consecutive months designated by the Issuer within the twenty-four (24) months immediately preceding the date of delivery of such Additional Bonds with respect to which such statement is made; and (3) stating that the amount of such Infrastructure Sales Surtax Revenues received during the aforementioned 12-month period equals at least 1.30 times the Maximum Annual Debt Service on the Prior Bonds and all Bonds then Outstanding and such Additional Bonds with respect to which such statement is made. Such report may be partially based upon a certification of certain matters related to the calculation of the Maximum Annual Debt Service by the Issuer's financial advisor. (B) For the purpose cf determining the Maximum Annual Debt Service under Section (A) above and for determining the Reserve Account Requirement for any Variable Rate Bonds, the interest rate on any Variable Rate Bonds then proposed to be issued and on any Outstanding Variable Rate Bonds then Outstanding shall be deemed to be the lesser of (1) the interest rate for 20-year revenue bonds published by The Bond Buver no more than two weeks prior to the sale of the Variable Rate Bonds, or (2) the Maximum Interest Rate. (C) Additional Bonds shall be deemed to have been issued pursuant to the Resolution the same as the Outstanding Bonds, and all of the other covenants and other provisions of the Resolution (except as to details of such Additional Bonds inconsistent therewith) shall be for the equal benefit, protection and security of the Holders of all Bonds issued pursuant to the Resolution. Except as provided in the Resolution, all Bonds, regardless of the time or times of their issuance, shall rank equally with respect to their lien on the Pledged Funds and their sources and security for payment therefrom without preference of any Bonds over any other; provided, however, that the Issuer shall include a provision in any Supplemental Resolution authorizing the issuance of Variable Rate Additional Bonds pursuant to the Additional Bonds test that in the event the principal thereof is accelerated due to such Bonds being held by the Credit Facility Provider, the lien of any accelerated debt due and owing such Credit Facility Provider on the Pledged Funds shall be subordinate in all respects to the pledge of the Pledged Funds created by the Resolution. (D) In the event any Additional Bonds are issued for the purpose of refunding any Bonds then Outstanding, the conditions of the Additional Bonds test shall not apply, provided that the issuance of such Additional Bonds shall result in a reduction of aggregate debt service. 