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Resolution 1992-399
ii'irr: , . . . ". '.. . .:1111\::, !';,_ ' " ~ ..,;:,;, ':;',,' ,"', -,:>:::~ :ii,,/~,', ~ !_;;~:,-:,,: '>:'>; !<j;:'1!'~ ';' :;!i:;k ~I'$' r,i1':l'ION','O\~!1:92~ji99fl:!q:'iil' ,,;.',0..,..... ..".!':~;;ii:i!! . :! '!,i~i!","j f,' .!.L' ,,':':'1' ''::..':';'(".", .",' :::;1 Jt~~~~~t@N ,ii"~ iJ;>F-i'I".Wij.~:)...I!:~O~i,',:<:>f,' ii cq~11~ qp~~~~~QN~.~,: qF'::;QQ~Pf~R::,qp~rr~:'1 i,fLOl{tR~i, $~ft4~~TIff,q<. Ai. iRE$P~tnr~Q~: l/I~T:tr~Ep I. ..,,~ ~SO~P'l'X9~"iA;ttrijORI~IING/,Tij~I:IS$'g~Cl1:.,.HF", Nq~ EX'qt~OIN(;,... $,~9 , ~~" ;000", CAPITAL I. l~PRpV~~N1 ~EVE~t,'.R~~~b:tNG.', aPNO~';.. id;~~Rlli:.$ .,...t~'8'~",,;,OF ,'t.~~ ~otm1'~\' :~~i 'I'IN~CE . . THE,:, qOST' .....q~ ".~l::~PNP~~t ,<i:. ~i.T, '~~~4LQmrS'f~D,;X:~G.P~tI~qA1;~Q~$'!I~F.,TH~:"i~P,~7;~.,,(i .1."'. ..... .~..,~.'., ,:~.,.'.'~.r.,.!:.'..'.,',J;.,...D.q. s.l... ,i{....~~..,..~....v..TN. I.'.,.....:. 1... '~.. R cf~. 'i~....i.s... ,.....'1'.,:,,,..1 F....:.'........p.'.'~.J.;tM.J ::..' ~.NJ",i~....;.~.'hi.. D....... ~1~~~..i!;';:...,... ~'~~G 'C~r.r~~N:ott'a~ epvENttN':1'$~;~[)",~!I51:e:1!:M!'flts ..... . IN':' ~ONN1!lC1'ION WITH THE ISSUANCE OFSf.JCH BONDS;", ANDI~ROVIOINGAR EFFECTIVE DATE"; AUTHORIZING.... ..i" ....... i,. ~..~.J:: \;'.'. '."..ll?~.~,u~. C~:. ,O~.., .,$.,S,,~2S, Q PJ)"J;N. ..,~qiG.~EGA. ~E,.J'.',....,"'.....,'....i':"::.'iN.i'!.;, i PRiI:NCIPk.. ," t AMOUNT OF CAPITAL IMPROVEMENT"}""""",., 'I :'REV;E'fn1l:: REFUNDING BONDS, SERIES 1992 iN ORDER . TO PROVIDE FUNDS, FOR THE PRINCIPAL PURPOSE OF :REFVNDING, 'Ta.E . COUNTY' $ ,.OUTSTANDING ~PITA~ : IMPROVEMENT 'REVENUE . ,BONDS;:S!R!ES · 1988 ;!:,!:;1') PROVIDING CERTAIN TERMS AND DETAILS OF SAID BOND,S, INCLUDIliG,AUTHORtZPi'G A NEGOTIATED SALE < .' ,dF:S~X,q, ,BQ~t)Si AND1'tl~LEX'!,c.O'rfqN :; AND>I)EtIY!R~~f:"i;t1i:'i''i:'~!! '.. "OF;: Y::A if, Q0N'11AAc'1' OF' · PuRCHASE WITH' RgSPECT'~ '/ ':, ',8;)<'" . THERETO; APPOINTING THE PAYING AGENT AND' REGISTRAR FOR SAID BONDS; AUTHORIZING THE . EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT .AND APPOINTING' THE ESCROW AGENT; RATlFYING THEVSE. AND DISTRIBUTION OF A PRELIMINARY ,ClfF I CI'Al:. ,STAT~ENT AND AUTHORIZING THE EXECUTION, DELIVERY lAND USE OF A FINAL ,..! ,'.' ()~FICI~L STATEMENT WITH RESPECt TO THE OFFER '.' . .' 'AND SALE. OF. . THE . . BONDS; . ACCEPTING .'rH "'~'I"""" '......,',__...-.-.-.,,-. ~_.-"'"COMM.I'1'MEN1'".....OF"-FINAN'CIAt;". qtr~1fy.". f'i~.St.iRANcE .i. COMPANY TO PROVIDE FOR AMUlUCIPAL ,BOND NEW ISSUE INSURANCE POLICY WITH RESPECT:TO THE BONDS; AND PROVIDING AN., EFFE.CTplEDAtE~ i' ., . "<!' "1' 1 '!TII' "". '1"" .'., " ", 'I ., I' I "I" i' ""i",,,:Jflr,' '1"\"'1'" df"l l'I"""l'W"dq'r, '1'i;,,'I! ,,1,'-' 1~'lif"f ' l:L( f' :::' !!," I; ,.1 "!:: ii' ': J;~; , .~Y2.'" 1012 1":J'!,t~ ': ~l" :1"li,;~~~;r ' li'i :::11';':::' ~. i' ilj {';:li,,:;i':; .~~i,:-{;: ",<!:::" ..' . i BB%TRBSOLVJ:t)BY TUB BOARD. OPCOt1NTY~OKMI$S.IONns ~mr.rY, PLORIDA: PINDINGS.It is her~~y founc1and . ':' ,;: '::'_"'>:'!'", j, ::"1 (E) There is. herebyauthorized,therefun.ding CJf.the Series ',' , 1988 aonds in accoxrdanoewiththeprovision.shereQf arid of SectiCJn !'<i. '27 of the Rasoll1t.i.2.tt!,.~.;".._~"._~_,....".. ~,.,."".. .".....-.,.....-."....-...c._.__c.....,..,.."".,....,..,.......,.... .. . , " . (F) Inorl:rter to provide for f\.lndstopurchaseobligations of the ;United States Of Americ.a.tl)ElJn~t\lrin9 PI'incipal of ~n~ interest on which shall be sufficient to pay in f~ll .th$princ~pal of and interest on the Series 198,8 Bondsl when, dUE!,thEi!Iss)\.l~r deems it cl&sirableand . . in . itsbest~~teX;E!s;ts tp i~$l1e:JI~~s. Capital Improvement Revenue. Refunding~Qnds" i ~e~~~$! ,1~92J (th~"I,~~ries, 1992 ,Bonds")as he:r:ein and 'in the R6,$olUti9n:provi<;le,q;. :'iil! ' . .... '.' '........; ., .. '..' . ". ..' !!;!'/ ':,I[i:' (G) Tnecovenants" p~e<::lge$ and ~QX1(Ution~,i~tq',:'!~es<>lUtion shall .be appllC:ableto the$e1t1i~.'19~~apJ1t~~ h~t~inau~~ori~edand 1 said Series 1992 aonds Shall,beQIl" a ,p,a:t"itYWi,t;l1. land ;aink~q\.tally , as to lien on and source an<::l security for payment ,from the Pledged Revenues and in all other respects with theparitya<?nds.J ' , ." ....,!..'.', '. ..!:' (H) The principal of and interEi!st. on th,e ,serieS$; J':~9,;2, aonds and all required sinking fund, reserve and otherpayrne.l1tS$hallbe payable solely from the. Pledged Revenues aSh~reinpr<?vi4ed.,The Ai-~Q11:. ~': l~~ ;~tl'~A'; . arid; ~~p"Pletile~ted j :i,!(do,;I~.C'i-;i~~k~~I. ,"the ~',,~,:!.-,~,,; ,~",,-,,~S':l'~I'!"l"'!l~;. .'l"'.;" ,;.., ".' "., ,'.' "'!'''''', .,;,,"..':!"',,~-+ ,"~ "'.c;r:!'1l'lI':.',',, ".' " ., " , 'II . ,', I' 1 '.' , "''', . 1.' ',. ,. .... ,,,,'. ~1!;'~8 9, .}1 t. .1,~.j.lI!,::) ,:;:~ P ~t-;~~l,~ .Of~h. J.,~h,,~:e,.sp),~.~ Jpn, ~',$I,', Q',t e~"j,;;fi !::~!;le ;,H~le ,t;" ;:thA~,:'" tS\ll>~l )~eil1t;:a'l;: 'Re~q~~t:l(ml ,.' ,for: . .., ~Qe ~]J,rlpqs:e~,:".'~~~,pr,ll,>;ed I,nt.pain, .:: ~l,l~ I C!l't~:Z:1~9~, ~~qn9, o~tHrt: t-~~n9s', ,:;j:~~ ~~~4a~~e ,I, pf n~ , U~,. ~pp, c,;.ll~ .,.~, t)np,py,ellie'nt Revenue Refund,nq Bends. $enes 1985: (the I tlSe:ri'es'19SS Bbiids"), ,whiqh Series 1985 were issued, on M:ay 2~~: 1985: t~ri :f-he, P!i!i.rc.~p~+;, Pl1rpO~ElI of, 1:'e"f:ulldi~~,~hp,Col1~~Y,' ~ P,~~~t;;l,r\i:1ii,r,91:f~~M~~:~L~lq~roYement;:RTV~l1u~ ~~l}dfil, ::~~;:le~,::,l~~2~ . ; ,: '. ' ." (B)' !ur$uant'to.the Resolution the ,Issuer did, on Octobe,r2, 1986,;.iss~", i~t~ $~;,~7,;P,900 C~p~tC11 hjprovel!1Elnt Re,{~I?~e : ~onds, ~,er~.$ i1,9~6~etPh, !'''$er:~'Si 198~ ,Bo~ds".l ' ~ortheprincipal,: Ptltp<>ses o:f tefuridiriq"~! fport~pr,)'Ofthe $er!i~s 1985,,:8,ond8 and.fir,ancin,g the ac!lli i~ 1 tii!>?' ~.d '<!t>~$t~cl:d'l',n ,Of: yal:ioM~' f*,prov~1!ients All'\: 'ad~,lU olY' ~~, t~~1rs~ew,lll ~~~e~~en~!,~, a,nl!, ":~~~;~tri'tivt. ~omplJ:r:' '. J:" . ref:' ~~t~ij.'ljit1 ~()! ;;,~:h$ :Re'$,o.i~tlon'~.,th~ t$~s~~~(Hd, ';6n Juhe:' 30'~ 1~88, ':'i$SU~,i!i :~t'~".i~"~:'l9p,OObcat>ftlif' Improvem'rtt' Revenue Bonds, ,Series 198A~(tb,e :",$er;t~$ 1QS8 ;,Bonds'~) ,ft:>,r: th,e,pri,ncipalDu~pose of f iru:m~ihg 'TI~ t:lht":Y,:-i6p't', :'~f'" bc>n'$tr\1(~t~Op"" ,of ;' 'v~r fou~ '"~ '~ddl;~~ onal !l:inprovemen'tZls:. I ~itl()': !. ~hQ;.';t sSLler's": ,; governm'Srfta latllCiJ ,admllJdstri ti va ,cbmpl$lx;'i!lfn!.! Pro.q)\tid!i;'f1<lJ1i'f<brperm'ahent f,ihancing' fob fh~'LE!~:~H B~refoPt jBiiilachPark ~j: ' .11 .:; :',',,1 I:: ;'1: ,', ,;..1." .. ,': ,:;" . ".. "," 'i:,,, :.;'\" "', ';, .i . ' :'j':;:'I" .,.' [ii: "i"';.:!;i: , CD) ,';t'he . ReeJPlutionpr.ovides .fCJ1: . the is,s,uance,qfA;d,<::litlonal Son4s:: 6J'la:i:ip~~i.)tY::J Iwjj1ih;.the40u!bs'taJ'l~~ng!: . ~er~es:' ':19$'!3!> $Cbilds{ ;,ithe ,lSctrlJeis 1.9:8'~lbria!);:j' tboll~ct::i~l!lYt 'tt1~tlPa:riity 'BOll'd,W)I!nti: ithe.Series i10i9,8a:,!Bon'ds ;il~'i:)t:der:.,:to" . atfioft<;J btl'ieI"tihin;gs,'re:Eund ':i'O\ttstanding Sonds, including the Series 1988 Bonds, upon meeting the requirements set forth therein. '! ~, . (q),': '~li) occordan~e I ~i~n the provisions pf Se~tion 2,18.385, ~1C>cr~d.:'~~'1t'U1I!es, ,the:ltfri~e:rWr H2~r ha~ ,','pr;ovit1;ed~thei" ;t~sijEirJw:~th' tl1. i'rtf6rm~l:'ti'C)n neoessa::r,y' to' complet.e fts' TrUtll-in..,Sond'incl s'tat'l\mertt tequirErcl tOi!b. :macle:,fn",:connection with the issuance of the Series 1992 Bonds. Such statement is attached to the hereinafter described Purchase Contract as Exhibit D and is incorporated herein by reference theret,o. Resolutlqn shall have the , ~ ,1" 'I, ,.,;~, (!' ;,L,'i:;,'!:: ~ t, ;.":: ;f,f '!;Il"j:: ~\; ,:,/"",,,):;':,;":::,:[::; I:i , .1tJLY,,:2,. ;,ii'~I'..' , "-"0' ," _' _, " I,'",., .. .'; " 8ICTJi~. 3 .Atr.rHO:Q;~y,pR THI~,~OPPLEHINTALr~~S9Lt1TI()H. This Suppl,.*~ntal Resoluti~ni, i~'i.~nacted:. pprsuant"to t1;1e.;;grovisions of ~he ACl,;'~d other applf~~b~~,provisiO(l~ of law. ',i:;i" ~",})I :':~ ;,~ri:: .;:.~:, ::, ,< ,:~',,:: It, :~i;<i', 8ICT:t9,,:i4. AOTHOI'U:~~':::tQH AHD,DII~ICRIPTION otii~:JlI SERIIS 1992 BOND.:,;'", The Issuer h~ite,t;>Y:: determill,~~ to issue; a:;'Series of Bonds in tt~f~q9'reqate prinq:iR'~),i amoun1:f!O:fi:$8,225,000~.Jp be known as "COlli.