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before. Upon reconversion of this Bond into a coupon Bond, coupons <br />representing the interest to accrue upon the Bond to date of <br />maturity shall be attached hereto. <br />Date of Name and Address of Signature of <br />Registration Registered Owner Bond Registrar <br />ARTICLE III <br />COVENANTS, SPECIAL FUNDS <br />AND APPLICATION THEREOF <br />3.01 Bonds Not to Be Indebtedness of Issuer. Neither <br />the Bonds nor the coupons attached thereto shall be or constitute <br />general obligations or indebtedness of the Issuer as "bonds" within <br />the meaning of Article VII, Section 12 of the Constitution of <br />Florida, but shall be payable solely from and secured by a prior <br />lien upon and pledge of the Pledged Funds as herein provided. No <br />owner or holder of any Bond or coupon appertaining thereto shall <br />ever have the right to compel the exercise of any ad valorem taxing <br />power to pay such Bond or coupon or Operating Expenses, or be <br />entitled to payment of succi Bond or coupon from any moneys of the <br />Issuer except from the Pledged Funds in the manner provided herein. <br />3.02 Security for Bonds. The payment of the principal <br />of and interest on the Bonds shall be secured forthwith equally and <br />ratably by a pledge of and prior lien upon the Pledged Funds. The <br />Issuer does hereby irrevocably pledge the Pledged Funds to the <br />payment of the principal of and interest on the Bonds and to the <br />payment into the Sinking Fund at the times provided of the sums <br />required to secure to the holders of the Bonds the payment of the <br />principal thereof and interest thereon at the respective maturities <br />of the Bonds and coupons so held by them. <br />The Bonds are payable from the Pledged Funds on a parity, <br />equally and ratably, with the Parity Obligations. <br />3.03 Application of Bond Proceeds. The Issuer hereby <br />covenants that it will establish with the <br />-14- <br />