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40 <br />s® <br />and the placing of same in operation. <br />G. The principal of and interest. on the Bonds and all <br />required sinking fund, reserve and other payments shall be payable <br />solely from the Pledged'Revenues and the income from investments <br />of monies in the funds and accounts herein created, as herein <br />provided. The County shall never be required to levy ad valorem <br />taxes on any property within its corporate territory to pay the <br />principal of and interest. on the Bonds or to make any of the <br />required sinking fund, reserve or other payments, and such Bonds <br />shall not constitute a lien upon any property owned by or <br />situated within the corporate territory of the County. <br />H. The estimated Pledged Revenues to be received by the <br />County together with the income from investments made under this <br />resolution will be sufficient to pay all prin-iipal of and <br />interest on the Bonds to be issued hereunder, as the same become <br />due, and to make all required sinking fund, reserve or other <br />payments required by this Resolution. <br />SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In con- <br />sideration of the acceptance of the Bonds authorized to be issued <br />hereunder by those who shall hold the same from time to time, this <br />Resolution shall be deemed to be and shall constitute a contract <br />between the County and such Holders. The covenants and agree- <br />ments herein set forth to be performed by the County shall be for <br />the equal benefit_, protection and security of the legal Holders <br />of any and all of such Bonds, all of which shall be of equal rank <br />and without preference, priority or distinction of any of the <br />Bonds over any other thereof, except as expressly provided <br />therein and herein. <br />SECTION 5. AUTHORIZATION OF CONSTRUCTION AND ACQUISITION <br />OF PROJECT AND REFUNDING OF REFUNDED BONDS. There is hereby <br />authorized the acquisition and construction of the Project in <br />accordance with plans and specifications presently on file or to <br />be on file with the County. There is also hereby authorized the <br />refunding of the Refunded Bonds, in the manner hereinafter pro- <br />-7- <br />