~!~ounty, Flori4"'i;C~~,~ta~ Im~r9~ement Revequ~:;!Refundin9' Bonds, Se+~~$ 1992," fort~.~ttnc.lpal :,p\;1.t~ose of pr~v~ling funds SUfficient.;:"~~ refundthe"i$et,"t,:~S1988:: '~;qntls inac~pr;~~ncewith Section 2~;:~:t the Resolut~:~n. ,. The re!futl~inq of th~ '~;~ries 1988 Bonds fro1;pt~l\e proceeds of .,~ly~:,,:series !~9,'9,2 Bonds as,~a~tresaid is hereby aUt~,Q):'ized. ,Said$~~J,.~,s 1992 aO~4s shall be;r'q~'red as Of August l'.i::~~;~2, shallbe~'$*~G1 inth,(!' .;torm of ful~Yiteqisterec;1 Bonds In;;~~~ denominati.op~:; of, $5,000;" '0;:" any ,inte<;J!r:~?i multiple thereof ,$t1~11 be, numberec;1tc;:ot)secutive~y:, from oneup~a~~. .in order of matu:r;lttY"J:lreceliie4 bytl1'e letter ,:"R",shall bear~ntB'1:e$t from Augu~~l,:, '~~.2'.I~ya~J.~ .ii~~lil~:-iI'tlllual~Yi.!?n ,April" 1, ah~?,8tober1 'pf each,Y.aIP!'lit~:e: .'itnt;.'~r~~~I. ,Da~e8"'),qollUl\enqi:ngon oatC!1'5~,r~,~9.~~ ~ at, 11\;1,0,1),'" :il~ ." .,':j:~,~,,'1 ~,#..,~Uiyl~!~i9' ,.~,ll, su,qll, am,8,J.,ln~SQ~li.qd, ,t"qber,!,~:<>, .;, SUCh",'" '" ,iF,! _,.,!IT d( ~'J{$w .i~'I.:! lril;':] :-w 'J;~r:~":\I;',Ii'i ' " :1: "I, ;,-1, ~' ,,'. ,:' ..!~!,,1:~, "", ., ll::j" 'i'; :.,1, ',"1 " ";1', I,d,i it ''-:; >' -',', 'i, t,_,' 'l)f"!.\,'i;V"JI ,I,' ,"i l,. ' ',i'. 1 J Thf~~'I"~il:ii:i'n:JH;::l'll S;,l i;ill;~!':I. ,:if; ;::",:::'" :,::::;,",;:,r',!lii!,i I: !,..,,;,,;,{,:i:! ,"..' :.,1:8:1 ."\ ,::,1), ,.",i: ',':ii,li!:;I!':';, Ii:"!,; :i,:, :;',.\ :'!'!:"i't~~~t':'n;j:YI!i:;ll;'Ulii! ,~,dnC!:~ ~lj;i',:;;, 'Ihte"~st:'p~i~'e"i~irj, 'iJ: w:;t:I'/bHifi.b~efl;i~1~1!.':!;!1,:!!r::\ ,:'I :i!A1i1o~tl~ "i 'i'i:ii" "'aa~e"!'./ ":'Y~i!I~"'.":::!:i': :"~~,n::"J\ '(1'';::11: ,:1 ,I: ,;1""';' ,iii "i':':'\I' " ',,,y I"I'I;'! I::i':' Iii !"'i'4i~ri'3 "I'i' 1!i".,i.:'I~"''''4' 0':';';,,;(0'0 "':'" 'In>'?' 0,1""-,, ,,' ',,'11Il. ," ;',i,";: ,:,','':,~i='~4'" ,:',',1; i,i'i:,";','".,;,.:,~".",'".,"~,"",~"'^i",,O~ A,"O,".""" ,"'3'": ,5'. "lil.,' --",'2t.I,'i,Z, i,~.:';"",', ~Ii,,', ',i,!, "" ,_,",i- ;" ~;~":, "\,~,,: ,~t,;;-".t.).:\T ':J(, '(,:;":;:'/''';~,;J,U'',,_: V ",;- 1', ':', ,~" U: .:I :;:;:J\i;I ., """:, "1"""""'1..1," t ,"I."i",;" :""'('25' 5'" '0''''0' '..,j""'80"" 'S,!'.i,'9'O""'",',,' ,..' :,,;. \Jf'.'~~:>',;r ,'. !".."\j)l...~...',i, " '." 1',", v,' - .,;I;".' ., 1996 265,000 4.10 4.20 1'97 275,000. 4.40 4.45 1998 290,000 4.60 4.65 1999 305,000 4.804.85 2000 3)1.5',000:' J 5.:00 5.00 200;1. 330,000 5.125 5.15 200~ 345~000 5.25 5.25 200:). 365,OQ05.30, 5.35 2004 385,000 5..40 ',,5.,45 )"'2005'" ,..,.1., ",-,,, ,',. .1,,,,,, 405''''OO0'5~''5(r'i' .. ." ,,,.I' ;' ", "5 .~. sjr' 2006 425,000' 5.60 '5,.65 2007 450',000 ,5. 70 '~.~5.i: : I"~, , 200'8 480;,000 s. SO '5. ',;" il",iU/"i., ' " ("iii;"i:!iI2013 ',:2)t ,~!l5:fil~00:, i.:::::jrl!!::':ii;;,:, y. ~ ;::,1,':,:,/:", ':::, ';l; ,1';:"< I ~:;,~~~.nt o~ _ao.h in_itlallraent Qf , >~\~~J:n~h9~.na;me each se:rie$199~ Bond shall be rfl~ at_red on ,',,"','" ".,."',',1'",,,9, l~,.t"'",,X',at:, iO" n bO,<>kS, "".ot, , .t,h,eI,',s~U, '.",r, ,ma, t,',nt, a, i,n,."e",~.,',' ,,):)y, ""t,.h, e"),R"".",9",,,i, "',s,'.,t:,',X',,.,, r"", '" " tl);.c10$e of busi~ess onth.~:late WhiCh shal1be>thet~fteenth ~!Y, (\fbether Qrnot . bU$inessday) ne~t prececiincllea:cb.Int.erest ~aYtO_ntDate and shall, be paid by, check or draft ;!of,;:tne '..~aYJnq ~s.nt; lIUid.led to suchreqistered owner at the address appear.tnqon sU,ch registration books or, at the option of the Paying Agent, and ':! 1,""/!~"~<; <:';'" ,; '-F> :,!t,:W,':~:::iJr' <:~~3'll '<I;'ii:'-~1:,;Jtl!lil~I',~~!1';",_":,, 'I', " " """, , " '," , " ,,'. "" ' ',.' '. " ' t()' the.x~.n1toe,th., :S\.lJn,or" sumaS?,p;ai<l.', ':~i:)PerjQn,"',~t~Qt!-" t,h~p:!,~ HOiJ,~.r ,'..; "lIhown,::iin:tth,,'!/re,gi'stx,-iIltion 'books,:'~8Pt.: iby,,"th.e;;R~Cf1:t.tr~t', ,.~.'11;! ;r.d.1tlle',a\f'Oer-tii:t I::Qa:t_tt'!JQndi, evidei"ic: .tnq\the ,,<?k?l~'q'at:j;~1"i. Of"t.he 1"iIo ,I, '~,: "t....'" ......Il.!.....'k..'.!j,jAe..l.t.. "~I "'" 4' I'"~ ......i...' it\'''' l' ,'I ,1\,;1'" "d' '...' """1 . n''':;''' ,AMI, ...," ;l11"i #t'1 io.h' y' , lef.ue+';',\II;'::'-'~"'~t'GI.l.u,H""'i "',~:1""""11tl ,',II:1'''''~i1ileefl'p"",C) "l"r"'~~,J.'U'II,:::: ;I."", "'~ if'ld':~nt:..;r.Utt,!'PU~stU~J\tit' <1:0 ;,thl~P:tt,oMirs idriS",h e:rebf. ,!'~orf:'(:1eJl.t'ie,~y'tby l)TC"td t;tJlt,4r i' I.aufHZ , ,Or.idWtititJem'iriotd.ce:to' ,tJ1Ef: etf~ct" tlha:t: !iDI'~J h'~~ ae'tertlllnecti .~Cl> :latl):J)st~t Ut1eJa r:n .Wt:no~i hee', ,ihrP;l:,a:ce::()f~iCed:e&; co:~'/' and a\:l'bj &et:!tPthe;lpt'l,QvJ~a.ipns ,.,herej,n ,wi th'x-especttOi t:tans t'j!'rs $iurii.nq the'15)<'I.~aH\e~b\:pre:aedl~g,a :paym:entij)ate;or~ai1in9;;ot 'notice 'ot tedempt 1 on ,(, th.'W9I'ds ,'I II Cede, .'.'~' ,€Ci):"'~in.,thi SRes'otut:id,~'ahaa';l"rlfeir tt>*ueh;;nthi1lnomine1el 'O",)I'O'1',C;. :"and ,;UPol''fir.ce iptofsucH;"n'dtlc'8:~ t'he I.aui'll' 'slhaa.ll,pxtomp~ly, deliver a copy 6f'the same toUlJi'e Regi.'strAr and'tMa P.~i.:iA9:e:nt;", :,,1, ',: ""I"":,,' 'I'll", l "0,"" 1"""":,:',:):' 1::\;: },1:ildJ!j"~b,,:.':'i"!',,;,;\!\:, :'\':',,!:. ! . , ~,<?n(A) ..receippby. the. IS!SH,r9t.\l('rlttepnotipflf",c>UlP.'l;C {i;) to,. '..,,''",','','',...,',',,',:',',','i<Ii.,~'''', "..., ....,,",', "that, '.."011"'.'"."','...,,,,,"",,, ',!,ll:'."", 'i,l, ...,',.,,"*,'t' J';"", "",..."", ',''''',4',',' ..,',lii...." ,',',...e,m," ,',',",'J,',...,,''"', ',","',,6,,'''', , 400" '."',",',..",, ,',"""',OIl,,' "',..,'"...,"'.:..,'",.""""1,,,..,,,,,',.,," 10.,,1.1 ","""""..,Jit.......w!; ,i' , '; ""'"...,....Ui,,,.4......Gl.J:"'''l''''.......,, \oil'..'... ,......... '1hU"l"U"""',",;H,""~j '''''''&:...1\' ",,, th!.!IO#t.~.,ri~ ling' ' ,~,~:s'lhil;~9:~"aonds'ti.rEl<3i$.1ierelJl >:Lrt;'the:it;'$ti~at,iQn t:)b,ok.'fe~~bfl~~,lii1 '". ,E!~~!I:\~'~.Xl' :in, ,trye,na~. ~~,:(z.de,&:qbi:t'"", ,.n'o19'.1.n.. . of, t)'1'c:~" ,i,.\i',"91jl.fJt);~"t,h..","~e,,$t1intet.srb,Ofl!ttl., bel"\!efiOd~~';'Qwner~iofi, ,the S~r'i..:l ~On'fJ,il;O)l!Ah(iic;i;) lto:;tl;le':ef~edt :tha,t'OTC,: i$;"\:lri~bleor \iltlwlll.ti. ,.c>.,i::1Ei1~,sc~ailtged/it_.." respon.i~i;:H:tie.sT'and; nO'!'iS,Upst~tute depo$!ltor'Ir:'W.t:;iI.lItnCjt01':~~l!iert.~ke:th.e,f'uttot:ions' 0 f"bI'Chce'1!'e~rld'$r. can ';l:)e:fo.undfWh i ~A iis, w~~ 1~rn9a-ind.'AbJ.e!;.to ,undertake!su~h 'funetion.~pon r-easonable and customary terms,dr (5) determination by the Issuer that s~<::h book-entry only system is burdensome to the lssuer, the Series 1992 Bonds shall no longer be restricted to being re<]istered in the registration books kept by theR~gistrar in the hameof Cede , Co., as nominee of OTC, but may be registered in whatever name or names Holders shall designate, ,in accordance with the provisions hereof. In SUch event, the Issuer Shall issue and the Registrar shall authenticate, transfer and exchange the Series 1992 Bonds of like principal amountandmat~rit~,:ir:lde,no.minationsof $5,000 or any integral multiple therbor;to .tHeHolder$ thereof. The toregoing notwithstanding, unti.l,$UCh",t,imeas partic1pation in the ',., ,'book;"entryonly system is discontin\.led "ttl~;J?!;:9X!!A9n~;;,!~,!U;'!J,Q,;'th,! , ',"~l,"""".,-"'~_.\..j..n.,."the,Let: tie~1:''' ., of '''Repres ent'atiof'i'i:r 8)(e cj.fted 6ythe ;r,s!~~r a.ndt.he IR&giatrar , and deli Vered to OTC in order to induge OT~i,ttOiact..~~ 'i'l:P~;,ities deposJ.tQIiY for the aond$ ,hap apply tQ,'ih'EI,Ji?~fm.rt~CJ~ :,~f~,~rf~al. of andinte.t'eston> ttle iaQnds~ ' , . i,"f:,,:;;i,!!ii'" ". " ..., · ,.",.., " ,," , " ." .' ,',' ,',',' . ',' ',,' ',.'., '. ,I'il, Ii; r;,'"/"I,,,! ,'i,'.:'W~1I .. ,...IlI;llPtX!/IIP~mOIt~ _::1'1>. $.~~!I;li, >l!~R~iii!lO~~: ,',ii.:"~,""."~,";.~,'~,'"',',,,,~,ln,,,~,,,' ",.0",1'1".,' OJ;',' .,., :,t."",1:'" ',',00, t"O,b". i'l ,.r1, ' ""i""O"" 0,3 ",a, ',';t, e,I" ' .",1l."".', ',',';"" h",.", e,' >, ',I!>"" '~,t.,','i",..,';,',;~, .I,',',:~,,' ',.,"',,'!,,",','~,,"'~~",',," 'ii",'"",".",,, '~,',,':',' ',',',ij~.'".'t.', r,! "~'" I.""""""b,,, j." (:.It, 1"",1:." 0",' r, ,ede".",mPt, 1,',', ,on, ,', ,PJ;', J,' ,or; ,1l,,' 0,'" Ill, ,a,i.'t",,~F,',,",i, t,y,;',, t, ',~, 'p.'.'pI,"" 'i,,',. a"",h~,.." 1",.,...,'. ,~"'"J!\,,':,',,.,',:, Y" ,.,.. 1);igli~~lt.v.ilab,J.e ';ther'etor ,uponnoti.Qe ,'B$ PX!'o~:1,d.; :l~!'