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JUL 11 1994 <br />BOOK 57 u„=641 <br />SECTION 13. BONDS NOT GENERAL OBLIGATIONS. The Bonds <br />shall not be or constitute general obligations or an indebtedness <br />of the County as "bonds” within the meaning of the Constitution <br />of Florida, but shall be payable solely from and secured by a <br />lien upon and a pledge of the Assessments. No Registered Owner <br />shall ever have the right to compel the exercise of the ad <br />valorem taxing power of the County, or taxation in any form of <br />any real property therein, to pay the Bonds or the interest <br />thereon, or be entitled to payment of such principal and interest <br />from any other funds of the County. <br />SECTION 14. SECURITY FOR BONDS. The payment of the <br />principal of and interest on all the Bonds issued hereunder shall <br />be secured forthwith equally and ratably by a pledge of and a <br />prior lien upon the proceeds of the Assessments. The County does <br />hereby irrevocably pledge such Assessments to the payment of -the <br />principal of and interest on the Bonds and to the payment into <br />the Improvement Fund, Series No. One, hereinafter created, at the <br />times provided, the sums required to secure to the Registered <br />Owners payment, when due, of the principal of and interest on the <br />Bonds so held by them. <br />SECTION 15. FLOW OF FUNDS; GENERAL COVENANTS. For so <br />long as any of the principal of and interest on any of the Bonds <br />shall be outstanding and unpaid, or until there shall have been <br />set apart,, in the Improvement Fund, Series No. One, hereinafter <br />created, a sum sufficient to pay when due, the entire principal <br />amount of the Bonds remaining unpaid, together with interest <br />accrued or to accrue thereon, the County covenants with the <br />holders of any and all of the Bonds issued pursuant to this reso- <br />lution as follows, that: <br />A. IMPROVEMENT FUND, SERIES NO. ONE. The County shall <br />establish 'with Florida National Bank, Vero Beach, Florida, and <br />maintain so long as any of the Bonds are outstanding, a special <br />fund which is hereby created and designated "Improvement Fund, <br />Series No. One" (hereinafter called "Improvement Fund"). All <br />- <br />