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r� <br />together with interest accrued and to accrue thereon, the Issuer <br />covenants with each of the holders of the Notes as follows: <br />4D <br />A. PROCEEDS FROM [BONDS. Upon the receipt of the proceeds <br />of the Bonds, excluding accrued interest, the Issuer shall apply <br />40 <br />such proceeds as follows: <br />(1) To pay forthwith the principal of the outstand- <br />ing Notes and the interest accrued thereon to such date of payment. <br />(2) For deposit and application of the balance of <br />such proceeds pursuant to the provisions of. the Enabling Instrument. <br />B. APPLICATION OF PRIOR COVENANTS. The covenants and <br />pledges contained in the Enabling Instrument for the benefit of the <br />holders of the Bonds to the extent that the same are not inconsistent <br />with the provisions of this resolution shall be deemed to be for the <br />benefit, protection and security for the payment of the Notes and for <br />the holders thereof in like manner as applicahle to the Bonds for thr <br />benefit of the holders thereof. The Sinking bund and Reserve Account <br />created and established pursuant to the Enahlincl Instrument, to the <br />extent necessary, shall be maintained for the henef.it of the Notes and <br />the holders thereof. l <br />C. SALE, OF BONDS. From time to time the Issuer shall in <br />good faith endeavor to sell a sufficient principal amount of the Bonds <br />in order to have funds available to pay the Notes and the interest <br />thereon as the same become due. <br />SECTION 9. SUPPLEMPNTA1, INSTRUMENTS. The Issuer shall, as <br />necessary, from t-imf- to rime ,inti at any time, .idopt such resolut.icrosc <br />and/or ordinance:, as shall not be inconsistent with the term:; and <br />conditions of this resolution: <br />A. To cure any ambiquity, defect-, ur Omiss ion herein; ant!/or <br />B. Co secure, cxtrrnd c:r- re�now to the holders Of the Notes <br />the pledges made herein for the payment of the Not -(,,s and the interest <br />to accrue thereon. <br />SECTION 10. MODIFICATION AND AMFNDMI:NT. No material <br />modification or amendment of this resolution ni of any resolution <br />amendatory hereof or supplemental hereto may be made without the <br />consent in writing of the holders of the Notes. <br />-G- <br />