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person who held such office at any time on or after the date of adoption of any <br />resolution with respect to the Bonds, notwithstanding that he may have ceased to <br />be such officer at the time the Bonds are actually delivered. the Bonds shall <br />have the seal of the Board affixed, imprinted, reproduced or lithographed <br />thereon. The Bonds may be delivered to any contractor for payment for his work <br />in constructing Improvements or may be sold at public or private sale at such <br />price or prices as the Board shall determine to be in its best interest. The <br />Bonds shall be special obligations of the County payable solely from the Pledged <br />Fiends with respect thereto and shall not constitute a general or moral <br />obligation or a pledge of the faith, credit or taxing power of the County, the <br />State of Florida or any political subdivision thereof. Neither the County, the <br />State of Florida nor any political subdivision thereof shall be obligated by <br />levy ad valorem taxes on any property to pay the principal of, premium, if any, <br />or interest on the Bonds or any cost incidental thereto or to pay the same from <br />any funds of the County other than the Pledged Funds with respect thereto. The <br />Bonds shall have all the qualities of negotiable paper under the law merchant <br />and shall not be invalid for any irregularity or defect in the proceedings for <br />the issue and sale thereof, and shall be incontestable in the hands of bona fide <br />purchasers or holders thereof for value. <br />SECTION 5.02 Security for Bonds. The payment of the principal of, <br />redemption premium, if any, and interest on any issue of Bonds shall be payable <br />from and shall be secured equally and ratably by a pledge of and lien upon the <br />Pledged Funds with respect to said issue. The provision of this Section 5.02 <br />shall not be construed so as to impair or authorize the impairment of the <br />security of the holders of any obligations previously issued by the County. <br />Pled!jed Funds shall be deposited in a separate account or accounts. Funds in <br />such accounts may be invested and reinvested as provided by resolution of the <br />