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together with interest accrued and to accrue thereon, the Issuer <br />covenants with each of the molder.'; ct the as follows: <br />A. PROCEEDS FROM <br />of the Bonds, excluding accrue(' i i,: -or( -1-t, .! , U;sLier shall apuly <br />such proceeds as follows: <br />(1) To pay forthv:itti the principal of the outstand- <br />ing Notes and the interest accrued thereon to such date of payment. <br />(2) .For deposit and application of the balance of <br />such proceeds pursuant to the provisions of the Enabling Instrument. <br />B. APPLICATION OF PRIOR COVFNANT`=. The covenants and <br />pledges contained in the Enabling Instrument for the benefit of the <br />holders of the Bonds to the extent that the same are not inconsistent <br />with the provisions of this resolution shall be deemed to be for the <br />benefit, protection and security for the payment of the Notcs and for <br />the holders thereof in like manner as applic :ihie to the Bonds for th`, <br />benefit of the holders thereof. The Sinking I-'und and Reserve Account <br />created and established.pursuant to the Enabling Instrument, to.tho <br />extent necessary, shall be maintained for the henefit of the Notes and <br />the holders thereof. <br />C. SALE OF BONDS. From time to time the Issuer. shall in <br />good faith endeavor to sell a sufficient principal amount of the Bonds <br />in order to have funds available to pay the Notes and the interest <br />thereon as the same become due. <br />SECTION 9. SUPPLEMENTAL INSTRUMENTS. The Issuer shall, as <br />necessary, from time to time and at any time, <br />and/or ordinances as shall not be inconsistent. vrith the tc rlr,s and <br />conditions of this resolution: <br />A. To cure any ambiguity, dcfc�ct, or ;emission herein; ane?/or <br />B. To secure, extend or renew to the holders of the Notes <br />the pledges made herein for the payment of the Notes and the interest <br />to accrue thereon. <br />SECTION 10. MODIFICATION AND AMENDMENT. No material <br />modification or amendment of this resolution or of any resolution <br />amendatory hereof or supplemental hereto may be made without the <br />consent in writing of the holders of the Notes. <br />-6- <br />JAN 28 1981 <br />L ._ <br />