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ARTICLE IV SECURITY, SPECIAL FUNDS AND APPLICATION THEREOF SECTION 4.01. GENERAL OBLIGATIONS OF THE ISSUER. The full faith, credit and taxing power of the Issuer shall be and are hereby pledged for the full and prompt payment of the principal of and interest on the Bonds. A direct annual tax shall be levied upon all taxable property within the Issuer to make such payments, and provision shall be included and made in the annual budget and tax levy for the levy of the Ad Valorem Taxes hereinbefore provided. Notwithstanding any other provision of this Resolution, in determining the amount of the Ad Valorem Taxes to be levied for a particular Fiscal Year to pay Debt Service on the Bonds, the Issuer shall levy, at a minimum, an amount that assumes that the percentage of Ad Valorem Taxes that will be collected in such Fiscal Year will be no higher than the percentage of Ad Valorem Taxes collected for the immediately preceding Fiscal Year. Whenever the Issuer shall, in any Fiscal Year, have irrevocably deposited in the Sinking Fund any moneys derived from sources other than the aforementioned Ad Valorem Taxes, said Ad Valorem Taxes may be correspondingly diminished; but any such diminution must leave available an amount of Ad Valorem Taxes, after allowance for anticipated delinquencies in collection, fully sufficient, with such moneys so deposited from other sources, to assure the prompt payment of principal, interest and other related charges falling due prior to the time that the proceeds of the next annual Ad Valorem Taxes levy will be available. Such Ad Valorem Taxes shall be levied and collected at the same time, and in the same manner, as other ad valorem taxes of the Issuer are assessed, levied and collected. The Ad Valorem Taxes shall be levied and collected in accordance with all applicable law, including, but not limited to, the Referendum Resolution. The payment of the principal of or Redemption Price, if applicable, and interest on the Bonds shall be secured forthwith equally and ratably by a pledge of and lien upon the Pledged Funds and the Issuer hereby irrevocably pledges such Pledged Funds to the payment of the Bonds. Any Series of Bonds may be additionally secured by a Credit Facility or any other security provided by the Issuer pursuant to a Supplemental Resolution. SECTION 4.02. PROJECT FUND. The Issuer covenants and agrees to establish a special fund to be known as the "Indian River County, Florida General Obligation Bonds Project Fund," which shall be used only for payment of the Costs of Projects. Moneys in the Project Fund, until applied to payment of any item of the Costs of a Project in the manner hereinafter provided, shall be held in trust by the Issuer and shall be subject to a lien and charge in favor of the Holders of the Bonds and for the further security of such Holders. The Issuer shall establish within the Project Fund a separate account for each Project, the Costs of which are to be paid in whole or in part out of the Project Fund. There shall be paid into the Project Fund the amounts required to be so paid by the provisions of this Resolution, and there may be paid into the Project Fund, at the option of the Issuer, any moneys received for or in connection with the Project by the Issuer from any other source. 23