.,1;.be :'~'~~i~I,,*~~an~! in, ,:uQhmannera, sh<t.p bed~terf\)~ne,d:!p)" ? "i,i:t~~:\il)r, .:~~t!if#Yliotwithin. maturitl", in.1iJhQle, or j;n:,paXiton"anYi;'il~.~" o~ '~ir. .t~.r october 3., .~002 at. the rede~ption, prices ,(e~pr.!..,.." as :i.t~entaqes of principal amount of. the Series 1992 Bonds, to be . 'ill Nor flI]O'Ar.r 36 ',,: ',1',",', "i: : : ' ji ': ~r ; , :', '; , \] " ',i ~, ~'l': .nn.y 2', 1... i, redeemed) toqet:.tielti:wltl) ftccrued, interesttb'the ,redemption dftte, ..;t!)"ll~~.td""'f" I'; 'r -i'!i:~,r;,;, r~.tl{ -jf:u k ,:1 ::,:!y , "Redemption Period ~edetnptlon ',"(aO~ l\lata.I~In'Ci1;l\Jsil;ve:)iJ, "ili"riCl!IiII';Hjil":,, '"" ,', ,',nl".11 """t'f'!i;",;",,.,,,I,, ,"i ;:.,,'i' ';"', "':,::~, :I',}" cc',,'~li:;i! OdtQ~r il:~ ,\dao~Qr\ i:~I,',~ePt!.Itll:).r.'!'30 ,!:a(!J.b3i:::),Q:~il!" OC#td~2;'I;,~" \:~QO~Tltor'I$..pjt:.~er<,a3Q l',aOQ4. ii3:~Ji;:H," OC#t:.~~t:"~:, i,2'Q,q41!,.~ditb'e!rea,~terll :'i 'q:! \: 100:; 'I:, '''::::l'},b Ti;"I'J'!'bI1. A::',/ ":1:\:r.:I',, ,; " ,,:' "i(',; I, ",'1,'1'1'1., (, St;i.. li992;j l '~6nd8,: ma,t'ur.iin'g., "o~t Octo b,tar'", '11 ,;2Q:13:~\!'Sh:a''il:'be 'U))j:,ct;\tolj,...nc:J"borYtir:_~emptlonipr.'i'ortQ,miat.ur:ity, :by 110t.;1" in~sUch ..rinar;a,ai;th~ R.:<Jlistr.ti!maY;ldeenLap~ropriate, ,ata redemptionl?rice equal ,t;o par, plus inte?:]lstaccr\1ed" if any, ,J;other;edeltlPtl<:>l"ldat" onOotC)~tf, h\1i;;,. ii~i009, ~n~: ~n:~.Oh!O~ItQ~.1ttj'\1.::th'er;eatt_r,;;;'jj)1:~rlnOiP~l ~Jll<:1un~.::; 9~~Jr.'~~n~J,f.~1J '. ~o; ~)). \' f~~ 1 ~~;i n,~i;~9:rt.izll,t j;;,Qn:'~'ns1;a 1:1mtnts anadintb.';'1ll,a~. sP,.o!iiflied::,: ;(1;1, i '" 'ii',; ,: ' :;~lil'(}:I:i',Jll ", 'I " ,;':,; P1:incipal ';,~~~,nt:. ' ',- ,:, li't;",'i::"'-! "" ,., i'i::U ,',:$5,liO!,,1I!>Q,Q',j' /53,5,QOQi ' 565,000 600,000 635,G()Q.i .'I,'IUu ,,(', I::n,:: ~:' IV <l.) t ,ji" ',HI, '"I hI ~~()9 '1" n ," .J" "" i!!i"I!i' .."" ' 'H:', 2,P:~Oi j ~01,1 ' ~012 ~:Q",3~: i j " f,.'\'.i1~ l 'l'~. ;i ":';i:~: .~~ ."inal Maturity As lonq as thebook-entry-only system is used foraet.ermininq beneticial ownership oft.he Serifls1992 Bonds, notice ot redempt.ion will only be .ent. to Cede {q9~,. r;C::lli'Cle;~ OC?'.;' will bEl responaible tor notityinq the DTC Partioipafi't:s, wh'olotill'inturn be responsible tor notifyinqthe Beneficial Owners (as such terms are described in Section! hereOf). Any ~ailure o~ Cede ~ Co. to notify any DTC Participant., or of any DTC Participant to notifyt.heBeneficial OWner, Of any such not.ice, wilt, n9t~tf~c::t.tnEt, val,idity otthe, reaemption of the Series 1992 Bonds. . . ; ."".j, ... ',i,~".., ..... ",.~..,~. . ,""--,-"""~~",^.,,,,,;, ". .... <I< "'.' ".,,~,.,l...:,"., ".",' ,.,.,J.. IICTION 7. APPLICATIO)l OrSlRIIS 19 U 130m): pack.IDI." The . ptoca.<1s derived from the saleot the Series 1992 aond~!, including aQcruad interest, shall, simUltaneously with t.he ael.ive;-y ,Of t.he Stl;t.t;,. 1992 B,onas to the Underwri teI:s, be applied ~y 1;h,. ,~...,~~ur ~. '~~11.1~~.: ' " '. ;"1':"111".1(: ;'1,':' ", ' ,: , :'::i' "I i,'" ~" " , ': ! ,.',' i' I' l" 'i,.i ", , ; , ' ': ' , ' ;:1 "'(A),~ccru.a interest, .hA), 1 'be deposl t~d . in; ;"h~. " i~~#.r...t ,AOQ~u,nt and,shaU. be used only ~Qr thep~rpQ~'e, ::0:(' 'H~y:i:n9~. ~~~tf:..t , which. .ha,l~ therl\lafter become dU,e <;>0: t~. , $.r1"~L .199,2 8<>~d':. ! ' ' , '.' :' ' ., . . , suttioien~ amount ,of Series 1992a~nd pr()c~u.~. ~h.l.l in t.ha Reserve, Acco\lnt." which t.og,et.h,r with :themqneys 7 : '. ,:)'!:ii,:iiH'! 'i,I,,::' 1:1;,: iil:" eDOf 'OfJO 'A~ 37 ,,\:,1, ,,' :' : ;,,: " ' " ," ,. ,,' ,,':i;:" , '" ""fn',!, ,Jo,,'l"f.,j I" 'I',", If Ii' "Il" i" 'H, ,I, .' " '1'1, '1..11'1 ~ r:U!j: ,:~:r: "'!I I',s"'~: ~,,~I~, ,';' ,; ~ii ii;,',!:: i(,I!:' ., ; r ,'~: ;:~ / ';:1 :.j! ~!' I th~r'ifi';,s~alllVi equilll ,tthe,i, Maki'1,Ill.:1,m!:a<>~d $er,MJce,iRe;qU+Tem$nt~ ~i ,ii~ij)b.Y$ deposft.:c:t d1il fl1W'lei '~es~tlVe; Ad:c;:ount, f~ont 'iproceeCls':!o:f !the,"S~ri'e.ji~19~2 S<?flc1s >",;iallJ be ih~,l(f lditi, a~se~ara1te,:!s\1baccount:;: ;,Pt~v:lic1ed.,,!i ~ hQwEiver) DloneY$ ;'ill'1': the'l: Re$et"vei' Alecoun:t, I ';Lnal ud:i.nq,:a 11 ,subacoo,1.1nt's there in i shall: :be,'l1,elQlJ::fo1:'I:the equal and ratable benefit of all outstanding Bondho+.4elS~' ' , , , ' ' ' ,,' , '. ;,l''',J~~,~,,' ~!.:c; i jj",iii,-,jL ',!"-"h:\:'I~";f.\,,I~.t, '(" \1)1 !,.l~" ,It ).j~ I' I , ' : :'::,,i,',,,,!:', 1":",:,'",,,:,11 ',:'","',,', 'I ",," ,',;, , Ii'"~"~ I"" " " t<!! I:)~C): Tbiithe :;extE!Jiit\.I"piQ~pa;Lti', ,p~,:r~itnbttbied'i'lb~ ,the Undetiltf~t;ers ~ ,~o::ttiQI:lp,ayment~,of ',Ul d:bs:t!:s ,,~nd,expetlsl!,s i~' oontiebti~n w'!'en ,tl1e Pt~pat.atiof1, issujance;:'iU:l~L's'a1:e:Dfi the:: Sex-,jies'lr992' Bbtldsl;" 'iJ!'\C1:uC1inq i W:iit.hOJ,.lt, llimitatlohl/ th$.i:'''~$:and'e.xp..ns:es'L of'a:d:cduritants}lat,ibrneys .n~':;:N.na"Fi;a,~" ,L"'dv~sor$; an,c;i' the,:pr_lIliutn:, ;fp:r.the': >lIlun~o..ii:p~li :bp~d 'tt)!$ur~lici:ie.pQ(li:.ii~Y.iii:tq': t.bos~;, p~r:son$ who,. :sha;U,be';:ent,i,tp;:~d ':t:o~r$tej,. \:,$ the"'sa~e..::,::' p'j'~ r ; ::' I :"'11:1 ' !:;,':'d!<;::~ i,l" ,I,q::, ii', '" :,:'1,;,", ".' , "li I~I I, :(!O)::';:Tnt, 'b;aJ,a,n:$~dQt, the Series 1992 Bond proce'eds Ishall be deposi~~~L iw~th the ~sfr,ow A,ge,pt ,(hereir1after ref~rrep, to) ~nd appl iEld:,:: ;t:o:,';:~h~1 ,pu~c)j;4t"'f1 ['i plf'j, Ob,ltjJl<1~it'i~ns:, of:,th,e' U 'ttec1 '/'S:bates:! ~t ~~t'tt':.i:;i 'i~ '':F.~c,oid;~~j:!:~::i,t~jilt);t i' ~ij~;:, ,pr,oYi$~;Qn, Q'fi :th~:" "'()W,!:~,~p<:)~~t ~iJl;'ee.mli!J;\1t,:::: Clbr~~t\ld.;Jj\~:f:t;:~)J:'j:::;)~..ife1;':r~dl ,'to)' I ,and:':: "Sec~iQI1;:i:~ 17 ,l~'~'l. "~l;1~ ~.~~ ~ ~;~? >1 :'; iii1i' I,: ;)~;~\;' , I, 1" :, i '~!" r /';:-:';i' i' ;:~: ::::i "::::' :: ' I:;' i;8'Ct1I~~' ;4,~",'~'" ,::; L~ ~J4.Ej. P~, iTllE :~n~;R:tt:'~8:i ~.'~ 2'DPNP.~,~) '!'fbe ':Se!tii:~l\i': + 99:? DCllpq1S':;: lBh~I~:~f b~:~ ~~A:~qr!!,:~tp the "Un9.ef;Wr,;L t.$r p1a;r$uant .'. t.O: .tl;l~i P~;:~Qas. CQptX' ac~ t i~~:"ltl:l:~, p'1l:lN;:~a&.e,plr'i:ce: ,,}inq i oa ~~cll :" ,:ther'~:i n,~ Ipl~~ ,,'~lp9Jtuel;l i'l\\1:ere~~: 1:f.t\0~, l-uquS~:h 1,,~ 9~ t9' ~h,!:cl. te ,Of" d~~d.ve~Y ; :~!L;l!:' :~el:, tet11l' aun&:i: 'cqnd1 t;~pn~, d"eti t,~rth"i tn;,sai,q" J:hirCi:lb~e;e,,,Contrac:t ;"l:i>~inq, h~a);eby approved,. The Chairman or Vice-Chairman is hereby authorized and directed to execute said Purchase Contract and to deliver the same to the Underwriters. SECTION 9. PRELIHINARYOFFICIAL STATEMENT. The delivery of the Preliminary Official st~t;e.m.ent d~~~d JUly 22, 1992 which is attached" hereto ,as EXh'ilbit!i,a(tl)e,uPreliminary Official Stlltement"), to the Underwriters' and the use by the Underwriters ,.r I for the purpose of Offering thE! Series 199~ Bonds '. fOr sale is ",:""',,,"'...',.',",' ", ' , """h",',e, '"r, ',e, ',b" 'Y, ',', , ""a,J.~,~t::P,''',''o,,' t,A.,z., e,'<;1,,/,., ..,;r.,,~J;i, t:,i, ,e" g"".".ana" "","c" Q nf~,.rl\led.."",''''':'''',:~,', ".''l',h"e, ",.,",,'!','~,.1t,',.,',~, ',1,. '"i, ',.m~n,'l.\, ry" ..:, W"""'""''''''''''''''-''''''''f)'fll:cI.ISitatement has heretofore been "deemed final\i within the ~'.:XIleanin9,of paragraph (b) ,(3) of SEC RUle 15c2-12, andrule.s t developed by the Municipal Securities Rulemak,$ngBoard, by ;r'esolution Of the Issu~r. . . ::;."".~:.C1'l:Olt 1<1., O)'!'X.CIAL" S'1'ATE)tINT., The f()I'~,;:>tenns" anc1 "p~~,;iptUJ Qf,th. Oft~~1,al:StateJnentt ,."WhlCh shallbeda~e(ttheda~e h":r'_e>::andShllll besU~Stantiallyin,the form of tl'1e,..~relitQinarY 'otfieial stat.ement, ., be, : and the samehere.by are approyedwith re$pectto t.he information therein contained. ThechairmaJil,and ClerR.are hereby authori.:ted.andcUrected toexe(:uteand~e.U.Ver jaid Official Statement in the name and on behalf of the Issuer, and thereupon to cause such Official Statement to be delivered,to the Underwriters with such changes, amendmentlS,modifications, "QXIlissions and addl tions as may be approved by sa1d Chl.\irman, and as, 8 11tJOW..! 38 ",' , d,',' ", , ,.U,ii", .."" Mi~!il~~]~t'!!1~,~tili;: or Re9<i.tt:rai'~" KtvJ )\: iimlle<it ia~e ,t.ri,(!)~i~~" ;;;~f .j !