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said Prior Lien Obligations. <br />SECTION 15. CONSTRUCTION TRUST FUNn. All of the pro- <br />ceeds derived from the sale of the Obligations (except (i) an <br />amount equal to accrued interest to be deposited in the Bond <br />Service Fund, and (ii) an amount equal to the maximum amount of <br />principal and interest which will mature and become due on the <br />Obligations in any ensuing Fiscal Year to be deposited in the <br />Reserve Account) shall be deposited in a trust 'Lurid which is <br />hereby created, established and designated as the "Construction <br />Trust Fund." Such Construction Trust Fund shall be deposited and <br />maintained with any banking institution in the State of Florida <br />approved as a County depository and subsequently designated by <br />the County. The moneys therein shall be used only for the <br />payment of the cost of the Project as hereinabove defined, but, <br />pending such application, may be invested in Authorized <br />Investments maturing at such time or times as necessary to meet <br />the requirements of the Construction Trust Fund, the income from <br />such investments to remain in said Construction Trust Fund. Any <br />balance of unexpended moneys in the Construction Trust Find after <br />completion of such Project shall be deposited in the Sinking Fund <br />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 />-21- <br />