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aAq-eIs~.ilaI I-euorppp-e l-elp uaA~.il aq U-e::> a::>u-e.mss-e oN 'anI-eA laJ[-I-em .x~aql pu-e spuos: EOO(; sa~.xas aql JO dlqs.xauMo mo.xJ .iluqlnsa.x sa::>uanbasuo::> x-el I-e.xapaJ aql qloq uo paJJa u-e aA-eq Plno::> q::>~qM .ilu~puad a.x-e sI-esodo.xd aA~l-els~.ilaI 'amq Ol amq mo.xd 'spuos: EOO(; sa~.xas aql Ol .x-eI~m~s suoq-e.illIqo JO anI-eA la:l{.x-em aql papaJ]-e aA-eq A-em sa::>uanbasuo::> x-el I-e.xapaJ JO suoq-e.xalI-e q::>ns 's~s-eq aA~p-eo.xla.x -e uo sa::>uanbasuo::> asaql pa.xalI-e l-eql suo~s~Ao.xd pau~-eluOJ aA-eq sI-esodo.xd asaql 'sas-e::> amos UI 'spUOS: EOOZ sa~.xas aql Ol .x-epm~s a.x-e wql suoq-e.ilqqo JO d~qs.xauMo aql mo.xJ .ilu~lInsa.x saJuanbasuo::> x-el I-e.xapaJ u~-epa::> pa.xalI-e l-eql 'pap-eua sas-e::> amos u~ pu-e 'ssa.x.iluoo u~ pa::>npo.xlu~ uaaq aA-eq sI-esodo.xd aAq-elsl.ilaI 's.x-eaA lua::>a.x .ilu~.xna 'suo~p~ps~.m~ I-e::>OI .10 al-els .x-eln::>q.x-ed .x~aql u~ spuos: EOOZ sa~.xas aql uo lsa.xalu~ JO snl-els x-el amo::>u~ aql ol s-e S.xOS~Ap-e x-el UMO .x~aqllInsuo::> Plnoqs spuos: EOO(; sa~.xas aql JO s.xas-eq::>.xnd 'suo~p~ps~.xn~ .xaqlo u~ SM-eI I-e::>oI .10 al-els alq-e::>qdd-e .lap un UO~l-ex-el amo::>u~ I-e::>oI .10 al-els Ol pa~qns aq A-em spuos: EOO(; sa~.xas aql uo lsa.xaluI S.IanUW XUJ, .IaqlO 'salnl-elS -eP~.xold '661 .xald-eqo ollU-ens.xnd pasodm~ sax-el Apado.xd I-euos.xad alq~.ilu-elU~ luasa.xd n-e mo.xJ ldmaxa a.x-e uoa.xaql amo::>u~ aql pu-e spuos: EOOZ sa~.xas aql 'Iasunoo puos: JO uo~u~do aql uI saxuJ, UP!.IOld 'aRVD~R .LVH.L NI NOI.LVWROdNI ROd S.LSI'IVIO~dS XV.L RI~H.L H.LIM .L'IIlSNOO a'IIlOHS SR~a'IOHaNOS: ~AI.LO~dSORd '~AOS:V a~s:mos~a S~ON~Il~~SNOO ~H.L 'O.L a~.LIWI'I .LON .LIlS: 'DNIaIl'IONI 'SR~a'IOHaNOS: ~.LVROdROO aNY 'IVIlaIAIaNI NIV.LR~O ROd S~ON~Il~~SNOO XV.L 'IVH~a~d ~smIA.av ~AVH xvw NO~R~H.L .LS~R~.LNI ~H.L dO 'IVIlROOV RO .LdI~O~R ~H.L aNY saNOS: EOO(; s~m~s ~H.L dO NOI.LISOdSIa RO ~'IVS 'dIHSR~NMO '~SVHORIld 'slgauaq luama.xqaR P-eo.xP-eR pu-e A:n.m::>as I-e~::>oS u~-el.xa::> JO slua~d~::>a.x Aq amo::>u~ sso.x.il u~ papnpu~ aq A-em spuos: EOOZ sa~.xas aql uo lsa.xalU~ aql 'UO~l~PP-e uI 'suoq-e.xod.xo::> S .xald-eq::>qns