~,m:ri!; pa;nn$'~:t:i'I:i'~'~~,u lt: :..nd.' noticeiof' rliililll,Y Lo~helt:'C\\eti'l'1i1IJLt'hkn<ti>wxt ~Q?tlbe ii;I;~~'\.tel:t ':Wi'~htrl 3:l;liildaysiiiof, its <5ijta:j,jn~~9 j:i'~ndllwlliea9~,~:1 ";lthette'o,f:,,:,~mcl,:'; (:vi:,i) i.s\1G,l1i;additlonal informati'o~j.a$ ~:iif\ana'dl:ail. .,G:UaranitY~lllay;re'a'sonal!>ly; req~est fq>m, time to ti1\1e '"r[h !. , i j'iii'Hiil;\;' " /:;,:::\0,,:,::; '1::'1." ii,,::':' ,":";:';\:I;!.II;':':: ":',:)';: (9)::: ;pa~enJt! , B,ro~~gU~~H ll'Ul1lSUant 'itqBd>rt~t::t fls,~~:ani~(i~o li!cbr,'~: i!! (1:)' If, on: ,;th~i'ti>:l..lS li3tl!e'ss I daYiip~epec1 ingi'Clny ,interest: :pai?'bent d'atle:! ,t'd,rtne Serie&1:'i1l99'2'; ,,$Qnds':l!tl:i~e.. i:i:~, "not,'<;,on::d.epoSit'SUfifl'cient,':,money!s, avail'1)let~ ,IP'l!y,';al;lp~;inq~pal;,of :a'nd :linter-est'bn, the::Series l:~~i~ Bondsi!!4;lJ~'1 )(!l!J1,!T! 'is,Uch;;jdl;\,te!" ,tt~.!.i:'~$Su.,r'ir;'Q1til'pa:Y~n9> ~q(;ltit*:{sb,~J.il iJlU11edi~tfue),:i' ,n,~~p.ifY\;l1';iJ1:~flC,i~I+\~~.f~n~iYa,mi\:q~t:~b:iank:i ,tf.A;. , .. N;e~,'i.ci~,~" N ew,Y c:!~l<;;i!l~,at~ i.l~'" i,;Il~~,q~~!.!P.~:~,\; ,~t1~1 t~l~$~a]l "'{\9 ~I?:~, (,the"" F;is;C~it 1!A:~.~li)t", t of th';\~JUA~~~,:i r~t;! 1!iS!'il4Chiei;l,efj,I:3,d..l'l9Y';~ " <1:f ,.t!lY'+ S!~~d,:ii:n't re$~':'R,~Y;1nel')t date, 'ft;~.III~.f!iJ~e;~[; :A~Iif'tJ1li~ti 1:;~~9V~~Ii!~w;t!Je"Il\~~\,lnt,li()t':'$1;.l' i~ci,e'J'1~~l: the, ,IEili")J'~'E'~h~lil:l ]!..",i;q\,~I~t;atH~~~ra,l~ ~,a~~.(:a'Y~i~,a..ble~,i'. ",', ,.i":,..,,ii~itl~:n.cia;!li G,U, ar"af:1"."t"'i""i",Y,:,i.i",,, a",,~,',. fi",:",li,'t, ',~",' 'i,l,., ii~, ,h, ,', '," :",.F.".!,:, $,,', ,e",.a"" ,ill,' 'i,:, I,', ,1-.. ,',I!J,', :~,,'J!1,.,',,',t,i. >., ':t"h,',:,'e", "".!,',',!t.:..e, ',,<1,',', ",i,a"."".,t",.,l;t'.,I., a.', .,t,,',i"~,., ',Q,',rt,.,',',.,','":,.",b""b""Q"."~,k,.,,,,.S""".,i:',jl,."",tiQi;r:'i,:,i!!~"b,i",""e",,"',i'," Seriel': ~i,$J,~i ;1!'1\i!nd~,(iJ!l~ift\l~~,a,nedl., b~i,theR~gl,st~'a.r; ~1!I.j:,Ini;a4d:~t,~I~ I . ' ii::' i(l: ::';)1:'; ;:;'Jit 1':1\ ,,:: 'J:i::t::'!,,), ".! .,:,',1,,;;, ,:'("'::':':; , .'i:'ii:!I,i:I::i(!'t';: i"i!'I'I~n::I;:~ ,i:::(~)i ,'l?b,e~~'94:~ti'1:;*r ,'stlr~:~,+: t:>rov,d;d,~:"F~na~p i~lt;'~' ~i~Fr w~tlq .,'~:~;~Ili-;1:9~ t~~~ri~~Pid.hQ.J..<1~l;"S;;;~ll!~lit~~~+ t,o,:x;'~C~'~P~i:')', ,,:~i;~P,:~~ J,g~ ~q""t'~@~,i~l.P,~efl~~:!'.~;r9l'l\ ;1j;i~~n~;,~ ~ :'f~\1~J:;'~J;ltt,~ lA~<il:~~"t,t;)" w~~rms j~~ tl);~)! SP~q.1 b.~ns~~~*"c@,1 !Po,~:i;q~ ,>~n<i1.. sna:~,J.:" 'i.~a~e'!~~t'a,in~l;a;~~~~~ii,f~tli i',A,~~t:1CI~~i'Gul\J.i:j.\nty>!.ndit$ ,F1d.,~qa 1;~9fo\nt,!,~,~): ,t~.l!:m~,p.,;ilf:iphe,qks!,qJl1 C;1t~~t~'i': tpi"~'Qn~lP,pJld~;t:j~,,;.~~,~ti:'~d ,.,' ~<;?" ;re~~~ye',~,f~~J;\l.:!, ~i,,!,p~r*,~~g ~nt!ir..t;, PAvm'~~,fjI,; ,~r~~ J'P',irtlilncial: IG\1,~~,C\ntYi:!ian:dl!"1 (~'~i:!(;t,O"" p~y Pt'i~li;~p,aJ.,;,o~i!th~!i~e1:'i~$ ~fil9,2n)jQnds:I$\lt'~H:ll')~erj;1d"t.o the Fiscal Agent by the Bondholders entitl~d to receive ,full or partial principal paYments from Fil'}~ncial Guaranty; and, (B) TheRe9istrarsh~ll, at;,~he time it makes the registration books availa.bl~:to)firlancialGuaranty pursuant to (A) above, n0tify' Bondholders entitled to receive the paYlfientof prlhc.1pafof or inte;r:'f!!stont.oe Se:ries~Q9~ Bonds ;': from F inancia 1 Guaranty (1 )as "tc) the fact of such ~>.,"',i,."'_.;.,-,,.."'-""-,.""....ef\t.1:t.lementi ,,:,( 2)""'that""Financia:t"Gua:tAnty "w'i.l1,'."'reniit: "to' . them' all or part of the interest payments comirll:;J due" (3) that, except as provid.ad in paragraph (ii) below, in the,event that any Bondholder is entitled to receive f,ul1 payment of principal from Financial Guaranty, su<<;:h Bondholder l,lIust, t;ender !his Series 1992, Bond with the instrument .oftral'1$fer,j;nt,he ,'..""",.,.it:oX'lll,provided "Qn, the S~ries"l~92,. aonde>!:ecuted.,Jn;~oe'n~~eot ;jiiii;,iij,~~liUiU,q;.i.. ~ '.,..Guarant)", ,."and(!4li;t;hat,. ".except,:;a~!Ii!~o,'Y1.ii!~..4; ,,~'f:). ti, !!If;. ,. p~rCl9raph ,(i~,Jbal o~, .""",.in..,'tiheeven;t '. that, ,$~cl1/BC)p:!:lho:.l.~e:l;! ,;jl~ 11:,::,1"',:.,:,'.",,.,'1,11, n",t"it,l,."",..d, ':,to ','.",., e"c, ai" .~e",".part, ia.,' ;1, ,Plil",ym",,' en, t;, Of"""'..,~,'""',r",.~m;p,i",P"",,a,,. il,i,!,. .,'.,'",fr, Q,m,', .Ii il;~!' FinartOiail", Gua:r:anty"suchBondholdermu~t ten<;1er,his. ,:S,eries "i"::1 ~992 $ond fOr payment first to the .pa~ing A<J~Jlt,W!hichsh~lJ. '1'" note on such Bond the portion Of prlnclpalpalci by the PaYlng Agent, and then, with the form of transfer executed in the name of Financial Guaranty, to the Fiscal A9~nt, which will then pay the unpaid portion of principal to.the Bondholder subject to the terms of the Bond Insurance Policy. ';",'::, :H" ',,~,j d'I;! '/:';', ';!I.l,I"~,'I'r,;"'.'..'.I'~,'I",,',~,'i,,,:,.::t :.' ',', " : iP;>j!!;,'\ :i<! 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Ii, ,1; ~~ 'II' It', , I, , ! 1,1 , " I J I) Ii; > I: ", "', ",:,0 .'''. ,,_I'! , ," ';1,'" ._:." _' I, ! .'," ""j ~ 1 i 'i idUl, 1:1'11' : e'i)$.n'ti. j,ltbat itib~; :~aY,i~9A9~l1tha~'I':I1~~'~"~~~'ttJ)~ paYJ#.~t:.:bi~f ~lp:r:d.itlq:ipalxG~! i,~:t':'frlt~~es~il,dl\:: a:Ser ias, I!~'S;2, i~b; .,' h~lii'b_~ti J!'.cq,,':lf~<I,!t f,);omt':J'i\ ;:::i$pndhoilqett,,::iip1-X17,suant ,:t;o "t)ite:t1nit~Gt:'! ~tat~s aankrlhp'ttllfi;i (i:08ei;, by,} a trlJ'stl:ee:.iri,'bbnkr'ul'tdy tin ,aCQ.~f"q!a;nG~ !i!:w~,th::.t~e tih'al~"b ::n~orl:.~ppal~lll)li~ ;::):o'rder: ;'O~"!! ;~f::'court::"!ha'f;in9::, \~c)1)\p~~em!- ~urildic~+c>f,1 Ilfjthe.,.i!,aY'$iJiig 1,~g:~~;t:i{~li1aJ;.lr,;~t::i,~t.he'i;'~;~m~ ,<it ;c:prt>v(d.$ noti~e' ~pili :fi~l'\'~J:l.!;:~~':I!:',) '\9~~~:a{:l!~1!;'ii~~~~fyl !il!~:l tJ3on~mo~~~;r~t:1~cija,t;: ~'f!1:; tt~, .y:el')~ .l.it.~~'~!'i f,a1'lYp! '~onil=lh()lclie:I}' $!:,;:p~1r"iment,:, j:s,sG')!!!!',~:!!~OY~t~d~:li~Qh $on~h~~derwill be entitled to paYlIlent from Financial Guaranty to the ext~nt of such recovcary ,and ,the Paying Agent sha~l furnish to F ina~Q i~ lG\I1~!ra;4t,y i~~$F'~~PP~cl$ "~iV idenqi.,n9'thePa~~t'1tlilj",~f!:p~,i~q: ~ pa ~ 0~:'and,:lp~,r"tiq~i1:,~e::perles,1992 Bonds which have been made by the Paying Agent and ,subsequen~ly ~eCovered from aondholders, and the d~t;~s qn " Whtc;:t\;\lI,~~b:lp~~.ntl~'li;w~r~~t~~d@. ' '.' '., ,I:'I'~ bi',jll",t';I:';~!ii,li""'i, ,I '.,' i,' . ' (iii) 'iJ1an~~*a:R~~~'~~~'~Y;' ~h:~1tl ;;it:d ~t.hee>ctent i tmake$ payment ofpr.i,ncipalof;, !0,'Xi;;1X'\t~ere$t, :iol1ilt~$:'Sf:!X'::ies 1992, Bonds:, become subrogated .to t:he'ricjhts i of ' trie' 'reciplen,ts, of SUCh . paYments in accordance \withl'I}I~~~;i;'ffl~~~,QJtpe Bond Ins~rance, Pol icy and , to evidence.s~Ch "H~rqa.~~O~~~,i:(:~';): iiint~.!; <::as,1i!.,'pfsubrogation !,as , to c 1 a imsf or past ;:ll,~,~ ;ip..~'ere!Si~,f :t;h., ~PaY'iI)9A9'ElntshalLn.oteFinanci C!ll Guaranty's , 17 igh~s i,.iSi':~u,~%:log.ei!o",,:t~~. reg!~'stra!tio;n;:; ~!.i)O,~slma intained by the, Registrar upon receipt+ll'Qmf~nanQj.al;.~ulAl?anty Qfproof of the payment of interest thereon to ,the Bondholders of suc:h ~eries 1992 , B~mds':~i~~i;~ (i~:)::i,;~:~i ~~!e!:'n~~,~:<:l:f;r';f':1bl:log a t ~ (l)n;~s t:9,91,.~~Si;f;<i),r, pa s~ ~y.e.! Pt'il)c~~~ll, 'i~t;,h~" ~~9'~$~t:a:rr .~a!j:,~"pote. F:h~an9tal <:iuara:nt.~,~ls, ;r,~9ht.s as subrogee on the registration books for the Series; 1992 BondS maintained by the, Registrar upoli,receipt of proof of the payment of principal thereof to the Bondholders of such Series 1992 Bonds. NotWithstanding anything in the Resolution or theSerie,s 1992 Bonds to the contrary ,the Paying' Age!p~'isha lly;1'!\:ake payment of such past due interest and past due p,l7,incipa)lc;iirect.lyto Financial Guaranty to the extent that Financial Guaranty isa subrogee with respect . thereto.,. ',' . 1,' i; "Ji.: "..""";,,,;,,.L..,,,,,, ,,,,,,,.., ",,,,,,., ",..,c"" ,c, '. ";,,. ,,"..' ,,,,C"", "'" ,,' , "'''' .." , """""""'," ;,','"""... ." ,,,'"'' ,; '" ",;, ,"'," ".'''''' ..,,,. ",,,,,,..,,,,,,,'..',,,, """" ..'.' , ," 'i" (iv) The notice address for Financial Guaranty ~9'ellt shall be included: ' ,:i"j':;;i:rij i !:!:~,' ,.:::'!,~;;,,;:l:"" i I'r '", ",:" i!::":i"fi:. "i';,!