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SECTION 4. SALE OF NOTES. The Notes shall be sold <br />at public or private sale, at prices not less than the par value <br />thereof and accrued interest, either at one time or from time <br />to time, as the Chairman and Clerk shall determine, who are hereby <br />authorized to award the Notes, execute and deliver the same, receive <br />the purchase price therefor and apply the proceeds thereof as here- <br />inafter provided, without further authority from this Board of <br />County Commissioners. <br />SECTION 5. NOTES NOT GENERAL INDEBTEDNESS. The Notes <br />shall not be or constitute a general obligation of the Issuer <br />within the meaning of any constitutional, statutory or other <br />limitation of indebtedness, but shall be payable solely from <br />the proceeds derived from the sale of the Bonds and, if neces- <br />sary, from the Pledged Funds. No holder or holders of the Notes <br />shall ever have the right to compel the exercise of the ad <br />valorem taxing power of the Issuer or taxation in any form of <br />any real property therein to pay the Notes or the interest due <br />thereon. <br />SECTION 6. SECURITY OF NOTES. The payment of the <br />principal of and interest on the Notes shall be secured forth- <br />with•, equally and ratably, by a prior lien on and pledge of the <br />proceeds to be derived from the sale of the Bonds and, if <br />necessary, by a prior lien on and pledge of the Pledged Funds. <br />The Issuer does hereby irrevocably pledge the funds to the payment <br />into the Sinking Fund and Reserve Account created pursuant to the <br />Enabling Instrument, at the times provided, of the sums required to <br />secure to holders of the Notes the payment of the principal thereof <br />and the interest thereon when due. <br />SECTION 7. APPLICATION OF PROCEEDS. The monev received <br />from the delivery of the Notes shall be deposited into the Construc- <br />tion Fund created pursuant to the Enabling Instrument and applied as <br />provided therein. The holders of the Notes shall have a lien upon <br />-5- <br />