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ARTICLE III <br />COVENANTS, SPECIAL FUNDS <br />AND APPLICATION THEREOF <br />3.01 Bonds Not to Be Indebtedness of Issuer. Neither <br />the Bonds nor the coupons attached thereto shall be or constitute <br />general obligations or indebtedness of the Issuer as "bonds" <br />within the meaning of Art. VII, §12, Fla. Const. (1968), but <br />shall be payable solely from and secured by a lien upon and <br />pledge of the Pledged Funds as provided in the Original <br />Resolution. No owner or holder of any Bond or coupon apper- <br />taining thereto shall ever have the right to compel the exercise <br />of any ad valorem taxing power to pay such Bond or coupon or <br />Operating Expenses, or be entitled to payment of such Bond or <br />coupon from any money of the Issuer except from the Pledged Funds <br />in the manner provided herein and in the Original Resolution. <br />3.02 Application of Provisions of the Original <br />Resolution. The Bonds shall for all purposes be considered to be <br />additional parity obligations issued under the authority of the <br />Original Resolution, and shall be entitled to all the protection <br />and security provided therein for the Parity Obligations, and <br />shall be in all respects entitled to the same security, rights <br />and privileges enjoyed by the Parity Obligations. <br />The covenants and pledges contained in the Original <br />Resolution shall be applicable to the Bonds in like manner as <br />applicable to the Parity Obligations. <br />The Reserve Account established in the Original Resolu- <br />tion shall be applicable pro rata to the Bonds in the same manner <br />as applicable to the Parity Obligations, and payments shall be <br />made therein as required by the Original Resolution. <br />3.03 Application of Bond Proceeds. Money received from <br />the sale of the Bonds shall be applied by the Issuer as follows: <br />A. All accrued interest and, at the option of the <br />Issuer, interest to accrue on the Bonds for a period of up to 30 <br />months after the date of delivery thereof (but not exceeding 1 <br />year after completion of construction of the Project), shall be <br />deposited in the Sinking Fund. <br />B. The Issuer may, at its option, deposit into the <br />Reserve Account, an amount equal to the Maximum Bond Service <br />Requirement. <br />C. The Issuer shall next use the money to pay costs <br />incurred in connection with the issuance of the Bonds. <br />J U L 7 1992 -13- �qoK 50 FA;E305 <br />