~!:/1'::':II;::;':~,,:":i:" , .':: :1' "II!!',;, ,Jt1Lt28, 1112 : ,'. I :>" \ ; !"; ! !;r:l~;; :::-i ~:, financi.1 GUaran~y Xllsu~a~ce' 1'~ Wa~er ,Stre~t:i: .1, New, vork,New ~orrJt~003.8 Att~ntion: ~eryet1ElliCoun$el Citibank, N.A. ~9EXchangeplace i~16t;nF1Cl>,o+ New Vork,: New York 10005 ,",' ,"", '" ' Attention: Municipal Trust and Agency Services Administration SUDDlemental Resolutions. In addition t,o cQmpliancewith 24 ,2San(:i 26 of ResoJ,ution 85-107, anya~elldmentor ' , , "'1 Iii l;Lii eoolC ), "" ,],',:,t1il'::' ;i;:,!",i:; ;:":!~'('rl )'};,; "!.' ,j , '! 'I ',II:' 'I ",'i-;-:U:,;; , i I ~-I i 'jF ,,":,;nl':''.:''~'i:: 'r::;,rri' ':' :)!~: i,:! .;!' ./>i;r';:":l!\\,,"I! ;", :I';"'! ',,'(,.:/1' ";,;:,'4: '!,,\I!;::' ":':, i' ; ",'my II "SI.lIi'i'iil'! '" if 1:;"1 ':,'):' ili I:,J '!; Ii :.;q1'i:'!: '; ,:; I, " ~-i' ." C, , ,f'i:ii:'Ii}dld. 1 i"'Ii'! ,\;; d: '" I,' ,,' .:' I,jl~ i,':::': f :1, :'1,:; ': ; " , :: :1;;+;; ,:, 'iI,: i'T " , i ,," ,~!, " 1 J:nt.'t.'t.",' <>ni:!t.he f;:'Ohd~:J'I"Th;.;ldra~s1', .hall , be:' payab,le:; i"dthln two ).)uaine:.atdays Qf" 'pi:!....ntatdJo,n, i<i),f,t!hEl::lIIili!1ht:, dra'ft:~ r1!IIT1'1. 'I R..~rv. Aoc:lount LettteIJ: l:>fr,credi b',':sba,ll;be ifot ,a tern o!!riot 1.s~ithanth1"ee ycaara: and shall be subject to an, "evergreening" feature so as to provi~. ,th.Isaue~ wi1:1'1 at least,,30 ,months notic,e o~ te~in,~ion. '1'1'1. lillsueit;" ~;bt I' th.' R'e&4lr:Vei!, Aodouttt Lett,er 'ot CrecU t: ;::shall' 'i be r~cN~t;ed ,:tl:~;:~~o:t i~:~:t!~:e ,:is,~ue~' :'b'ti~'r~h~!!:~6'Y i:ng :,A~:ei'lt', ,; ~t:)~ :Y~,~~~,:Jhari ~~: ~ont;h;. ~ priortd ':tn,' sta,ted' ;;,,~p~~ation 'j d~t,e .of',the':~e,e~v. Acco\;int I'httlthf':d! ::'crcr<1,l ft j'la. ito:W)l(:jtil1ir';sUQh'ixp~ratio,,: dati 'shatl be' .Xt:.ri~~dl ,:.\i'ld::,1!l~ 8'0',', sh2i':l!'li 1:r'rI'd'i~catte the> rie,W; .xpiiratJi'ontcli. X t ,.i.1cl:h :;hotff:08 !i,ncH'elte..;' 'tba't!' ::thei'xptri~;ti,$;oh ;da te ':$hai!:,;t: ii' :'De .)(tir'ided ;::tllfe' talsue~lsha,l1jldeposd;t,! itj th~'ke:sta:Itv'eAbdQ'U:nt; an,',al\out\t But! ieierltl) :t:Oi"cause I,th:e blieh,or::;Auth(n,'1 i ~.;ckXrtves,tin.lntt*i' on ':'J4epcf)S it in'the Reset-iv., 'Aecount", itoge.the:r (with any,' 'o'therRes,erver'J\c,count In,ur.rige,' 1?01i,1ciie!s>:and ;:Reserve,:Account,tetters ::otcr.dli't,~',tO:,.qual the ' R',S.1r'Va~' AIOC::OU1liltd~.qu:ir.lD.nt: ~on all, Outatandinq', !8~n~8ii ,'such "al1". tt, tad,. 'Paid', in .qUal, '1J; st "q.."n tI., "'Fat" r...t '..', .....tl',lfl\\ld b.,i., lo".r" the:: ir('.lIla,1r)d.tlg~, :t,ertn, ~Clf, /trhe:"lhu'SerVe" ACeQ~n't ";~.tt ' !',()t Cl:!.<i1~~'," ij\iin~..8l: '~'8.:IR.~.rv6 Ao<c:dll~:t,!,tetteb '~f:Cred;t 'ta, r~~j): ','by aiiR..'it:Ye,I;:I~dll)~Un'\tl.i(:Insi'Uria,l'\'l:l$itP/:)'il'~bVI a,n~:/Jcbr ,; ~es.r"".<( ''\1m1t:,I,. ,tel:; Qt""'~.~Ii:lt!i ....~.;~q}lth. irlQ~;lX7ern\~nt;si I Qf ;ittl1s::i,'Se)::t.i j:i3!4;~)\;~: rtb. fHIi..tye 1Ab!tl:~~~ty r~ett:.rLotl:Crel(.i;j.:t'.h'a 11:. ~pe,rmi t 'i! ih dra,W in'(>\:l:lil;'<;'~91l l:.'h.,!:,tb~tlHt~ei:~~,,~~,,:"p,rt,OiX' 1:,t1c>,: t:h~ ':exptrat*.on ; Q1:': ~t:eri1'l\i!la~d.Cl~:: $~'.',S'!19h Re..rv. 'A,~oqurr~, ,:Le:~~~!t"~,'lPf'" (;J;7EuiU t: 'tt ;,tb~ ,~es~r've, .\PCO'\.ltltJ tetter "o.t c:r.~1it ,.1'1" n~t;, b"n ~~pl.l!.'l~4:.0r: I:filOElw$ch,' " The ::Paying: Agent 'Shall draw, uPQ'n~i:tb.,' ~El','~\" ,l\.90,P.Un:t.,tettf;lr,,:of: <credit prior to its expiration or termination unless an acceptable replacem.nt is in plac. or the Reserve Account is f~lly funded in its required amount. ' Th.us. of any R.serve .\ccount InaurancePolicy ot',Reserve Acoount Lett.r of Credit pursuain.~,::l':leretQ:;andtheResolution shall b4IIlsubject to receipt ot "an ,QP~n~iQnot counsel acceptable , to Financial Guaranty in torm and sUbsta,nce satiSfactory to Fi.nancial Guaranty as to the due authorization, execution, ,delivery and .nforc.ability of, such instrument in accordan<::e,with its terms, SUbject to applicable laws, affecting, creditors' rights generally, """,.".",c.'~""""H-,tt'ld',"."'tn;..'t:h.'~ev.nt""ttte: "is 8uer-" "or "~'a UcnRefse'rVe" ,,' Account' Ins ur a"nce" .Policyor Reserve Account Letter of Credit is not ,4dom.stic .~1\tity, ,an opinion ottoreign counsel in... form an~s'4b~~~ne!, i,~1;l'f.,tory to ,Finaneial ,,' GUarAl1ty. ',,' In addition" ~~..u~. riipfi>,tIl ""',i,~,',','.',,",',.,,',..,,.,"rv,',',',",'., ,".".~,',c,o" o"',,u,~, t ,',Le,'" tt" ."" r,' "Of, C, r" edit,' ,~" h" ".al;l",.b."" ,sU"",,bi, e, c"t ,,'.' ',t,':,Cl,,:' ""r.w::"",!I, ":t,",,I!>,. ,t,".,' li"'~,:,,(,,".,',",,,., ',11 ,:~PUl~Qn "of counsel AQceptable to Financtlial Gua;t',anty ttl,;;fjQ~I,'nd :,,',I.,,'.,..u,',',l>,.,",.,,",,'~",..,.,1'1, ;',0,., ".",., t" batAe,' t",ory"" t,',O,'" ,',' ,.""i, n,.anC,j,A,1 " au, a,ran,',ty, .to,"', t, h.""..., e"t,', ,.Q, ;1,~, i,';,~,', t,.'" ' 'IM~t.n~.\lndet' 8uch aes.rv. Aocount.Letter , ofCre4,i:tw<!u:tcr t\o;t ri~ttt.;t;.i.~utli avo.1d.abl. pret)arel1cesum:ler Sect!pn547 Q.tth.,.pl\!t-.a $,t.ti.. lankruptcy Cod. or similar state laws with, avoidable pr.ter.no,e provisions in tneevent of the t.iling o(Apetition f,or reliet unc:1e.r th.VnitedS.tat.s 8ankruptcy Code, or .,iJllilarSitate law. by Qr against tneissuer .ofthe aonds (or any other account p4rty und.r the R.serve Account Letter of Credit). 13 tOOW f'lfl),~ 43 ;' 'j <> t _ ~- ) , , " "j ",',' 'l'irheJ 9};\i,!fIit.id1"'<;~'Q l;rllimlbQra'''itlhei 1i81SUi.r',i'df 'a:R'I'~~~;'rAt!:bpl,rnt' In,~z,'no. r:POll 1iCfy colt-", ~e.:erV.';'AGC<;>Unt.:iLAt tit'!ii~f" Cfe~:'i~"f "r 'al\t, if.,.., 1 o~.: ID.nit'.~ Cbtt>cllt1'l\Si\o:ft" drlw;.: ttpctlli:"ue:h;R".'f!'ve,;: ~'~t!l:bQnt.,'::JlniUr'ahelt' p~11ie5*il'dif ,'a... e'i:,'fve tAb C(/)Uritt l'IJetite1;" 0 t, at-eid iJt:ah!il1),'De 1;~.U'llj(;)r,t:UTl;.i~.I. :t~:{., th, ", ", P', ,Ym,. " " ,'h, ,tlt.l,O, f,," "d ,ettt'i ,." IEIr~, :.,&ic:ie",', 'i, C)n h,'t"""l1,"fl, I.,:',,' ,O~, ~.l!.i::,T"h,e!W r, "i",'cgh!'t",:"",I~, t., It"" ".~e:,',,' i, !,ii,.:a,u, ",' ,r, ' o'f', Pt...Xj'V!tl: ,ikccoUitllt irrial\llJt\ande:t:joil i<:Y:-i1ott:Re:rie1riVe;AcO'cliiAt'".t'tier::.'o:t. ci-,.G\'i:tn~(o'!i pa~entt', O%'r r.,tlll.b\;lrsel1'l'.n~,'i'ot1:.:its fe"s'~nd;e~p.~se!s;.j.H;al:l .be' su'b<)rdiba taa to bcaall (irep;J:ietii,&Ihm_:ntlof: cthei'iReseIi'M.i', Aoootutt.',', and, subject t.othesflcondsucc~eding Iilen~ence,of thiIilP~raCJ:r~~hi' it~ r i9ht .'~o :::tleimtsulIT.eb-.;nti : 'f/ot' ',.1 (:;lai~a;!, oXl', ,:tIl:X'..... i,) .b~lli: :b.i{Ot\I, a:l: 1>~1"ii~y. wIth' ;~.l' 'ca.hf, t-1ep l.,ltt!i;i,tl~',n~ 'b.t ' t.l'ftli)~e'a'.t...ei:A~<::;~uhti~: ',':"t..e'h!R~'..~~'e: Ace~ta~~,; l1i n.Ultan~e ;jd:ll;li;cly!.hd!i~IS.zl1...ii ':A$d~\l:ntv Le~te;t,': p,~:d~~~~, ti': !~~':1'~,' pll'~V;~a:"':ifC~I"".'r;t1.VlOjl~iin,!!.t',.t~:r"" U\nd,e~" ~~,$~h t.he ,:a~c>un:t:I:;"Via:J.i~".b:J;.' ~~~~~p~J.~~:, j"~lli)r 'b~! "~*~:$l~.t1.dr"\:~~i'!t~,~;." ~i~'t.n~; ., Qr!.n~':"e~m~~~'~.I\'P'~:;: o''t..'.~~~~$i,.Qrl:~1aa~i..'\'paii~l~ ,It,Xt, ,1~~~ltir.iVPiil'~:1!Jl1'9j,fea~:tur.:, ;', :',s\U.~,.n~.j:li~~:. t.)trlljar\~t:.~:;j:tc>;t!W amY:"'it<<w.,,<;jn 'i"tt)et tcgh t::'q:~i!I{~h'~::'iil'~\1.~:::!~t' ):~. , ',t,~., A'obou'rt~ '~nsQr~~~.I!POi~il~Y~~:: ~~,~.~~,~ ~<!lIa:~M~~iL.t~i~~I:;u~,',~~ "',( 'MC'>' r.i~~~~.~.~n~:kIW!tll~i'i' :bfli' tu':/ttfln,'~,: ~1~~Q~~!~n:~:t,~~:I' " ~Q;,>ca:$h'i;~~'~, ,.IDfatf:\;ti ot('~h.il~~.,.;r,N'''''I\~~~n~,:irtq ,''4rt' t.~o~O~i.,e<ij~a~, !'~~i!t.h:, <1~e,~.,~~.,g. " ., ..ween, th.!! .;~t~~.iJj L:~~ itg~r\~'~,'lIIi~,u,nti. ,lii~V"~';i l.,~ 1,; ,ii,' u\nll1~!r "j'!t;b..', .,' .~..e~'fr',.,:~Q~Il)~f\t In..~r\.l\~'jiPpW\ilcY iq~: ~~~.~~:Y~'l AqClQ~f\,~:!;~.tj,~,J:j.;p!():',Ctl.j;l'~,t!'1Ia:l'lc;lh,~~e,~pUh; th.n \..~:. ii~'~P;~ en. t, p~I~~r~Q'~:,Id.~ ~ "'.'1 i~iQ~ 'i'~~"il'(l$ii,~i; tIn ,th. i I~;~~n.~i " (.:)r::'~J1': i.sl.18:r<;~~~ .. ~~,~r,y~ i,,~R~OUf\ti:tns~rA!,'\~lwJ~9l.1'~:9YI'~1'l1~.tJ'~"'t;,~c:cll)\Jn.:~ L'8,tt.I~~j~,I,q~e~~t.d~,.,~om~tJ'.: 'l,J:),oJ;:vreant:, i i:'~itt ij( bi)i~:;~li)e.,~ss':1.J;" Qt:~~J!.~,S"~lY" AOP9~'n~;,\ I~'~lI; .~Q,l'\'" ~,G!'~ i~y!,: ,', cp.~J' "ij.'~~~~V.',i.~cGl,Cj?l;ln~ ':Hca,1=!,t,r,<,C'> ~>"!~r:eSl1t,t, d'f:au'l,t" ,"~~il,~~', ~"yul.