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shall be secured forthwith equally and ratably by an irrevocable first lien upon <br />and a pledge of the Pledged Funds, on a parity with that of the Series 1985 and <br />such other Bonds as may be issued under or pursuant to the Master Bond <br />Resolution, from time to time. Bonds, prior and superior to any other liens or <br />encumbrances on the Pledged Funds and the Issuer does hereby irrevocably pledge <br />such Pledged Funds to the payment of the principal of, interest and premium, if <br />any, on the Bonds, including the Series 1987 Bonds, the reserves therefor, and <br />for all other required payments. <br />SECTION 11. Covenants in Master Bond Resolution. All of the <br />covenants made by the Issuer in the Master Bond Resolution are hereby made, <br />ratified and confirmed and shall apply as if fully contained herein. <br />SECTION 12. Non -Arbitrage and Tax Covenants. The County covenants <br />with holders of the Series 1987 Bonds that, throughout the term of the Series <br />1987 Bonds and for any required period thereafter it will make no use of the <br />proceeds of the Series 1987 Bonds that may cause the Series 1987 Bonds to be or <br />become "arbitrage bonds" within the meaning of Section 103(b)(2) and Section 148 <br />of the Code and it will comply with all other requirements of applicable <br />provisions of the Code, including, without limitation, the applicable provisions <br />of Section 1.103-13, 1.103-14 and 1.103-15 of the applicable regulations <br />heretofore published in the Federal Register and with the applicable provisions <br />of other regulations hereafter so published. <br />SECTION 13. Modification or Amendment. No adverse or material <br />modification of this Resolution may be made except as provided in the Master <br />Bond Resolution. <br />SECTION 14. Sale of Bonds. The Bonds shall be Issued and sold at <br />public or private sale, and at a price or prices consistent with the provisions <br />- 8 - <br />