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SECTION 11. PLEDGEE O 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 1979-80, 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 for the purpose of paying the i <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 1979-80', 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 ?votes as the <br />same shell 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 />�EC�ION-13. --NOTE- F.OLDERS 140T 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 />oma---s-a h--Note---proceeds-by-tire-Coa.L ty-shal1 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-AMEND.MENT. 'No material modifica- <br />tion or amendment of this resolution or of any resolution amendatory <br />-Q- <br />DEC 6 1978 <br />-an 38 na 27 <br />