u~-epa::> .xoJ amo::>u~ aA~ss-ed u~ spuos: EOOZ sa~.xas aql uo lsa.xalu~ JO uo~snpu~ aql (E) pu-e 'X-el slgo.xd q::>u-e.xq aql ((;) 'spuos: EOOZ sa~.xas q::>ns A.U-e::> .D as-eq::>.md Ol uoq::>npap lsa.xalu~ JO I-e~uap (1) Ol .iluq-ela.x suoq-e.xod.xo::> JO sadAl sno~.x-eA Ol sa::>uanbasuo::> x-el I-e.xal-enO::> u~ lInsa.x A-em spuos: EOO(; sa~.xas aql JO d~qs.xauMo 'aldm-exa .xod 'sa::>uanbasuo::> x-el I-e.xapaJ I-e.xal-enO::> .xaqlo u~ lInsa.x A-em spuos: EOO(; sa~.x<s JO d~qs.xauMo aql l-eql a.x-eM-e aq Plnoqs spuos: EOO(; sa~.xas JO s.xas-eq::>.xnd aAq::>adso.xd 'spuos: EOO(; sa~.xas aql 'Jo uoq~sods~p .10 'uo lsa.xalu~ JO I-en.x::>J-e .10 ld~a::>a.x 'Jo d~qs.xauMo aql mo.IJ .ilu~lInsa.x sa::>uanbasuo::> x-el amo::>n~ I-e.xapaJ aql .ilu~p.x-e.ila.x uo~u~do ou ssa.xdxa mM Iasunoo puos: 'aAoq-e paq~.x::>sap s-e lda::>x~ saauanbasuo:) xuJ, IU.I9lUnO:) 'a::>u-enss~ JO al-ep .x~aql Ol aA~p-eo.xla.x sasod.xnd x-el amo::>u~ I-e.xapaJ .xoJ amo::>u~ sso.x.il u~ papnpu~ .ilu~aq spuos: EOOZ sa~.xas aql uo lsa.xalu~ u~ lInsa.x A-em suo~s~Ao.xd q::>ns ql~M a::>u-e~Idmo::>uoN 'sal-elS pal~uIl aql JO A.ms-ea.x.L aql Ol spuos: EOOZ sa~.xas aql uo IIPla~AII aql JO ssa::>xa u~ s.ilu~u.x-ea a.il-e.xl~q.x-e u~-epa::> JO luamA-ed aql pu-e spuos: EOOZ sa~.xas aql JO spaa::>o.xd aql JO luamlsaAu~ .10 asn aql ol .iluq-ela.x suo~p~.xlsa.x 's.ilu~ql .xaqlo .iluom-e '.ilu~pnpu~ 'spuos: EOOZ sa~.xas aql Ol Aldd-e l-eql suo~s~Ao.xd JO .xaqmnu -e SU~-elUO::> apoo aq.L 9861 JO 9pO:) 9nu9A911 IUU.I9lUI 'slu-euaAo::> q::ms ql~M a::>u-e~Idmo::> .ilu~nuquo::> pamnss-e s-eq Iasunoo puos: 'uo~u~do Sl~ .ilu~.xapua.x uI 'uoq-ex-el amo::>u~ I-e.xapaJ JO sasod.xnd .xoJ spuos: EOOZ sa~.xas aql uo lsa.xalu~ JO amo::>u~ sso.x.il mo.IJ uo~snpxa aql U~-elu~-em 's.ilu~ql .xaqlo .iluom-e 'Ol A.x-essa::>au apoo aql JO suo~s~o.xd n-e qFM Aldmo::> Ol uoqnlosaR aql u~ palu-euaAo::> s-eq .xanssI aq.L 'a::>u-enss~ JO al-ep .x~aql Ol aA~p-eo.xla.x sasod.xnd x-el amo::>u~ I-e.xapaJ .xoJ amo::>u~ sso.x.il u~ a{q-epnpu~ amo::>aq Ol spuos: EOO(; sa~.xas aql uo lsa.xalu~ asn-e::> A-em 'sal-elS pal~uIl aql JO A.xns-ea.x.L aql Ol s.ilu~u.I-ea luamlsaAu~ u~-epa::> JO luamA-ed 08 '96L(;- LOOOl 1{~0 A MaN '1{~0 A MaN ''laa~'lS qnnq;) 66 'a;nA~as s~o'lsaAuI S,APOOW :sassa~pp-e .:lu~MOnOJ aq'l 'l-e 'sa~:)Ua.:l-e .:luq-e~ aq'l mO~J paAla:>a~ aq u-e:> s.:luq-e~ aq'l JO a:>u-e:>y~u.:l~s aq'l JO uoq-eu-eldxa uv 'spuoH 800(; sa~~as