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6 <br />defined, but, pending such application, may be invested in <br />Authorized Investments maturing at such time or times as <br />necessary to meet the requirements of the Construction Trust <br />Fund, the income from such investments to remain in said <br />Construction Trust Fund. Any balance of unexpended moneys in the <br />Construction Trust Fund after completion of such Project shall be <br />deposited in the Revenue Fund hereinbefore established. <br />SECTION 16. RIGHTS OF THE OBLIGATION HOLDERS. The <br />Holders of the Obligations shall have no responsibility for the <br />application and use of the proceeds received from the sale <br />thereof and the application and use of such proceeds by the <br />County shall in no way affect the rights of the Obligation <br />Holders. The County shall be irrevocably obligated, upon receipt <br />thereof, to use the Race Track Funds and Jai Alai Fronton Funds <br />pledged hereunder to pay the principal of and interest on the <br />Obligations and to make all reserve and other payments provided <br />for herein, notwithstanding any failure of the County to apply <br />such Obligation proceeds in the manner provided herein. <br />SECTION 17. DEFEASANCE. If, at any time, the County <br />shall have paid, or shall have made provision for payment of, the <br />principal, interest and redemption premiums, if any, with respect <br />to the Obligations, then, and in that event, the pledge of and <br />lien on the Race Track Funds and Jai Alai Fronton Funds in favor <br />of the Holders of the Obligations shall be no longer in effect. <br />For purposes of the preceding sentence, deposit of Federal <br />Securities or bank certificates of deposit fully secured as to <br />principal and interest by Federal Securities (or deposit of any <br />other securities or investments which may be authorized by law <br />from time to time and sufficient under such law to effect such a <br />defeasance) in irrevocable trust with a banking institution or <br />trust company, for the sole benefit of the Holders of such <br />Obligations, in an amount such that the principal of and interest <br />on such securities or certificates will be sufficient to pay when <br />due the principal, interest, and redemption premiums, if any, on <br />the outstanding Obligations, shall be considered "provision for <br />-23- <br />