NEW ISSUE RATINGS: Moody’s: “Aaa” (MBIA Insured) BOOK-ENTRY ONLY S&P: “AAA” (MBIA Insured) Fitch: “AAA” (MBIA Insured) Moody’s: “A2” (Underlying) S&P: “A” (Underlying) Fitch: “A” (Underlying) In the opinion of Bond Counsel, under existing statutes, regulations, rulings and judicial decisions, and assuming compliance with the tax covenants described herein, interest on the Series 2006A Bonds is excluded from gross income for federal income tax purposes, except for interest on any Series 2006A Bond during any period such Series 2006A Bond is held by a “substantial user” of the facilities financed with the proceeds of the Series 2006A Bonds or a “related person” within the meaning of Section 147(a) of the Internal Revenue Code of 1986, as amended; however interest on the Series 2006A Bonds is an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations. See “TAX TREATMENT” herein regarding certain other tax considerations. Bond Counsel is further of the opinion that the Series 2006A Bonds and the Series 2006B Bonds and the interest thereon are exempt from all present intangible personal property taxes imposed pursuant to Chapter 199, Florida Statutes. Under existing law, interest on the Series 2006B Bonds will be treated as interest income for federal income tax purposes. No other opinion is rendered by Bond Counsel with respect to other federal income tax consequences of ownership, receipt or accrual of interest on, or disposition of the Series 2006B Bonds and each purchaser should consult his or her tax advisor to determine the federal tax consequences of ownership of the Series 2006B Bonds. $69,080,000 PALM BEACH COUNTY, FLORIDA Airport System Revenue Bonds, Series 2006A and $16,855,000 PALM BEACH COUNTY, FLORIDA Airport System Taxable Revenue Refunding Bonds, Series 2006B Dated: Date of Delivery Due: October 1, as shown on the inside cover The Palm Beach County, Florida, $69,080,000 Airport System Revenue Bonds, Series 2006A (the “Series 2006A Bonds”) and the Palm Beach County, Florida $16,855,000 Airport System Taxable Revenue Refunding Bonds, Series 2006B (the “Series 2006B Bonds” and, together with the Series 2006A, the “Series 2006 Bonds”) are being issued as fully registered bonds and will be initially issued to and registered only in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York (“DTC”), which will act as securities depository for the Series 2006 Bonds. The Series 2006 Bonds will be available to purchasers in principal denominations of $5,000 and integral multiples thereof under the book-entry system maintained by DTC through brokers and dealers who are or act through, DTC Participants. Purchasers will not receive physical delivery of the Series 2006 Bonds. For so long as any purchaser is the Beneficial Owner (as defined herein) of a Series 2006 Bond, such purchaser must maintain an account with a broker or dealer who is, or acts through, a DTC Participant in order to receive payment of the principal of and interest on such Series 2006 Bond. See the caption “BOOK-ENTRY ONLY SYSTEM,” herein. Interest on the Series 2006 Bonds is payable October 1, 2006 and on each April 1 and October 1 thereafter until maturity. The Series 2006A Bonds are subject to redemption prior to their stated dates of maturity as described herein. The Series 2006B Bonds are not subject to optional redemption prior to their stated dates of maturity. The Series 2006 Bonds are being issued by Palm Beach County, Florida (the “County”) pursuant to Resolution No. R-84-427 adopted by the County on April 3, 1984, as amended in full by Resolution No. R-84-1659 adopted by the County on November 1, 1984, as amended and supplemented thereafter, including, particularly by the Thirteenth Supplemental Resolution No. R-2006-0727 adopted by the County on April 18, 2006 (collectively, the “Bond Resolution”) for the purpose of providing the moneys which, together with other funds legally available therefore, as will be sufficient: (a) with respect to the Series 2006A Bonds (i) to pay the cost of the Series 2006 Project (described herein), (ii) to pay a portion of the premium for a municipal bond insurance policy allocable to the Series 2006A Bonds, and (iii) to pay the costs of issuance of the Series 2006A Bonds; and (b) with respect to the Series 2006B Bonds (i) to advance refund and defease a portion of the Series 2001 Bonds, as described herein and a portion of the Series 2002 Bonds, as described herein (collectively, the “Bonds to be Refunded”), (ii) to pay a portion of the premium for a municipal bond insurance policy allocable to the Series 2006B Bonds, and (iii) to pay the costs of issuance of the Series 2006B Bonds. The principal of, and interest on the Series 