aq'l JO a:>~~d 'la1{~-em aq'l uo paJJa as~aAp-e u-e aA-eq A-em 's.:luq-e~ q:>ns JO AU-e JO I-eM-e~pqFM ~o u~ a.:lu-eq:> p~-eMUMOp V ''lu-enlM os sa:>u-e'lsmn:>n:> 'wam.:lpnf ~~aq'l u~ p 'maq'l JO AU-e ~o 'sa~:>ua.:l-e .:luq-e~ aq'l Aq Ala~qua UM-e~pq'l~M ~o pa~aMoI aq 'lOU lEM Aaq'l 'l-eq'l ~o amq JO po~~ad uaA~.:l AU-e ~oJ anu~wo:> lEM s.:luq-e~ q:>ns 'l-eq'l a:>u-e~nss-e ou s~ a~aqJ, 'sa~:>ua.:l-e .:luq-e~ p~-es mO~J AluO pau~NO aq A-em s.:luq-e~ aq'l JO uoq-eu-eldxa u-e pu-e sa~:>ua.:l-e .:lu~'l-e~ p~-es JO sMa~A aq'l AluO palJa~ s.:luq-e~ aqJ, 'A:>qod a:>u-e~nsuI puoH q:>ns O'l pn.:la~ AU-e .:lU~A~.:l 'lnoq'l~M 'AlaAq:>adsa~ ,:V" pu-e "8V,, JO s.:luq-e~ .:lu~Apapun pau.:l~ss-e aA-eq s,~ood pu-e P~-epu-e'lS pu-e S,APOOW 'uoq~pp-e uI '~amsuI aq'l Aq panss~ aq lEM A:>~lod a:>u-emsuI puoH al{'l 'spuoH 800(; sa~~as al{'l JO A~aAqap uodn 'l-eq'l .:lu~pu-e'ls~apun al{'l l{FM spuoH 800(; sa~~as aq'l O'l 'AlaAq:>adsa~ ,,'\Tw, pu-e ,,-e-ey., JO s.:lu~'l-e~ puoq l-ed~:>~unm ~~al{'l u.:l~ss-e O'l papadxa a~-e s.:luq-e'H l{:>Fd pu-e (..s,~ood pu-e P~-ePU-e'lS,,) sa:>~A~as s.:luq-e'H s,~ood pu-e p~-epU-e'lS '(..S,ApOOW,,) a:>~A~as s~o'lsaAuI S,APOOW SDNI.LVH 'spuOH mn~ma~d l{:>ns .:lU~UMO JO sa:>uanbasuo:> x-e'll-e:>ol pu-e a'l-e'lS aq'l O'l padsa~ l{FM S~OS~Ap-e UMO ~~al{'l l{'l~M Hnsuo:> Plnol{s Aal{'l 'l-eq'l pas~Ap-e a~-e spuoH mn~ma~d al{'l JO s~auMO 'spuoH mn~ma~d l{:>ns .:lU~UMO JO sa:>uanbasuo:> x-e'l ~al{'lo sno~~-eA .:lu~u~m~a'lap JO sasod.md ~oJ amo:>u~ 'ldmaxa-x-e'l JO 'lunom-e al{'l u~ uoq:>npa~ -e s-e 'luno:>:>-e O'lU~ ua1{-e'l aq A-em mn~ma~d pnoq JO uoq-ezq~om-e al{J, '~-eaA alq-ex-e'l al{'l ~oJ mn~ma~d puoq alq-ezq~om-e JO 'lunom-e al{'l Aq An-enuu-e puoH mn~ma~d l{:>ns u~ s~s-eq pa'lsnfp-e s,~as-el{:>~nd l{:>ns as-ea~:>ap O'l pa~~nba~ s~ a:>~~d .:lu~~aJJo l-eq~u~ aq'l 'l-e :>~lqnd al{'l O'l .:lu~~aJJo l-eq~u~ al{'l u~ uoq-e.:l~lqo l{:>ns sa~~nb:E OqM ~as-el{:>~nd l-eq~u~ u-e 'puoH mn~ma~d -e JO UO~'l~sods~p ~aq'lo ~o al-es al{'l uo ssol ~o u~-e.:l .:lu~u~m~a'lap JO sasodmd ~od 'puoH mn~ma~d l{:>-ea JO m~a'l al{'l ~aAO s~s-eq a'l-e~ 'lsa~aw~ 'lu-e'lsuo:> -e uo An-e~~-enp-e pau~m~a'lap s~ ~-eaA alq-ex-e'l -e ~oJ mn~ma~d puoq alq-ezq~om-e JO 'lunom-e al{J, 'sasod~nd x-e'l amo:>u~ l-e~apad ~oJ amo:>u~ sso~.:l mmJ alqq:>npap 'lou s~ l{:>~l{M mn~ma~d puoq alq-ezq~om-e ~as-el{:>~nd l-eq~u~ u-e o'l sa'ln'lqsuo:> PloS S-eM A'l~~n'l-em am-es al{'l JO spuoH mn~ma~d