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ARTICLE III COVENANTS, SPECIAL FUNDS AND APPLICATION THEREOF 3.01 Bonds Not t_o_B_eI_ndebtedne,s_of Issuer. Neither the Bonds nor the coupons attached thereto shall be or constitute general obligations or indebtedness of the Issuer as "bonds" within the meaning of Art. VII, §12, Fla. Const. (1968), but shall be payable solely from and secured by a lien upon and pledge of the Pledged Funds as provided in the Original ReSolution. No oNncr, or rivide,: of any mond or coupon apper- taining thereto shall ever have the right to compel the exercise of any ad valorem taxing power to pay such Bond or coupon or Operating Expenses, or be entitled to payment of such Bond or coupon from any money of the Issuer except from the Pledged Funds in the manner provided herein and in the Original Resolution. 3.02 Application of Provisions of the Original Resolution. The Bonds shall for all purposes be considered to be additional parity obligations issued under the authority of the Original Resolution, and shall be entitled to all the protection and security provided therein for the Parity Obligations, and shall be in all respects entitled to the same security, rights and privileges enjoyed by the Parity Obligations. The covenants and pledges contained in the Original Resolution shall be applicable to the Bonds in like manner as applicable to the Parity Obligations. The Reserve Account established in the Original Resolu- tion shall be applicable pro rata to the Bonds in the same manner as applicable to the Parity Obligations, and payments shall be made therein as required by the Original Resolution. 3.03 Application of Bond Proceeds. The Issuer hereby agrees to create and establish with a depository in the State of Florida, which is a member of the Federal Deposit Insurance Corporation, and which is eligible under the laws of the State of Florida to receive county funds, a special fund to be known as the "Construction Fund," into which shall be deposited the proceeds from the sale of the Bonds (except such portion thereof as shall be necessary to pay interest on the Bonds during the acquisition and construction of the Project, which shall be deposited in the Sinking Fund), grant funds and the additional funds, if any, required to assure payment in full of the Cost of the Project. Withdrawals from the Construction Fund shall be made only for such purposes as shall have been previously specified in the Project Cost estimates and as shall be approved by the Issuer's consulting engineers for the Project. There is hereby created within the Construction Fund a special account known as the "Notes Payment Account." If bond -21-