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.� <br />® ARTICLE III <br />COVENANTS, SPECIAL FUNDS <br />AND APPLICATION TI1BRI70F <br />® <br />q 3.01 Bonds Not to Be Indebtedness of Issuer. Neither <br />the Bonds nor the coupons attached thereto shall be or constitute <br />• <br />general obligations gations or indebtedness of the Issuer as "bonds" <br />Within the meaning of Article VII, Section 12, Florida Constitution, <br />but shall be payable solely from and secured by a prior lien upon <br />and pledge of the gross revenues, as herein provided. No owner or <br />holder of any Bond or coupon issued hereunder shall ever have the <br />right to compel the exercise of any ad valorem taxing power to pay <br />such Bond or coupon or the cost of operating and maintaining the <br />System, or be entitled to payment of such Bond or coupon from any <br />fuhds of the Issuer except from the gross revenues derived from the <br />operation of. the System in the manner provided herein. <br />3.02 Security for Bonds. The payment of the debt <br />service of all of the Bonds issued hereunder shall be secured <br />forthwith equally and ratably by a pledge of and a prior lien <br />Upon the gross revenues derived from the operation of the <br />System, as now or hereafter constituted. The Issuer does hereby <br />irrevocably pledge such funds to the payment of the principal of and <br />interest on the Bonds and to the payment into the Sinking Fund at <br />the times provided of the sums required to secure to the holders of <br />the Bonds .issued hereunder the payment of the principal of and <br />interest thereon at the respective maturities of the Bonds and <br />coupons so held by them. <br />3.03 Application of Bond Proceeds. The Issuer hereby <br />covenants that it will establish with the <br />Florida, a separate account or <br />accounts (herein collectively called the "Construction Account") <br />into which shall. be deposited the proceeds from the sale of the <br />Bonds (except such portion thereof as shall be necessary to pay <br />interest on the Bonds during the construction of the Project, <br />which shall be deposited in the Sinking Fund), grant funds and <br />the additional funds, if any, required to assure payment: in full <br />.13-- <br />r <br />