l{:>ns JO wnom-e l-equ-e'lsqns -e a:>~~d l{:>~l{M 'l-e (s~al-esalol{M ~o s~a'l~uuapun JO A'l~:>-ed-e:> al{'l u~ .:luq:>-e suoq-ez~u-e.:l~o ~o suos~ad ~-el~m~s ~o s~a1{o~q 'sasnol{ puoq .:lu~pnpxa) :>qqnd al{'l o'l a:>~~d .:lu~~aJJo l-eq~n~ al{'l pu-e ("spuoH mn~ma~d" al{'l) aA~snpu~ '-0(; '1 1~~dV q.:lno~l{'l -0(; '1 p~dV uo .:lu~m'l-em spuoH 800(; sa~~as al{'l JO 'lunom-e l-ed~:>u~~d al{'l uaaMwq a:>ua~aJJ~p al{J, wn!Wa.Jd puoH JO luawlua.J.L xu.L 'spuOH 'luno:>S~a l{:>ns .:lU~UMO JO sa:>uanbasuo:> x-e'll-e:>ol pu-e a'l-e'ls al{'l O'l padsa~ q'l~M S~OS~Ap-e UMO ~~al{'l q'l~M Hnsuo:> Plnol{s Aal{'l 'l-el{'l pas~p-e a~-e spuoH 'luno:>s~a al{'l JO s~auMO ''luamA-ed l{s-e:> .:lu~puodsano:> -e aq 'lOU lEM a~al{'l q.:lnol{'l uaAa 'spuoH 'luno:>s~a al{'l .:lU~UMO JO sa:>uanbasuo:> x-e'l ~al{'lo sno~~-eA .:lu~U1m~a'lap JO sasod~nd ~oJ amo:>u~ 'ldmaxa-x-e'l JO 'lunom-e al{'l u~ as-ea~:>u~ u-e s-e 'luno:>:>-e o'lu~ ua1{-e'l aq A-em 'luno:>s~p anss~ l-eu~.:l~~o JO l-en~:>:>-e al{J, ''luno:>s~p anss~ l-eu~.:l~~o pan~:>:>-e l{:>ns JO wnom-e al{'l Aq pas-ea~:>u~ aq n~M Joa~al{'l ~as-el{:>md l-eq~u~ u-e Aq a:>~~d .:lu~~aJJo l-eq~u~ l{:>ns 'l-e pa~nb:>-e puoH 'luno:>s~a l{:>-ea JO s~s-eq aq'l pu-e puoH 'luno:>s~a l{:>-ea JO m~a'l al{'l ~aAO s~s-eq a'l-e~ 'lsa~a'lu~ 'lu-e'lsuo:> -e uo An-e~~-enp-e san~:>:>-e 'luno:>s~p anss~ l-eu~.:l~~o l{:>ns '~al{pnd 'spuoH 800(; sa~~as al{'l uo 'lsa~a'lu~ s-e 'lua'lxa am-es al{'l O'l sasod.md x-e'l amo:>u~ 1-e~apaJ ~oJ amo:>u~ sso~.:l mo.IJ alq-epnpxa s~ l{:>~l{M 'luno:>s~p anss~ l-en~.:l~~o sa'ln'l~'lsuo:> PloS S-eM A'l~~n'l-em amES al{'l JO spuoH 'luno:>s~a l{:>ns JO 'lunom-e l-equ-e'lsqns -e a:>~~d l{:>~l{M 'l-e (s~al-esalol{M ~o s~aF~M.Iapui1 JO A'l~:>-ed-e:> aq'l u~ .:luq:>-e SUO~'l-eZ~U-e.:l~o ~o suos~ad ~-epm~s ~o s~a1{o~q 'sasnol{ puoq .:lu~pnpxa) :>~yqnd aq'l o'l a:>~~d .:lu~~aJJo l-eq~u~ al{'l pu-e (.,spuoH 'luno:>S~a" al{'l AlaAq:>ano:>) -0(; '1 p~dV uo pu-e aA~snpu~ '-0(; '1 p~dV l{.:lno~l{'l -0(; '1 p~dV uo .:lu~m'l-em spuoH 800(; sa~~as al{'l JO 'lunom-e l-ed~:>u~~d al{'l uaaM'laq a:>ua~aJJ~p aq'l 'l-el{'l uo~u~do al{'l JO ~al{pnJ s~ lasuno;) puoH lUnOaS!U anssI Iuu!21!.JO JO luaWlUa.I.L xu.L 'spuOH 800(; sa~~as al{'l 'uodn paJJa as~aAp-e u-e aA-el{ ~o 'O'l Aldd-e 'll{.:l~m ~o PlnoM 'l-el{'l pap-eua ~o pa:>npo~w~ aq 'lOU IDM sl-esodo~d n: 's.1aF.1AuapuIl al.{l Aq 'amq Ol amq mo.IJ 'pa.:3u-el.{J aq A-em sa:>~.1d .:3u~.1a}}o :>qqnd l.