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PIP- <br />--AUG-11 1983:6R s PAC° <br />by the County Administrator. The date of the completion of the <br />Project shall be determined by the Consulting Architect who shall <br />certify such fact in writing to the governing body of the County. <br />Such funds shall be kept separate and apart from all other <br />funds of the County and the moneys on deposit therein shall be <br />withdrawn, used and applied by the County solely for the purposes <br />set forth herein and in the Escrow Deposit Agreement. All such <br />proceeds shall be and constitute trust funds for such purposes and <br />there is hereby created a lien in favor of the owners of the <br />Bonds upon such money until so applied. <br />SECTION 16. SECURITY FOR BONDS. The principal of and <br />interest on the Bonds shall be secured forthwith equally and <br />ratably by a first lien upon and a pledge of the Race Track Funds, <br />as defined herein, and the income from the investment of monies <br />held in the various funds and accounts hereinafter established in <br />Section 18 hereof. The County hereby irrevocably pledges such <br />funds to the payment of the principal of and interest on the Bonds <br />issued hereunder. <br />SECTION 17. BONDS NOT DEBT OF BOARD OR COUNTY. Neither <br />the Bonds nor the interest thereon shall be or constitute general <br />obligations or indebtedness of the Board or of the County within <br />the meaning of any constitutional or statutory limitation of <br />indebtedness, but shall be payable solely from and secured by a <br />first lien upon and a pledge of the Race Track Funds, as herein <br />defined, and the income from the investment of monies held in the <br />various funds and accounts hereinafter established in Section.18 <br />hereof. No holder or holders of any Bonds issued hereunder shall <br />ever have the right to compel the levy of ad valorem taxes to pay <br />the Bonds or interest thereon or for the making of any other <br />payments provided for in this Resolution. <br />SECTION 18. COVENANTS OF THE COUNTY. For as long as <br />any of the principal of and interest on any of the Bonds shall be <br />outstanding and unpaid or until there shall have been set apart <br />in the Bond Service Fund, herein established, including the Bond <br />-21- <br />