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A UG 17 1983 Pxf 5 <br />the manner provided herein, shall not .be subject to repeal, modi- <br />fication or impairment by any subsequent resolution or other pro- <br />ceedings of the County or by any subsequent act of the Legislature <br />of Florida without and unless the County shall have provided, or <br />the Legislature shall have made immediately available to the <br />County, such additional or supplemental funds which shall be suf- <br />ficient to retire such Bonds and the interest thereon in accor- <br />dance with their terms. The County shall take all actions and <br />pursue such legal remedies which may be available to it either in <br />law or in equity to prevent or cure any default or impairment as <br />within the meaning of this subsection H. <br />I. ARBITRAGE. The County does hereby further covenant <br />that no use will be made of the proceeds of the Bonds which would . <br />cause the Bonds to be "arbitrage bonds" within the meaning of <br />Section 103(c) of the Internal Revenue Code of 1954, as amended, <br />and the applicable regulations thereunder. The County, at all <br />times while such Bonds and the interest thereon are outstanding, <br />including refundings thereof, will comply with the requirements <br />of said Section 103(c) and with the valid and applicable rules <br />and regulations of.the Internal Revenue Service thereunder. <br />SECTION 19. RIGHTS OF THE BOND HOLDERS. The Holders of <br />the Bonds shall have no responsibility for the application and <br />use of -the proceeds received from the sale thereof and the appli- <br />cation and use of such proceeds by the County shall in no way <br />affect the rights of the Bond Folders. The County shall be irre- <br />vocably obligated, upon receipt thereof, to use the Race Track <br />Funds and the income from investments pledged hereunder to pay the <br />principal of and interest on the Bonds and to make all reserve and <br />other payments provided for herein, notwithstanding any failure of <br />the County to apply such Bond proceeds in the manner provided <br />herein. <br />SECTION 20. DEFEASANCE. If, at any time, the County <br />shall have paid, or shall have made provision for payment of, the <br />principal, interest and redemption premiums, if any, with respect <br />-29- <br />M <br />