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5. The Bank covenants and agrees to apply tKe principal and <br />interest of the Obligations referred to in Paragraph 1, as collected, for <br />the purposes and at the times as set forth in Paragraph 3 and Paragraph 4, <br />respectively, so that obligations of the County for payment of principal <br />and interest to holders and/or registered owners of the Series of 1977 <br />Bonds will be fulfilled. <br />6. The County authorizes and directs the Bank, in behalf of the <br />County, to do all acts and things that shall be necessary or desirable, <br />from time to time, to effectuate the withdrawal and/or collection of the <br />principal and interest of the Obligations referred to in Paragraph 1, as <br />such shall become due and payable; and, in connection therewith, the <br />County covenants and agrees to execute and to deliver any additional <br />documents and/or to perform any other acts that may be required from time <br />to time. <br />7. The County covenants and agrees to pay to the Bank, from <br />time to time, the agreed compensation for services performed and duties <br />and responsibilities assumed by the Bank pursuant to this Agreement. <br />8. Records of the Bank related to this Agreement and the <br />performance of duties and responsibilities assumed by the Bank pursuant to <br />this Agreement shall be open to inspection by the County and/or its duly <br />authorized agents and/or representatives, at reasonable times, upon <br />reasonable request. <br />9. The County and the Bank agree that the County shall be <br />permitted to substitute other direct obligations of the United States of <br />America for the Obligations, but only upon receipt of the following: <br />- 4 - <br />