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used in governmental accounting, but rather is intended solely to constitute an earmarking of certain revenues and assets as provided herein. P. POWER TO ISSUE BONDS AND PLEDGE PLEDGED FUNDS. The County is duly authorized under all applicable laws to create and issue the Bonds and to adopt this Resolution and to pledge the Pledged Funds in the manner and to the extent provided herein. Except to the extent otherwise provided in this Resolution and the Sales Tax Resolution, the Pledged Funds have not been pledged or hypothecated (except with respect to the Retired Bonds which are to be retired with proceeds of the Series 1993 Bonds) and, upon issuance of the Series 1993 Bonds, will be free and clear of any pledge, lien, charge or encumbrance thereon or with respect thereto prior to, or of equal rank with, the security interest, pledge and assignment created by this Resolution, including any pledge thereof for the benefit of the Retired Bonds, and all action on the part of the County to that end has been and will be duly and validly taken. The Bonds and the provisions of this Resolution are and will be valid and legally enforceable obligations of the County in accordance with their terms and the terms of this Resolution. The County shall at all times, to the extent permitted by law, defend, preserve and protect the pledge of and lien upon the Pledged Funds and all the rights of the Registered Owners under this Resolution against all claims and demands of all persons whomsoever. Q. BONDS SECURED BY PLEDGE OF PLEDGED FUNDS. The Bonds issued hereunder shall be direct and special obligations of the County payable in accordance with their terms and the provisions of this Resolution from the Pledged Funds hereby pledged for the benefit of the Registered Owners, to the extent and in the manner provided herein. The Pledged Funds shall be held in trust by the Clerk of the Circuit Court of the County for the benefit of the Registered Owners of the Bonds to the extent and in the manner provided herein. The Pledged Funds shall immediately be subject to the lien and charge of this Resolution without any physical delivery thereof or further act, and the lien and charge of this Resolution shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise, against the County, irrespective of whether such parties have notice thereof. R. TAX COVENANTS. The County covenants that it will not take any action or fail to take any action with respect to the proceeds of the Bonds that would result in loss of the exclusion from gross income for federal income tax purposes pursuant to section 103(a) of the Code of interest paid on outstanding Bonds which, when initially issued and sold, were the subject of an opinion of counsel to the effect that interest thereon was so excludable. S. FURTHER TERMS AND CONDITIONS OF RESERVE ACCOUNT CREDIT INSTRUMENTS. The further terms and conditions upon which the Reserve Account Requirement set forth in subsection B(4) above may be met in whole or in part with a Reserve Account Credit Instrument are, unless all or a portion of the Series 1993 Bonds are outstanding and the Series 1993 Bond Insurer agrees otherwise, as follows: (1) With respect to any letter of credit: (a) such letter of credit shall be payable in one or more draws upon presentation by the Paying Agent of a sight draft accompanied by its certificate that it 22