~!t Ic>P.ll~S\Il;~~PlnltJ:i;t",'~'\j1!:lj;l.r)f Ori",(iol"iti.'h:'i'IOl~il.Jn~'!". pay:inq":,a~~~~~~,,, qt, ,~Jl.'iiis.'1;l'J:!pf; At;.h. i'R~~:~cve ~C::<::,OU:n~i;Jll.uralnoe; Policy faUs below "MA" by Standard & Poor's corporation or "Aaa" by , Moody's, or (d )th. rating of, th. issuear of Reserve Aocount tAtter of Credit falls below "M" by Standard &Po.or 's corporation, the Obligation to reimbur,se thE\.A~liiluer ot such Reserve Aocount In.urancePolicy orReserv.;,ACCq~n't:Leat:1;er of credit shall be auborc:Unat. t.o t.he cash repleanishmEmtq! the Reserve Account. · ,,' " "',, "In the event (a)thearev;;'lving reinstateament i.at~redeascribed ..,,, ',-""'" ".''''''"'''''':'~li''~~~''priQ.aln9 '])'lr.qtap1'i't":.IJI~:.~d.~"'OX'.tt;.tltt1nl'ttdt' '.':~l:'" .('~'):."'tn;."" t.1!Cl\~r);ot thecla,.i.lIls....pay lng ,abl ill tyo! the.iss~.,r,~t .~b', ,~.~.:rv;e .~~~<>~1')jtiJln,8uX"ano. Polioyfal).s below ','M..\ll PV Staqda,l1i~":,p:~or 'I C;~~JQrat lonor" Aa a "bY: Mood y , s Inv.. totsS.tV iC:.,: ,or ,(q,)'the l"I,ttn" of the ,issuer ot the ReserVe, ~aQPut)tLetter,Qt.CJ;.4tt;!#~l.l,s ,'~il0'j "~.. by Stand..X'd' POQr',. Cor~pr.t,ion,t~H!l,~..\,,\e~,.~all ~~~~:t Jild.po8it.J.,nto.the ,~.s,.rv. AQco\.int ,art ,a1'Qo'*l\ti'~ltJt:1q~~~t :tI~ .,'Q.~'.!i1:b.ici'.hor Author:1..e(4InVG.t"ent,s Pn.d.PO"i.t'#.;!~r:I,the '~..: '.,' a AC()O\U'It "to '. .qual, . t.he:'.~...rv. A~<ilount,~,q}1,ir'lll,..~t!;ii~~t,.~ 1 ',QU '., .an4in.t Bonds,auoh alllount tobepa.~d. oVIU..th"i.J;\i.,u~n9i.t~ve ::.'.~r.1nlqua ~ insta l.llllents , depOSit ted ,at 14aSt..eJni.n,n~~ ll:t oxr "" ( 1i) r:lplaoe such Reservea Account Insurance Policy or, Reserve . Aocount. tnsurance Lett.er ot Credit with a ResearveAccoUnt Insurance Policy or a.serve Account Lettear ot Creadi t lIleeatincg t.he requirement.s provided herein within six monthsotsuch occurrenoe. In theeve~t. 'ca) the ratinqot the cla1J1s-payinq ability ot theisau_r ~f the R..et;'ve Aoc:ount., Insuronc::e Policytalls below "A", or (b) th,e rating 14 .', . ~Qf )Jlj\i;\i!l , , , "~I;I;;li!S~':iil,, lid' i','} "eli"]'" " ~$ i;i~.~~!J.~il~ , ;'::'1,1:; 1(S:)1'::lDii~h~:1!:,Qh1tll9~ta,otl~: !iMlt'f;tu111 gUaltart~e.da ib:e'ir;~~!ft~~~~~$ qf:'l:)~'n.!fUlcia 1 , tnt'ie:lt;Eis'1! :otl ~hei: S)iCpctt-fmpOltlt:aa,tik)', o~ "t:.J~e :'tr,ti1:1t'ed' St:~tl...:;.":; dons'C)J.ld,a!ted !' deb1i .,obl}.:igat:i.orl$ ,andlet'tlilit'!!'jbf,1:pr'ed:i't.." bad)t.tfi'itS~U~soft:he Feder'-l:.. Home ;ticiarf ,aahk~ ;:'!lia;~t;;;:llid:ijjp'ati'o:rt de~~l~~aartes i:a;Jl'ld \senior,;a.bto~:t .tgi1tu.~Jil~ :.o~'~ the !:~~'<le~'al;':Kb'!t\Ef: Lij~n(! ;,Mo~tgaqe '" i!OO1'i:p:ora:tiion::!l'J~I',1i1ttr1MGS:") I;: I d:e"J6ei\ltu.ltil$!::!:~:t;i;'~rtlt; fjed E!t~;J( ';::liioll1~ill1ijJ " AWnlin ist,r~t if oh iJ,i!;, imortig age:- ):J'a~~~ta::"s~'c\hthi:t;~!~ S'i' ('exl3,ept: ls!tirl ppea(:mot1':t9age ;"l'Iie C1lXr it i eSt:wh loh ilre,f1iill,1LUed;i g:tt'eat'er: t::h~r)'pa\tt: .!dn;the portion of unpaid principal) and senior debt obligations of. the .' Federal National Mortg,age ,,"sfio,ciation (n FNMA/AI,"J ;1t:U,~t;'(li,p:a1t~qn:<celttU,:;ti,d!d:altes i;ofilth~ :fG:et:n~ria:;b i$;er''!li:1.ces A"d)D'j!ni8~Ql'a ti1,:o:n;';(i)g:u~ra,n~eed ,mortq a;ie"backeaji:~~eiOUr~t ~iI'S'iand' 9"Uat'a;n~e~dl"i;;pa~t.iic ~pat:ion;; ,cert Ificates ".Q f';' :.:the:/c;Jpvez:::nme'n ti\ National::'] !tM~tt.t.:9a<jJe Association (",GNMAS");' guaranteed partiqipationJ,certif~cates ,and. guaral'1teed "poqlcer1:.i.fi~ates of 'i,tll~}! $inatalt'; . aq~jin~~Sj,Adll1!itil~i~:~~itii 9t1:;;::' 'd'~'Pt:i'()'~~i9'~ti.iilbn!'::!!f,~rt~ l,~,''',:,t:,:,;",:.,r;lk: i P" ,.t,',',,', ",<ll,',', i"",'i" ",."...""",b" ,,~.!l:, '~.',.e",. d.,.,',;, ,',.',ir"," \:~,','"."'"'s"',','\i)",,.e,,,, "$',,.,:,!i!,',..,~,' ~.,',""",ti.".,,,.lll, .ifi'.fi1" t.",U,'?"",'l!l,,'.,' n,',' '~'u!p<:;>an:!;lllt:.il,','~,!q,., ,;,. :~&i1~11l ;i';"I'~Cl~(J. ~u;tll,olZ;il~Y::;~~nd, ,;ehe!'1 ~ Il'O~, !toq IqrpE?!lI)ihPe,e~9~.1'(lemi;t ;i!,i,fi1\.1~'z:"J~.", ",tr,J.,t"" M,a;X,'!~!~~;~~:Admi~~$.tr~:t;i~r,rll;:, 9U:~p~'n~~~~d".."., ." ; ',Ii. Wapljlini3'!~li~niIJlr1lJietropolii:,ta,n::!'~t'ea;:I""iji;!ran$~t\ :.~ 1:)e):cil~', '~:!i"'~ti:,:':-1:-1'~'~'Aj,,i'';~' ':I"':~~~~~o" ~'<~i;t.:~'!~:~::l ::s"e-,,'~'u:<'M:Oj;~~~:':e":s ':;' :'iI/:':,;q. "", ':~,"!":,::::,)",-,,(";;',! fY,'1'~,',\i"l;;. '!if,'i';:''''~~~~~: '~!':lIJ!:I~~i"'iil:"!'''',1'4,!""'''',~~:";,,,,,,! "'i:,i~",",...:.,..;:,;i"i," ,!'{il"'}, , , '"',, ),::::i il t' :11 Wi r '';'': :'i';,. ",:1 ,(,:".)!,:,.I:;' ii' ,:: \':1:' "i." :"i,~k;,!:. 'i "~I .;,,);, .:')":';j '[:t1i'1"!i' ":fni:,!! 1'(/ ''<iI'''!, dl(C ),,; 'I D ~ilt1.:~t;~p,ij~9' a~J.on~:i:(i)~,!:",ny, '" st&~e <;l:f ,tb~1! Un:t)p~~! S~~lt!:e~ q"'f!i! i:~:~rd.c~t(,;, ~~i~:~:ny;! ~u)1)di:V:'~is j;()n,!"u~r',! aC!Jen~\y i" ~~er~Gt,.::i,;w1')ose un.s~C:~(r.~, ~uni'nliil\+r,ect,atla;iUn9'~a~.nteed general Obligation debt is rated, at the time of purchase, "A" or better by Moody's Investors Service and "A" or better by Standard & Poor I s Gorporation, or any obliga~ion fully and ul1cQnaitionally guaranteed by anysta1;fl"i. su.bd~~ision or agency whose unsecured i uninsured and ung)ia;rant.~~'6 general, obligation debt is rated, at the time of pti.:t:'c!hase,"A" or better by Moody's Investors Service and "A" or better by standard & Poor I s Corporation. CD) conunercialpap~r,(hc;lvingorigi,nalmaturities of not more than 270 days) rated, at the time ofpurcha'se; IIP-lllby MeedyJ's"Investers ",serv'ice'and"}\:-l".lor"better ,by'$,ta:n4',a:rd" a"~ Poor's Corporation~ . . (E) Federal funds,\1nsecured certiffcates qfd(!~O$it, timedepos i tsor ,bank.ers . acceptances ( in,iea,qh;ca~ua:! l:1.M~P9 '," ""',',,',.,, .,.,',, a" t,'"\l,'",it'.",i",t",.i,'",,e, ~"",'"o, t'," ,11" Oit", ,m"..c;>r,e""",t~",',a:," n,,':,,!3~5,' ,d"a, YS),'" ()f;~n",,!.,.,,',,',',.'~,!,'~ ',Xl m,''-,SJI,:,.t,'O, ',' .,.:,'..~,',','""',a",,, h,.',k ,:1.1+: ;,blCl\ld!ng a, branch.of~ice,of aforei<jJn~CilnJ< :~ichbr~n~h 'i~:i:i,:; ;Q~f1c:. .1s,loca:ted in th$,:,:United. States ,pr9v1d~~j,'1,gal l'bl::i,'!:ltpi11~~n8oll~erece1ved, to the eff.(!Cj;:t, 'tha1:, f~l~ ,and:A:;i~.ly !:~i;:p~~entof ,such dep<>~it,orsi~ilar 9bl;i9'at,ioni.ier)~oQ'::Qe~~~e '. . 'atail.nstthe,prinqipal .off,i,l;le. oral1y.~ranc~,9f ,S~Ph .)l>,an)<:, Which,at,tpetittl,e of 'purchase, has a..bort...t,e~~,:~S.pk ,Oepo$it" rating of.IlP-lll by MoodY'sanda; "Short...'1'fi!rnlr,CP" 'rating of "A-l"or better by S&P. ' 16 eO"OOOp4~~ ;" '? :'r:~,f ;';: ') t}:": ;' , , ~ I <:, i ::f~ ., :, 0 ';!:~ '~f1' j '" h f',; , ",. ,1,1.,<1, ,: :) , " I. ,ii h, ,,; , ;~ j, 11: ;:; ii ::i (,F~I: Ii. jO.pb.li'~8Ibt;l~rn:y. ;b~h)(j:;bt,10j.'~in<j;s)a.nd:ibil,nii'a.~1d)<ii4:(iI;()1i 'Whiohha.t'~1\\bht'ea i:c~~lta~~,i ,$arpl~$i; i'n(i,:utiijt:'J;i:6;~~ ' t:i.U!d: J~t'. not If... ~.,'itha,h ,$!)\,udl.:liori",!':':~t'ovidedii'i!lUch:; ,d.' " t~ii':a'Jte: conti!jludU.l;y: an/l:l lflull~~ insur,Et<li" bY, ::th": ~ahik: ilniiU;ahee (Fund i. d'~. the Sa\!1Ingsil ~.,so'cU.ati:ll:Qril:llj\sur!ance ,'Fun~ of~ ,the;:,Fed,rat'Il>ca'posi't: Insur&n~.cO'ttporra:t:ion .,i :,. '11' i " ,', i>,' : ".,i. ,i, ,." i I' 'fll~ I: ,I. ';. ni!1 .,:! '< ' i: J"i"::" ,";:~I :" >: "":,;: 'i " ii: ' (0:):" !:lIrlv"$tments' 1n'mohey;..market; funds tated'"AMm"'or "AAAm-lG'!J! b.y ,standard & Poor's, Corporation. :',_,\,: .;, ':',': ,::,,:_, I'. , ,_:L :'.:1..,1:,_ _. '_ ,':: " :,', ': .:"";:,, ': ':', ,<,: ,(8.> "Repuroh'!~~ i: iaqJ:t~eniiEi~~:s: l"ddU:J;a,ti~ra.1Ij;~~ctx ':;by , Obli94~1:;'" 1 '~~~il i~ 1,:,FN1Us.C, ';d#':FijLk9S':','wjith"'f"~i1Y i t,..".a br9k.lt:~d ,1!':'::S,u,):jjd,iS!dt .It;o ,the, S:e:cux":i t;t;es:" ;:Jjn~EiS'to.~s."} ;P:t; .. ::on: cor,pC:i)l~~tl~imJlj,...Jt!d,,',df.t~t JiCl:i1il !Qri fd)y"oc>1l:unercia,l,bank, i.h.ute~i'!b~ ,;the FD:tc; 1':,'"Ltt!.'~~b! I bX';oker/~'e~ler or bank has ~mi, ,uninsured, uri..c;:ure4a,nd.uri~~ra,J;lte4!d. obli9a~ion rated "P,t!'l ~'or !'A3" or better ,by;Mfl)Ody~!.i!,!'tmvi..~'QI'I.'i:"$:.tvliq.';', i!arick;"A~:~,~(: Ot;1',. : /di1. b.tt..Jt,:;t?Y;:i.i$~.~~.r~!',~::iP~ot'ta:j$QrPQrat.i,:$n)":1i'PtQ,vi ,~:i,::!: '," i", ;"" . ':I'i::i,~<:~1. i!~:H,I:)1 ::. ;;''i''dL',! I, \I,;li, '!';;'"I,,:,~;H, i; ;;":!',;',;:;;',: "i:,li:;,';;,::\:: ;i{~: ( ja. j, .I Ij la i ~1..:~u.ter'l '.rep:Y'11(;:ha.,.!,,""9r_e1'l\~Utti ';r,:oilt!li P ci !ti,e:; , \6i;!! tt.~~~n.