{:>ns pu-e 'sa:>~.1d .:3u~.1aJJo :>~Nnd l.{:>ns U-el.{l .1aMol sa:>~.1d l-e (slSn.1lluamlsaAUI OlU~ spuog 800(; 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AIlnJ ~anssI aql 'aoul?~ldmoo-uou JO aOUl?lSU~ SIql Ol luanbasqns 'uoql?~ryqo p~l?S alaldmoo Ol 800('; '61 A~l?n~qa.!I uo ~uryY Sl~ paluamalddns PUl? 'aln'H aql JO sluama~~nba~ aql ql~M aoul?p~OOOl? u~ aOUl?lSmnO~IO qons papoda~ Alam~l ~anssI aql 'Aldmoo Ol amEl?J aql ~u~z~ll?a~ uod[l '100('; PUl? 000('; '6661 '08 ~aqmaldas papua S~l?aA ll?osy aql ~oJ uoql?m~oJu~ ~aqlo U~l?l~aO PUl? l?ll?p ~uql?~ado 'uoql?m~oJu~ ll?~OUl?uy 'slUamall?lS ll?~OUl?U~J pal~pnl? Fmqns Alam~l Ol luama~~nba~ aql ql~M Aldmoo Ol paEl?J AHuapaApl?U~ ~anssI aqJ, 'aln'H aql Ol padsa~ ql~M uO~ll?m~oJu~ a~nsopsw ~u~nuquoo AUl? 'ap~Ao~d Ol papadxa s~ ~ou 'ap~Ao~d Ol pall?~ryqo s~ ~anssI aql Ul?ql ~aqlO Apl?d ou 'spuog 800('; sa~~as aql Ol padsa~ ql~M '("aln'H.. aql) uo~ss~mmoo a~ul?qox~ PUl? saq~moas aql Aq pall?~lnmo~d (';1-(';091 alnR JO sluama~~nba~ a~nsops~p ~u~nuquoo aql qFM ~u~Aldmoo u~ s~al~~M~apuil aqllsISSl? Ol ~ap~o u~ apl?m uaaq aAl?q SlUl?UaAOO asaqJ, 'spuog 800('; sa~~as aql JO aoul?nss~ aql Ol ~o~~d ~anssI aql Aq palnoaxa aq Ill?qs all?O~J~pao amsops~Q ~umuquoo aqJ, 'ola~aq paqol?Hl? ..all?oYlpaO a~nsops~Q ~u~nuquoo JO m~o.!I--.!I XIQN~ddV.. u~ paq~~osap a~l? ~un[l?papun aql JO SI~l?l<lP ~aqlo PUl? 'UOIll?~~lqo amsops~p l? ~a~~~~l qOlqM SluaAa JO adAl aql JO PUl? 'l?ll?P ~uql?~ado 'uoql?m~oJu~ ll?~OUl?uy aql JO amll?u oy~oads aqJ, 'AUl? F. 'sQIS aql ql~M PUl? 'p~l?og ~u~J{l?malnR saq~~noas ll?d~o~unw aql ~o s'HISW'HN aql ql~M 'mooo Aaql J~ PUl? uaqM 'sluaAa ll?~~all?m pall?~amnUa u~l?pao JO saoqou alY ol paa~~l? Sl?q ~anssI aqJ, 'sQIS qons ou a~l? a~aql 'AHuauno 'C.QIS" aql) all?lS aql u~ paqsryql?lSa s~ ll?ql AJ:oFsodap uoql?m~oJu~ all?ls AUl? Sl? IlaM Sl? '("sRISWRN.. aql) uo~ss~mmoo a~ul?qox~ pnl? saq~moas aql Aq paAo~ddl? uaql A~ol~soda~ uoql?m~oJu~ sa~l~moas ll?d~o~unm paz~u~ooa~ AIll?uoql?U qOl?a ql~M slUamall?ls 1l?~OUl?uy pal~pnl? aql PUl? l?ll?p lluql?~ado PUl? uoql?m~oJu~ 1l?~OUl?U~J ll?nuul? am ol paa~lll? Sl?q ~anssI aqJ, 'sluaAa ll?~~all?m pall?~amnua u~l?pao JO aoua~~nooo aql JO saoqou ap~Ao~d Ol PUl? '~l?aA qOl?a u~ spuog 800('; sa~~as aql PUl? ~anssI aql Ol lluql?la~ l?ll?p lluql?~ado PUl? uoql?m~oJu~ 1l?