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A <br />SECTION 12. SECURITY FOR OBLIGATIONS. The principal of <br />and interest on the Obligations shall be secured forthwith <br />equally and ratably by a lien upon and a pledge of all of the <br />portion of Race Track Funds and Jai Alai Fronton Funds, as <br />defined herein, accruing annually to the County under the provi- <br />sions of Chapters 550 and 551, Florida Statutes, and allocated to <br />the Board pursuant to law and the income from the investment of <br />monies held in the various funds and accounts hereinafter <br />established in Section 14 hereof. The County hereby irrevocably <br />pledges such funds to the payment of the principal of and <br />interest on the Obligations issued hereunder. <br />The lien of the bonds issued hereunder on said Race <br />Track Funds is junior and subordinate to the lien thereon of the <br />outstanding Prior Lien Obligations. <br />SECTION 13. OBLIGATIONS NOT DEBT OF BOARD OR COUNTY. <br />Neither the Obligations nor coupons shall be or constitute <br />general obligations or indebtedness of the Board or of the <br />County within the meaning of any constitutional or statutory <br />lJ_J+,a,:_� <br />wu <br />�:,� iiuJCUICUllCSS, i7uc Shall be payable solely from and <br />secured by a first lien upon and a pledge of that portion of the <br />Race Track Funds and Jai Alai Fronton Funds accruing annually to <br />the County under the provisions of Chapters 550 and 551, Florida <br />Statutes, and allocated to the Board pursuant to law and the <br />income from the investment of monies held in the various funds <br />and accounts hereinafter established in Section 14 hereof. No <br />holder or holders of any Obligations issued hereunder or of any <br />coupons appertaining thereto shall ever have the right to compel <br />the levy of ad valorem taxes to pay the Obligations or interest <br />thereon or for the making of any other payments provided for in <br />this Resolution. <br />SECTION 14. COVENANTS OF THE COUNTY. For as long as <br />any of the principal of and interest on any of the Obligations <br />shall be outstanding and unpaid or until there shall have been <br />set apart in the Sinking Fund, herein established, including the <br />-14- <br />