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JAN 28 1981 <br />SECTION 4. SALE OF NOTES. The Notes shall be sold at <br />public or private sale, at prices not less than the par value thereof <br />and accrued interest, either at one time or from time to time, as the <br />Chairman and Clerk shall determine, who are hereby.authorized to <br />award the Notes, execute and deliver the same, receive the purchase <br />price therefor and apply the proceeds thereof as hereinafter provided, <br />without further authority from this Board of County Commissioners. <br />SECTION 5. NOTES NOT GENERAL INDEBTEDNESS. The Notes <br />shall not be or constitute a general obligation of the Issuer within <br />the meaning of any constitutional, statutory or other limitation of <br />indebtedness, but shall be payable solely from the proceeds derived <br />from the sale of the Bonds and, if necessary, from the Pledged Funds. <br />No holder or holders of the Notes shall ever have the right to compel <br />the exercise of the ad valorem taxing power of the Issuer or taxation <br />in any form of any real property therein to pay the Notes or the <br />interest due thereon. <br />SECTION b. SECURITY OF NOTES. The payment of the principal <br />of and interest on the Notes shall be secured forthwith, equally and <br />ratably, by E,. prior lien on and pledge of the proceeds to be derived <br />from the sale of the Bonds and, if necessary, by a prior lien on and <br />pledge of the Pledged Funds. The Issuer does hereby irrevocably pledge <br />the funds to the payment into the Sinking Fund and Reserve Account <br />created pursuant to the Enabling Instrument, at the times provided, of <br />the sums required to secure to holders of the Notes the payment of the <br />principal thereof and the interest thereon when due. <br />SECTION 7. APPLICATION OF PROCEEDS. The money received <br />from the delivery of the Notes shall be deposited into the Construc- <br />tion Fund created pursuant to the Enabling Instrument and applied as <br />provided therein. The holders of the Notes shall have a lien upon all <br />the proceeds thereof until the same have been applied as provided in <br />the Enabling Instrument. <br />SECTION 8. COVENANTS OF TIiF ISSUER. For so long as the <br />principal of and interest on the Notes shall be outstanding and unpaid <br />or until there shall have Lcen irrevocably set apart a sum sufficient <br />to nay, ,:hen duc . ;, � r.ti rr pYi nci; ,.1 Of tbo Notes remaining unpaid, <br />-5- <br />