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t <br />required to levy ad valorem taxes on any property within its cor- <br />® porate territory to pay the principal of and interest on the Bonds <br />or to make any of the required sinking fund, reserve or other <br />payments, and such Bonds shall not constitute a lien upon any pro- <br />perty owned by or situated within the corporate territory of the <br />Issuer. <br />G. The estimated Sales Tax and Investment Income to be <br />• ® received by the Issuer will be sufficient to pay all principal of <br />and interest on the Bonds to be issued hereunder, as the same <br />become 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 Issuer and such holders and, so long as any of the <br />Bonds are insured by it or held by it as subrogee of such holders <br />following payment on a municipal bond insurance policy, the <br />Municipal Bond Insurer, if any. The covenants and agreements <br />herein set forth to be performed by the Issuer shall be for the <br />equal benefit, protection and security of the legal holders of <br />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 REFUNDING OF REFUNDED BONDS <br />AND CONSTRUCTION AND ACQUISITION OF PROJECT. There is hereby <br />authorized the refunding of the Refunded Bonds, in the manner <br />herein provided. There is also hereby authorized the acquisition <br />and construction of the Project in accordance with plans and spe- <br />cifications presently on file or to be on file with the Issuer. <br />SECTION 6. AUTHORIZATION OF BONDS. Subject and pursuant <br />to the provisions of this Resolution, obligations of the Issuer <br />to be known as "Refunding and Improvement Revenue Bonds, Series <br />-10- <br />