~OUl?uy u~l?pao ap~Ao~d Ol s~aploqpuog 800('; sa~~as aql JO l~Jauaq aql ~oJ palUl?UaAOO Sl?q ~anssI aqJ, ~'HilSO'IaSI(I DNIilNI.LNOa 'sa~pama~ PUl? llnl?Jap JO SluaAa JO uoqd~~osap l? ~oJ ola~aq paqOl?Hl? ..uoqnlosa'H aql JO m~o.!I -- 0 XIaN~ddV.. aas 'A~aA~lap qons ~aljl? JO a~oJaq papl?ua s~ol~pa~o JO slq~~~ aql lluqoaJJl? SMl?1 ~l?l~m~s ~aqlo ~o AouaAlosu~ 'uoql?Z~ul?ll~oa~ 'Aoldn~J{ul?q Aq pasodm~ suoql?l~mry Aq 'slUamn~lsu~ ll?~al SnO~~l?A aql u~ pap~Ao~d sa~pama~ aql JO Am~ql?aO~oJua aql Ol Sl? 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SIl?uo~ssaJo~d qons JO saaJ aql JO lUamAl?d 'spuog 800('; sa~~as aql JO A~aA~lap PUl? uoqnoaxa 'all?s 'uoql?Z~~oqlnl? aql Ol padsa~ qFM Iasunoo a~nsops~Q PUl? ~os~PV 1l?~OUllu~.!I aql 'lasunoo puog paU~l?la~ Sl?q ~anssI aqJ, S~:!L!I J.N~DNI.LNOa 88 [J[uelq l]aI Aneuoqualu~ a~ed JO .Iapn~emaRl 'SluamalelS ~u~o~a.IoJ ne ql~M .Iaql8~Ol Ala.I~lua .I~aql u~ pea.I aq lsnm pue luamalelS Ie~oYJO s~ql JO Sl.Ied Ie.I~alu~ a.Ie Ola.Iaq paqoene sao~puadde aqJ, 'Spuog 800('; sa~.Ias aql JO S.IaUMO aql ql~M pe.IlUOO e se pan.IlSuOO aq Ol s~ ~U~l~.IM u~ .10 Aneq.IaA apem uaaq aAeq Aem leqlluamalels Aue .IOU luamalelS Ie~oYJO s~ql .Iaql~aN 'pazqea.I aq IHM salem~lsa aql JO Aue leql apem s~ uoqeluasa.Ida.I ou pue 'loeJ JO suo~lelUaSa.Ida.I se lOU pue qons se ql.IOJ las a.Ie palels AIssa.Idxa os lOU .10 .IaqlaqM 'salemqsa JO .10 uo~u~do JO S.Ianem ~u~AloAu~ luamalelS Ie~o~JJO s~ql u~ apem SluamalelS AUV 'lUamn.IlSu~ .10 l.Ioda.I 'alnlels qons qoea Ol pue Joa.Iaql S.IaUMO aql JO suoqe~qqo pue slq~~.I aql pue spuog 80m; sa~.Ias aql JO luamAed aql .IoJ Al~moas aql 'spuog 80m; sa~.Ias aql Ol ~uqela.I peJ JO S.Ianem ne JO sluamalels alaldmoo pue nnJ .IoJ luamnoop qons qoea Ol aoua.IaJa.I Aq Ala.Iqua Sl~ u~ payqenb s~ aoua.IaJa.I pue A.IemmnS qons q:>ea pue aAq~uyap pue aA~suaqa.Idmoo 'alaldmoo aq Ol pod.md lOU op u~a.Iaq ol pa.I.IaJa.I elep Ieoqs~lels pue spoda.I u~epao pue .IanssI aql ~u~u.Ia:>noo uoqem.IoJu~ pue 'salnlels 'sluamnoop ne JO sa~.Iemmns pue 'Sld.Iaoxa 'saoua.IaJa.I aqJ, .LN~W~.LV.LS 'lVI:)I.!I.!IO.!lO SS~N~.L~'ldWO::> aNY A::>VllO::>::>V v8 .10l1UlS~u~mpv Alun08 :Ag S.1auo~ss~mm08 Alun08 JO p.11Wg '.1okew :Ag VGmo'I.!! 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'MoI~ lflO :Ps SR ~m ~lp ~ARt{ [[RqS SUWl JX1Z!IBl!dro fl'R. 'saI!n00l ~l{lo lX::llUOO ~l{l ~{UTllO ~q {X}P!^0Jd ,(Iss:udx~ ~~l{lo SR ldoox~ 'puog AlamS ~lp pUB ltIa~V S!l{lJo ~odmd iJB lOd SNOlLINId3G 0: X:INNV ANNEX C COMMITMENT [To be provided.]