2006 Bonds are payable from and secured by a pledge of all Net Revenues Available for Debt Service (as defined herein), and all Funds and Accounts established by the Bond Resolution. See “SECURITY FOR THE SERIES 2006 BONDS” herein. THE FULL faith AND CREDIT OF THE COUNTY IS NOT PLEDGED FOR THE payment OF THE SERIES 2006 BONDS AND THE SERIES 2006 BONDS DO NOT CONSTITUTE indebtedness OF THE COUNTY WITHIN THE MEANING OF ANY CONSTITUTIONAL, statutory OR OTHER PROVISION OR limitation; NO BONDHOLDER SHALL EVER HAVE THE RIGHT TO REQUIRE OR COMPEL THE EXERCISE OF THE AD VALOREM taXING POWER OF THE COUNTY OR taXation IN ANY FORM OF ANY REAL property THEREIN FOR THE payment OF THE principal OF, OR THE INTEREST ON THE SERIES 2006 BONDS OR THE MAKING OF ANY SINKING FUND OR RESERVE payments PROVIDED FOR IN THE BOND resolution. The scheduled payment of the principal of and interest on the Series 2006 Bonds, when due, will be guaranteed under a municipal bond insurance policy to be issued concurrently with the delivery of the Series 2006 Bonds by MBIA Insurance Corporation (“MBIA”). See “MUNICIPAL BOND INSURANCE” herein. THIS COVER page contains certain information FOR QUICK REFERENCE only. IT IS NOT A summary OF THE issue. INVESTORS MUST READ THE ENTIRE OFFICIAL statement TO obtain information essential TO THE MAKING OF AN INFORMED INVESTMENT DECISION. The Series 2006 Bonds are offered when, as and if issued and received by the Underwriters subject to approval of legality by Ruden, McClosky, Smith, Schuster & Russell, P.A. , Fort Lauderdale, Florida, Bond Counsel. Certain other legal matters on behalf of the County will be passed upon by Paul F. King, Esq., Assistant County Attorney and on behalf of the Underwriters by Squire, Sanders & Dempsey L.L.P., West Palm Beach, Florida, Counsel to the Underwriters. The Series 2006 Bonds are expected to be delivered through the facilities of DTC on or about May 17, 2006. UBS INVESTMENT BANK JANNEY montgomery SCOTT LLC JACKSON SECURITIES LOOP capital MARKETS, LLC MERRILL lynch & CO. maturity SCHEDULE PALM BEACH COUNTY, FLORIDA Airport System Revenue Bonds, Series 2006A Serial Bonds Maturity Interest October 1 Amount Rate Price CUSIP No. 2021 $2,920,000 5.00% 102.352%* 696499CC4 2022 3,065,000 5.00 102.187* 696499CD2 2023 3,220,000 5.00 102.105* 696499CE0 $10,660,000 5.00% Term Bonds due October 1, 2026 – Price 101.859%*, CUSIP No. 696499CF7 $37,375,000 5.00% Term Bonds due October 1, 2034 – Price 101.124%*, CUSIP No. 696499CG5 $11,840,000 4.70% Term Bonds due October 1, 2036 – Price 96.851%, CUSIP No. 696499CH3 *priced to first call date of October 1, 2016 at par. PALM BEACH COUNTY, FLORIDA Airport System Taxable Revenue Refunding Bonds, Series 2006B $16,855,000 5.905% Term Bonds due October 1, 2020 – Price 100%, CUSIP No. 696499CJ9 The County is not responsible for the use of CUSIP numbers, nor is any representation made as to their correctness. They are included solely for the convenience of the reader of this Official Statement. PALM BEACH COUNTY, FLORIDA 301 N. Olive Avenue West Palm Beach, FL 33401 (561) 355-2040 BOARD OF COUNTY COMMISSIONERS TONY MASILOTTI Chairman ADDIE L. GREENE Vice Chairperson BURT AARONSON Commissioner JEFF KOONS Commissioner KAREN T. MARCUS Commissioner MARY McCARTY Commissioner WARREN H. NEWELL Commissioner OFFICIALS County Administrator ROBERT WEISMAN County Attorney DENISE NEIMAN, ESQ. Clerk and Comptroller SHARON R. BOCK Debt Manager JOHN LONG Department of Airports Director BRUCE PELLY Bond Counsel Ruden, McClosky, Smith, Schuster & Russell, P.A. Fort Lauderdale, Florida Financial Advisor Spectrum Municipal Services, Inc. West Palm Beach, Florida Airport Consultant Ricondo & Associates, Inc. Cincinnati, Ohio No dealer, broker, salesman or any other person has been authorized to give any information or to make any representations, other than those contained in this Official Statement, and if given or made, such other information or representation must not be relied upon as having been authorized by the County or the Underwriters (as herein defined). This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy any of the Series 2006 Bonds, nor shall there be any sale of the Series 2006 Bonds by any persons 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 County, Spectrum Municipal Services, Inc. (the “Financial Advisor”), the Bond Insurer, public documents, records and other sources which are believed to be reliable, but is not guaranteed as to accuracy or completeness, by and is not to be construed as a representation of (i) the County with respect to the information herein under the caption “Municipal Bond Insurance” which was provided by the Bond Insurer or (ii) the Underwriters.