\ :te,u~rl;:h;~,. aCJlXlQ,l\\tnt, 9 Cl,y:,e,r,n:s ,~hll*'~_' ,,~~Q~ ~ ' .'.nd: :::;~. ':'i~~\ is'ecuri~l~si:~~;' h~:i~ :~~~~!~~(tcle~~ini~'i ~~~ lien ~y th~ i'J;:~Sli1.rr; o~ .I,.n J;ind~p,n~eT:l~th~):'dfi P'~~Y':i: a~t.i~,9 "Ql!.,~)! (as ~qent.:(.. Ag..ot ,,) I fori ~l)elsis,~er i,':, :al):\dY"'4,<$11','t;,q,~,Jj,d P.~:~YI ,'Iis: '! ( i);; a ,:~e~er~:l: iRes,.rye, :aan~, (:,i1).:; 'abanJ(; 'Wh.l(3h t.~member of the Federal Duposit Insuranc. Corporation and 'Which has combined capital, surplus and undivided protitsof not less than $50 million, or (iii) a bank approved in writing fQl:' such purpose by Financial Guaranty, and the Issuer shall have received 'Written confirmation from, SQ,Ch;; thir~;,party that it holds such securities, free and clefl.rl of any lien, as agent for the Issuer; arid' . , c';":ip'eX:tected d'fir$t: security" i~~.r'u~t':~d'i~: t~. :Uni.form oowne.re;;ialCod:e, or. b,oQ)( 'htrY;Pt'Qe'd~r., IU:'..~ribe~ at. 31 C~F.R. 306.1 et.,seq. o~, 31 ,C;~~.'~.ii31$,O.O at ,.eq.. in S\lc;h ..q\Jrities 1,$ create~ :fo~ 't~. ;~.:nI~~~t,9,t tne 1..\1er' anCl " .', '"J' 11", ',' ','" "'I, '",','." , , " "'" ,,:: ' ' ','.,'" ;i' ',i/';';;;! ,:';1,::: '1;:1' 1:' I::: ct,o the rep\1,rc:ha$. aqreelllen.t h;~,1 ai tie. ;Qf!I.;1.,8iQdat, Qr '1..., and the Is.uer Or the, Agent: will, "..u.: ~l\e collatera.l ,.our1tie$ no. le.ss frequen~ly tharti't'.;.~ly; .1"111 will liquldatethe coUat.er~l 8ecur~ti~.,! it :, ~~y deficiency in the required collateral pei;'cent.qe:. 1.,t'lot re.tor.ed within two business days of suoh vJluation; and e. the fair market value of the securiti.. in relation to the amount of the repurchase obligation, inoludin9 principal and interest, i. equal to'.t "l.a.t 103"'i' ' 1,1 , ' , ' l\:",!(,{;::i:i:; ,,::: i;,; :~;~ ii r . :1. !~;:, ..~, ~;;' '1-;'; { 'i ',;!~';'ijil! .l II L. i,., It,~, !1",':ii,:",;;'~~,',!':J,"",'[";!'~"'::"'::":~:'1,:~,',:Jii,;i,',:;", \,I'I,::',);"i,,';;:!lJ;:,:; , ' ~' ','0" , i,i i'\~',;i!;,':'fli'~i 'd/;r' (\ I Ii i" .:, ;:t; ,,' , 'I: "i'l! ';r,'(I) tcn~rtjjti'cat:i.$'!Qf~: deppsi t'"ort'im'e,,:or ('}el.Jlah<:1;;c:1ep:~sits 'w;i;thL;a':'''q~a!liJf,jJed:'pUb.lic depoSitory" (as defined in Section 280.02(12), Florida, Statut~s), secured,.in the manner required by Chapter:",28a~, F16:ri.:da:!Sta'tutes: ,t ",:':J ,:, ':'~ ::,' :i>!, I' i , ":>::. ["':.l'!i: ',:;\:~:" ,I' .' r.; !.".t ' ':'i,,:~; <>.:'/ .~,.!;:~,' ~ (J) ,Units pf pat;ticipation in the Local Government Surp:lUsi FU\rll'ds'll'~Ui1ft!: 'FUnd',,' establ ished" ,1,pur:lSua'r\~'t " t'c:: patt, IV', 'Cha'pt:'er.: f:21a;:',F..1.orida s~atuteli:ti (:ii, aily ',:s!ttfii;l:ar eil>.~on trust fund which is. eEitablishedpursuant to law as a legal deposritory.i (c:i~ il:lt);)jld.o~i1Do'heys;.ii W',,I11 k :'::~ ",:,; ;' I:' :,i;) ll: ';'1,': ;~";';:lt ""\1" ,I e, ""; :I",:';:,:~" . ~:,: :"i, f;'I;,'I,::":","I":il:"':>:'I' :::;:"['1<:'( ,,':l '; :':,I,~I:h,:i;"',::i t:::~i':i\l; !:;\:':~ ':: ~n:.i ',\ i,iAut.hor.it zed f)IfJlv~st~el'l:t$: ,d'ep08 it1e<1 :;,j;n:'th~ Rell,~t'''e.i, AQPodttt ;i'.i'liaJ.i'il~ b.!~1Vla'lu:e;di ~ nQt 'le'S'S'Of~e,n:,than. \ ahhua'l,ily:": b:r::th~:1::isslUler:, :a:t':bhJSl ItIl~l'~~t :::val,ue; t~erepif'i,"':e:XC::J.usive,\ of':ac'cl;"t1e~ ,d~titt.er~'$t~. 'D,ef1rcier,\c1~u~;lin :"tne.iI!an!QUnt;orl' 4\e,po$i.t.:!~n the,! Re$I~U~.i\!'~: ;:~~q~:4~~ lr;es~J,:t,.t:tl,9i:':'.frlomi>f~II' ,i4eq,1.'~ne , t,~::i::m~r'~c;at 'Yl\\lJ,.ua, ,:~ha:l',Si;bd~eid .t'rom:I::~:41,:t'ifl~ \<~, ~p~~"mpn;~,r~.i, i'iJ,:'xt!;8'~,~i:' er~n~ii:,i "!'I:(:~~,e 'Que 1'!I(;(l fOJ1lda,tli'li.' "I '1""" \' J 'I. "j, "'1"'1'" "" :,: i" i: ,V ;1:1::1:',:,::::;; ': (:i j' <!lti: r I![:;. :;(;i " ";'!:~I;h:i j, :<d:; ,~,i;:i;;l:::,":"~' ,:(,~:~: "il ,;i. ,~:fl, i$ie:r:.~ i <g,e(,~eq\~ijt;eF~n~'!:,fl~l[1 :~~~':' Bp~~(:,'~;e:~;lt ~ .l ?t::Ul;t8 Bonds"Qf, '.~Y!i'Sf!r!'~'est"'I,ha)::l t,~ean,i :'t}l$o su,m ~r~;"t "~,I ,"I,..,... ,"I'.I'! I" ',i'jl ),,',,., ,;:,. "J;,,:\';:j' /!f'Jy:;r.';,"jt':<,i::i1 ::',,:,'':;'('';.;:/' ::' ,ii",,'; :"',,,:, "~i,ii/ ,ii,,!;'I, ' :,;,' ,',' i'J.P, ;:1 ;(i~r :,!j i1h:~ . ~~q14~t,r:~quh:e:d ',t~!P'Y t'ih.e :iJ:t:tel;"~~t, ,li>e$C?mi'~q :dpe "()~' ,t;he, <Bo~qsll~,f,;iS,U(lh" Series. d\,\;r:ing :S\1Cll, Bond;Y eat' )e\)Ecept \~O 11::)\el' :,e)i(tef.)t ':': ~lla:t~, :,s.ucll' inf:erlest : :sha'l.1 h,ave.. Ib:e,~ri, 'pr;c:Wideij, "py p~,~,ent~:~j.n~~ it:h~ >Si,nking: F:\.),n~ out of Bonc;'l.i p+00ee~Q,~:: fcj)r,,; .,a specified peri.od of time. . ;~, I . (2) , The amountrequi.red to pay the principal of Seri.es Bonds of such seriesmaturinq in such Bond Year,. (3) , Any amounts th~A",,:19winq, ~.nder a Reserve Account Letter of Credit or Reserve. AOfClountiinsurance POlicy. (4) The Axnortization Installment. for the,Term Bonds of such Series for such Bond Year .~11,C,PJ.ll.t:?l.l~i,n9.,,~.b'@iJ~9tla,:.Ser,:vice., for"'l!ll1y't:ro'rraYea'r'fpr the Bonds of any Series, the Issuer shall assume that an amount of the'rermaondsOfs\JQh Series equal to the Amortization Installment,fQt' the, Term Bonds of such Series for such ,Bond YE!arwillpe:reti+eci~y P, u,r,cha"se or, re",d e,m Pt, iO"n in, ',S,\JC,h",., B"o,."n,d"Y"""e,a, r",..",',,", .Wh""~,."",n",, ".i",.,d...",ei,t,."e"""".r"m'",J,', n"",,',, i:"n"q, tije amount of pr incipalof . and :inter~st ,em th-':j~~~d$,Q!;.:n;y ~erie. ,WhiC:h matures ,in, any apnd, Year, t~e:$~~t_~ l~a:tuX;~ty 4~teof>Term Boncl$sh~ll be disr$qarcied, anc! th.-MQtf1l;~~~~ic:m Ins~~lJ.ment, ,~f(lny, aJ)p~ical:>le ~o jTerm aOnQ$.insucnaond y,ar shall bed~emedtQJ!la~Ure in such year. .In OOlllPuting SUch "JllondServiee Requirement fpr any future period, any Variable ~ateBonds shall be deemed tobe,ar1nterest at all tlmesto ,them~tur.itythereof ata constant ra:te Qfinterest equal to the qreaterof (a) either (i) the.rate borne by such Variable Rate Bonds on the date they were issued pIu. one- 18 :: :i' : JvLI1ill)11.1: Lr; i. h:/':f'!~ ::";:;'11 :,:!'1'!:;" \I}'[, ihi; i i'ili ':J: 1:::i ),i", , ~::' ii" ,:' " ';"i'I' I:)!! ,h": II ,i,',:"',,., .."" l,..~" .",a,..,i,f:, 1".'.,.",'th,..,e,. !~~;d":I",,;,e,,,f;fi,.,t!.e,n,:c~, ;:,'b, e,'"',, :t.,,' \Ii,,' f!e" 'n,~ ~,.,.j,S"',i,,,\1C,h, , :,,',., ~a.,' ',t ',$': ,.',.,a",'.,'.n""",'~ "'!"':t""",he",~",!I,I'M,,,, a,'.~",1tm".,,\l,.,',',jti,.,,' J~~t':r.e.~di~at.bcrd,.( ii,~:l!th~'(~p~\1a()::ldrl!ttre;of : In,ti.r~stu'!,~dr~1 ,bt !;i IhlClh: c;;Va:tiablet ;,,:tld:e:"iJBdnas;'l!ori '$\llC~<I:,!''date ";:'O~:1iQa14ullati,,,n) ji"hi.;tlbeVtlt,':i$ b!.gher,i :dr:('b,)>i9i~}2 t ;'i'ptlQ\d.d:ed;p hO\ii'et+ti!r ,:j;1tl!hatF::il:n )'lbbmputdrn91;,uch Bond Service Requirement, ,in future periods for p~rpos,et:l,of. Secti9!l '. 1:9(I) (2),' ;Of, Re~~lut~pn~Pt~97, II~T<l~ Y~t i~>>,OiI:i::,R~j,4\i~'I,~tx~I,,\: '~~'~~~;;9;\;1ts tanclii tI';I:'Shai\lA,:nb.IW;;d'f;\,~~,e~;: til':' ~,~;; If JhnteIlest.l e\qva]:' Ita 'itthEIJ 'M.8Jtilmu1l:lXfit'.reltI1Ba'te"i'i "!~i ;1~"'1i"i"':i\ I ,'i;"I' I" 'i ii.; i ":I"'I~:'I: ,i:'i}'" ""JI, !,~\:~: ~,j" ; !;, Ii " j'~":[/i, .tl:, ':1 iili'," ;l:';'j;' ',i ,U',(:, ',.'.; i':."I"]',;;' "bilr;r;'JJ:{ Ii:!!',!, Ii ~i:::i, " , " :'(G),:},Fitnar'l~~aJili'G\Jar:antv'deettlledthiird...palr.ty"Q~~'e't'~'9~at~Z :i:::'tot all ;,pur,pO$e8 lUtr.'o' and.i i<l)f;:it'he '~esQJi,ut'ioh!~U;liLlilanc::iat:Gu,~.~t~ IIhal1 1:H! '.,; cait~lI'l.~! )a':~ttlirca~p.~tYI!ibe~e!t!l ela~~j":~ndl a~:k,\I,O f ",,1::he:; :oovena~t;.' \ and pt'ovJhs:i~~$~;b.j;,~Qf ,. i:a,nti"jid(i "i !the 1" 1]K:fa$l:;il ut10,tli. ,.,'(d.noJ.uding", ' wi tiho'4t limita~Jon" f)eqtiQn5 of,Re olu:ti '~;5i'107) .and,$h~ll>be<1:.E!~ca':;f!o ~"",:" ,.,.', ,f, ,~, ',ri:',;,';'~~",..h,a""',~,,, :;~"i,,:,',,~n.',.~,",i'#,"i'~, :'~,'.,",!'.):O,",J.;: :,,';,li.F, i"ill,:I'1"." .,'" , ",t', j.~,."I,l,.,;,,:,; ,"',,", ',.,'~, :,11,' ,'t.:..,',,:,, );~!!:Ii:.',',,':'~,"',;,~, ..",'" ;,:i.'.:,.$,',",:~,m,',',',I,:,,'.,,',!,rll '"'"t",,,i,,..' ,'. .!i.'I,i,:"~",.,:,;",I"";.."".,j;""".,:~",,,,, "",.naue "'.iII'G\fA~J:IlI41~iV"iL!.AI' ~;;lil,h " ''"'a ';~ :',''l'le:Ji;1 ' '...!t..;.;.,,~he.,~ 'i'I'I: '"1,'1",1";",,, ,.' ;,""'i" ,,", ',"'I,i'" "'TI'''!'<'i'1tI ' .", .."i!"!'~ tC'.'