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jSECTION 11. PLEDGE OF REVENUES AND AD VALOREM TAXES. -8- I �} For the prompt payment of the principal of and interest on the Notes, the revenues derived from the operation of the project and, to the extent 'such revenues are insufficient therefor, the ad valorem taxing power of the County for the fiscal year 1977-78, at an annual rate not to exceed ten (10) mills on the dollar of assessed value, are irrevocably pledged. SECTION 12. SINKING FUND, DEPOSIT OF REVENUES AND LEVY OF AD VALOREM TAX. There is hereby created a Sinking Fund to be held and administered by the County solely for the purpose of paying the principal of and interest on the Notes as they become due. All of the revenues derived from the operation of the project shall be deposited into said Sinking Fund. There shall also be levied and collected a tax during the fiscal year 1977-78, at an annual rate not to exceed ten (10) mills on the dollar of assessed value, on all property subject to taxation by the County, sufficient in amount to pay the principal of and interest on such Notes as the same shall become due, after deducting therefrom any revenues or other funds which may be so applied. Such tax shall be assessed, levied and collected in the same manner and at the same time as other County taxes are assessed, levied and collected. SECTION 13. NOTE HOLDERS NOT AFFECTED BY USE OF NOTE PROCEEDS. The holders of the Notes issued hereunder shall have no responsibility for the use of the proceeds of said :Votes, and the use of such Note proceeds by the County shall in no way affect the rights of such Note holders. SECTION 14. ARBITRAGE. No use will be made of the proceeds of the Notes which would cause the same to be "arbitrage bonds" within the meaning of the Internal Revenue Code. The County, at all times while the Notes and interest thereon are outstanding, will comply with the requirements of Section 103(c) of the Internal Revenue Code and any valid and applicable rules and regulations of the Internal Revenue Service. SECTION 15. MODIFICATION OR AMENDMENT. No material modifica- tion or amendment of this resolution or of any resolution amendatory -8- I