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SECTION 11 . PLEDGE OF REVENUES AND AD VALOREM TAXES . <br /> For the prompt payment of the principal of and interest on the <br /> Notes, the revenues derived from the operation of the project and, <br /> to the extent such revenues are insufficient therefor, the ad <br /> valorem taxing power of the County for the fiscal year 1977-78, at <br /> an annual rate not to exceed ten (10) mills on the dollar of <br /> assessed value, are irrevocably pledged. <br /> SECTION 12. SINKING FUND, DEPOSIT OF REVENUES AND LEVY OF <br /> AD VALOREM TAX. There is hereby created a Sinking Fund to be held <br /> and administered by the County solely fof' the purpose of paying the <br /> principal of and interest on the Notes as they become due . All of <br /> the revenues derived from the operation of the project shall be <br /> deposited into said Sinking Fund. There shall also be levied and <br /> collected a tax during the fiscal year 1977-78 , at an annual rate <br /> not to exceed ten (10) mills on the dollar of assessed value, on <br /> all property subject to taxation by the County, sufficient in <br /> amount to pay the principal of and interest on such Notes as the <br /> same shall become due, after deducting therefrom any revenues or <br /> other funds which may be so applied. Such tax shall be assessed, <br /> levied and collected in the same manner and at the same time as <br /> other County taxes are assessed, levied and collected. <br /> SECTION 13 . NOTE HOLDERS NOT AFFECTED BY USE OF NOTE <br /> PROCEEDS. The holders of the Notes issued hereunder shall have no <br /> responsibility for the use of the proceeds of said Notes, and the use <br /> of such Note proceeds by the County shall in no way affect the rights <br /> of such Note holders. <br /> SECTION 14. ARBITRAGE. No use will be made of the proceeds <br /> of the Notes which would cause the same to be "arbitrage bonds" <br /> within the meaning of the Internal Revenue Code. The County, at <br /> all times while the Notes and interest thereon are outstanding, will <br /> comply with the requirements of Section 103 (c) of the Internal <br /> Revenue Code and any valid and applicable rules and regulations of <br /> the Internal Revenue Service. <br /> SECTION 15. MODIFICATION OR AMENDMENT. No material modifica- <br /> tion or amendment of this resolution or of any resolution amendatory <br /> -8- <br />