(I'"," ;':' ,;, 'I'" ",!':'f,"'+, ,I':' ",:" ',':' " "",'1; rr;"",,:' ""lI"'q.,;:", "~"~I' :""'\) ;',': ';(*{:ii'I:!!li~!.j,;I,':'\":, t"::":/'iJ,>1iiiliili':"i::I;',:i!';ii'II:H':;'i,,, ":'~:I:":;!'~"'~:'!'",, .:it!:I:' '. .,II)."!I:'" , ,",.' ".." .,' '",;,!Ii,~q.t;~i~,~b'~t~tiq~:J)g;'.:lt.r.~ 'Pilt'tv~S\,~~r:t~'!;o~,!,~'eqfr~4?J!l'i:~~(~) <>t, R.~q ~ ~t.:i ci>~ 1;:$:5 i':1:91;;l?i~~j ;~~it.f!l;1~!in~;ng~heth:.irL~:: ,p~ ym:.~~( default:, hal occurred;or,Wh.,ther a p.aYllleJ1tt,..op;t,he ..~ondsl't~s, };leen,niade., unq~~: tli)e ~es<? 1 ~.~ ~~OiMjJ)P,i !,et.feq~;ilitp;~~:~,>~.:g ive;rt ':tol::g~p~:nts,,:iltl~<t.H!!IUh.~~~,i;i!'h. !6ndi!~;t1.,~anq:~;:,plI>l.~cli~ "j!;''''I,';i',i''i",','I,'i,;lir i'!,_" ,1"'):',(";' ""I'llil;",i';,!ii. 'i;!':)'i.,;,',::: '''' '. .' .."(:i;l:,:, ,(" "'i,;!)",,!,;:I:!, . ';;":"'ll 'I I;;,): I,;:,i,;,,; " i':,,",";,,;,:::'; :;\1::1: 'i':,,".:,,'\:':'.' ,}" ,;,,;::':;,,\ ':;,:: , '; "';": ,~,'. ,;{ :', i'I'i~, ,,:,:IJ~)"'i:l~ifri'QR~~~,!'GU'r:~,p~Y'd.e~lll'~'(19~~hO'ld~,~,:~ " (Fo~,;tia:~i, ,P~~P~"~. Qtli,~.~~~on" 2 3, "o~ ~~so.':l.iut~,o,n8i5;~1 Ofi'!",$~Qept,,~h~lg i~in""o;,,~not.:~i:e}'Q# dtlt.~t~n' tp:, a()J)~nott9~rs'~~:,t!fn~ric;:i~1"quarant.y, ,',Sh~ll~~,e",de~~~q;,,~Q,1;>e the.61e h'ol'der of i::he 'Series . i99~ Bonds for so long as'it has not tailed to comply with its payp\ent obligations. under the,! Bond Insurance POlicy. ' (J) Defeasance Obliqations. Only cash or direct: non-callable Obligations of the United States,"Qt;)Amerip~ shall be used toetfect defeasance of the Ser ies~ 9~,~; Bon4$.'J4ndet:Section2 7 . of Resoll.1tion 85-107 unless FlnanoialGUaranty otherwise approves ,different, securities. In the event of an advance refunding, the IS$uer shall ":"'"'~'''''.'''_M_,CA.u.s.e,"."to,"".bEl..delive.r.ed:.",a.,".~ep,if lea t,i,on' <repei't'of' ',an ;'.tnclepen~e'nt . nationally r_cognhedcettltled pUblic accounta,nt. . ,',' , " " ,.,., ',,' ". I, i, ," '" '!, ,n'!il,: . (1<) Tr~nsfersofInt~~~st.f\PPrinciDa~: P~;yrn,nt,j;:oP~Y~'~9 AqeQt~, ;,Not less than one, Bl.1sinessOay prior toeaQhtfiterest~atei' the Xssller.hall transfer to> the,J?ayinq Agent f<?r,tl'i,.Se~tes~992 aondsJrom fundS onqepps~t in the.:SinkinqFund,am,ount;ssuffl<;:i,ent to pay.>theprinclpalot ,Amor,ti~a:tionInstallDle~tflland. interest 0.0' the aeries 1992 ,Bondscollling d\.leonsu8h:J:nter~StOa~e. ".. I, , ..OfXOIt 14 ~, ,AUtiBO~I ZA1'XOll '1'ouacO'1'.!l.8CRQ~"QIi'QSI!1' AGR.IIUCIM. ThEl,llsuer hereby autnorizes and direqts tn.chalntaTt or Vice-Chairman and the Clerk or any designated Deputy Clerk to execute an escrow deposit agreement (the "Escrow Deposit Agreement") and, to deliver the, Escrow Deposit Agreement to The Citizens and Southern National Bank of Florida, Fort Lauderdale, 19 &001( ft~O PAr.t '49 :!:!:I";"ii; ,,:.tiii. ,I< : i !~I-:t:i-~,"I"!I.'i::n.),'li)J_} i~',i"!:;i:', j(\:;:!:~,;:~l:;'::_;dll';::i~:; ~,,;~I~ 1', -il jIl H'Y11\\~' ,I, '::t IJ:,'h ,::::;: h!'I"F:! '::':',:' ;:ldl~:!:f:,f:':,'!c!;';,,;I,:i!>';' ;~;,:~;,:~~i: )i(1~:~:I- l~i'- '-I-~l"^"-);;~-)['i:I',J-;';:"j 'II}' j 0.1" I)'~ I IIp.l ; :,," j ~'~ lNII11"I' f~lli!~A~,' '~!~~!\,'~~-!~")~':-d! >:,:i,':,!,t:':,,~'::;)"'l'~"'I<':' ":_,,,' ',;::.,;J;!!":l..'j(;i:1 I I' R' ~I \ I jol, ~I' '''I ';{I ,I II Ii";' .;,t:,d"_,:,~,,j:,:~, l1i "jj '"'''I[~ ~,! ".j:.,';t~_,.!1 It'I'-' ,II, ',',_.,1';i;1 'I H tl~lfl,III" ,j, I"" 'II ',I, I "ll 'l,' ,1,.,', 'III.<';,,'I,.:~ " ["I' ,I '"1,', ""'"1'''1''' . ',.' ". "'I' ,'", ,<, I.., I' , '.."",,,,, ~,il~'r,i<aa, ','~h.idh":d.S!' hfl~e:bJt I,appoj,;rited:~~s' ,BSCilli-OW", ,eHt!: therettn: , !itth;e ~~lttb\; 1<f~nfi"ir., Jin ""I' th~" ,~ltd>t.i~t<lli~ ,! ~f' ,thlt", ~slllf""'l' 'llos1t ~lJteeiil~n~!, ~hQrll e~ec:ut~~:atTd' 'il:1'~[;i~e~ed; :by\ :thQ1:rSS;\lle~I;:~st~~:thbri:~~d '~ar.J:i.n!i: tanct:',::iW-lMn 'ia\il1t': au,t;ht>rizea,~i ::'f'ex:et::u,t:'edii' i,ali'fd;:d41i vcji!r.ep"',;J:jlii':. tl'le !s~r"ow,' ;rA~.!tlt P,,;shlf111! b~djto," thej;,;;Eia;in,e: e:xt'eqti ia,..i;f '::ine:lbrp'9ta't~a Vel'ba;tim;;I,he~.:ini, :;[1 aaa<\:tJh1ei i"EsClrowi,'iD:epos;it IA<!I~eement: 'shllil ;\:O:e'i;ih sb:tjstlllJi1tf,ally" "tlhe'i:.:rieli.nlof: the, :Es~~id~:O~pos i;:tA<3'lreE!l\len~,,~'a~t~6he~t:l lt~~etQ:; aSi', ,~~i:bilt D w,i:th S:uch ch~ltu3:e.:" am:elldt:ll~'nts, modi:tH::a p:ns~ 021t!i!ssipns; land iad~itii:onSi~: ':'in'ClucHng !:j1:hile!~datel or.e:, such "$sdro~,:i, s1~ ~q;r~ement':,1 ~$l1ll'ay;:!be !~ppr:ove,a k),y,:::j;lld Cha,:irman: or V. 'oe,~Chai~ ,a,h:t:l t:be<;e1:erklil'br, ":' lan:t't ai$i~nat'.,q.; O~pidty ~J.~,tk~l; ldU1ie>t1.iiib,y">the 'Oh:tl'1:hnan !,or '!;V.i,1~e-;Chaj.nnam" ~an:Q<,t.h~l;'ql~r,k :or:!: :af:1:Y:::.:(1esdlgrta>:t:e:d:'i:Deputy C'ierk~'.lo~ I"'itn~ iI:: E.cl::tow;1Irtie~'0$li t~ Aq~~~ll1enti ?!sha,])l';: bEL :o:deeI!iet;1:1, '.,to' be ecbnc'l'.u~ivei,evi:~~tlce i,Qf !l\pprovaiL dif',:~uch ~haJl'l9,eS,~" 'rtie a:haiw~n;!ot' ;:V,ice1l"'Cbai.:rm'lm,i",:tne hct;l.t;k;i,:the"Fi,rt~nq$l fi),1r~ctor';>C,o,unse1 to :the Issuer" BQnd Counsel,' the ;tS$uer's, fin~n.cial ad~isor,an4,theEscrow Agent:i:a1:',.!!, '~er,.1:l,y authQtld;.;a;e'a;'~lnd',': di}tect:ia'd",tta; e>c~C!tit~;' :'~ri'd!,fi::t~ JP. d~e~irt;!!:I!;1:~ec::,ss~riY,.t~ :;!';'putQhaS~~l!Or:, :i~h.lb~Cjrlbe(:: i'::t!o;; :,'ith:t i' Ep;:riPW 'S:'CUt:'bf', :t'i.Sin( a~..: Q}9f'+n~c:1'~I~n:,th~,I;E~cr.o:W !'Oe,Pct~~t:'i;},\ ie: ;i~rlh,}'if~ '.)oL.' " \lle~\~n --"11"\"111'" r'l{'{-'>'-"P-':~-' ., ",j'i,'q.J~ .1"'1 '11""""'1' ,1']'1 !IQhi'J'I,j".'''114''C''''I'1 ~::;'Ht::,,:, ':t I:' :\~r;;:,:'i"1::i::")" I~~';'::';ii ~" ::,'::"j;: '~,;i',:: /:,,1 I' i ni,":! ';'::~",:jit;;<~;;: ,;,,!) "i: ~II '~~":iJ0*t,;lS"i,"', ,'.'J;~, A~ll~4):R~,W,~~~~ i'':'P'~li'~~m~~%' a;p P~I:: '~~~Q:;r(:!li (!:~M4"s+,~,n'rlJi :Of:i)~l;1e":iJ;~IIS;U'%l1:;~~dlt,h,e:,o,tf.:'~~ ';'Ptf,s a~d,!i other!!'~,~~~M'il~r ,:;:~~li),t~:(e~~ q~::d;jn~",!!~$luer:. ar,e: 'l1~re',y:: t.~~ea /;.0 .ao. "atl 'I ~Fil'~ '\'1'4 ~b h~$ , 1'''I/U LI:).d ,"~f, ,.1:0"" ,b~ ~; ~UI'Il . "'!'I'n,j;d ~es,o;Lu:tion"l:~q~, R~~91't,tlcm,the .QfflCla1 Statement, the Escrow Deposit Agreement or the Putchase Contract, or aesirab1e or consistent with the requirements hereof and of the Resolution, the Official Statement, the Escrow Deposit Agreement ,or the Purchase Contra.ct fot' the full punctual and complete performance of all the terms, covenants and agreements contained herein or .in the Series 1992 Bonds, the Resolution, the Official Statement, the Escrow Deposit Agreement and the PUl"Cll~~se C<?ntract, incluQing the execution of any dOCuments ';ot" ir1~,truments, relating to insuring payment of the .Series 1992 Bonds ~ ana each member, employee, attorney and officer of the Issuer and the Clerk and any designated Deputy Clerk is hereby authorized and airecteci' to ,execute and ',,' deliver any and all papers and in,struments ana to be ana cause to ~:;.".,""".....".".,_..,..,.,..I;?,t.__,gQn&,.".any. "..,ancL.a,11._.a.c~s, ,-anQ-.-~hings' ."neees sar'y"or' pt'op~r "f o'r . \ carrying out ,the transactlons contemplated hereunder. , ,!.' , , S'Q'!~O* 1". savaJWlIJ,IT'J 1Jtt)', INVALXD tROvX8l0Nad ~f':' a~y one 01:: ,more of the covenants, 8g:J;:'eements Qr Pr:o:visic:m_' h~t$~fi contained shall )::Ie he,ld contrary to any express proVi",ic:m, ",Q~" .11w or. contrary to the pOlicy of ~xpress JaW, t)',lO\ilgbhot: Ji~)(Pti~ssly prohiQ!ted or. aga1n$t public policy, or. shall ,forany,reaS911 whatscHWer, ,be he,ld invalid, then such covenants, i!lgreem4ilntsOr provisionliilshall, be nul.! and voi.d and shall be deeJt\ecl separable from ,the remaining,covefiants, . agreements or provisions and shall in no way affect the va1i<.\ity of, any of the oth~rpt:'()vi~.1onshereo( or of .the Series 1992 Bonds. '.'" . ' ., 't --r ~ f I' 'i' '\ C!:'!I:.T\';;;::';i>" i,:,jii 4 ;1'\~ ,i;~, :il i ': ~ ,; ; i ,~:,' ,';~r ,'i" ; i :! ;' JtJty 28,1112 ~;(!i m\;~:~l:i~?;(:j;i:;:l:\ ,,', , , SBt:1'%ON"i7'~ RISOLU'l'ION '1'0 CONTINUE IN FORCE. Except as herein expressly pl;"Gvided, the Resolution and all the terms and proyisions thereof are and shall remain in full force and effect. SICTION 18. BPFBCTIVB DAT!. This Supplemental Resolution shall become effective immediately upon its adoption. PASSBD AND ADOPTID, in Regular Session, this 28th day of JUly, 1992.