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SECTION 4. SALE OF NOTES. The Notes shall be sold at public or private sale, at prices not less than the par value thereof and accrued interest, either at one time or from time to time, as the Chairman and Clerk shall determine, who are hereby authorized to award the Notes, execute and deliver the same, receive the purchase price therefor and apply the proceeds thereof as here- inafter provided, without further authority from this Board of County Commissioners. , SECTIONS. NOTES NOT GENERAL INDEBTEDNESS. The Notes shall not be or constitute a general obligation of the Issuer within the meaning of any constitutional, statutory or other limitation of indebtedness, but shall be payable solely from the proceeds derived from the sale of the Bonds and, if neces- sary, from the Pledged Funds. No holder or holders of the Notes shall ever have the right to compel the exercise of the ad valorem taxing power of the Issuer or taxation in any form of any real property therein to pay the Notes or the interest due thereon. SECTION 6. SECURITY OF NOTES. The payment of the principal of and interest on the Notes shall be securod forth- with, equally and ratably, by a prior lien on and pledge of the proceeds to be derived from the sale of the Bonds and, if necessary, by a prior lien on and pledge of the Pledged Funds. The Issuer does hereby irrevocably pledge the funds to the payment into the Sinking Fund and Reserve Account created pursuant to the Enabling Instrument, at the times provided, of the sums required to secure to holders of the Notes the payment of the principal thereof and the interest thereon when due. SECTION 7., APPLICATION OF PROCEEDS. The money received from'the delivery of the Notes shall be deposited into the Construc- tion Fund created pursuant to the Enabling Instrument and applied as provided therein. The holders of the Notes shall have a lien upon -S- JAN 2* 3,1978 Boa 33 PAGE 40