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40 <br />•0 <br />therefor, and for all other required payments. <br />SECTION 17. COVENANTS OF THE ISSUER. For as long as any <br />of the principal of and interest on any of the Bonds shall be out- <br />standing and unpaid, or until payment has been provided for as <br />herein permitted, or, except as provided under Section 24 hereof, <br />until there shall have been set apart in the Sinking Fund and the <br />Reserve Account, a sum sufficient to pay when due the entire prin- <br />cipal of the Bonds remaining unpaid, together with interest accrued <br />or to accrue thereon, the Issuer covenants with the holders of any <br />and all Bonds as follows: <br />A. REVENUE FUND. All of the proceeds of the Sales Tax <br />shall, upon receipt thereof, be deposited in the "Indian River <br />County Refunding and Improvement Revenue Bonds Revenue Fund" <br />(hereinafter called "Revenue Fund"), hereby created and established. <br />Such Revenue Fund shall constitute a trust fund for the purposes <br />herein provided, and shall be kept separate and distinct from all <br />other funds of the Issuer and used only for the purposes and in the <br />manner herein provided. <br />B. DISPOSITION OF SALES TAX. All proceeds of the Sales <br />Tax at any time remaining on deposit in the Revenue Fund shall be <br />disposed of on or before the 25th day of each month, commencing in <br />the month immediately following the delivery of the Bonds only in <br />the following manner and in the following order of priority: <br />(1) The Sales Tax shall first be applied and allo- <br />cated to a separate fund which is hereby created and designated <br />"Indian River County Refunding and Improvement Revenue Bonds <br />Sinking Fund" (hereinafter called "Sinking Fund"), in such sums as <br />will be sufficient to pay an equal monthly amount of all interest <br />becoming due on the Current Interest Paying Bonds on the next <br />interest payment date therefor (if Bonds with a variable rate of <br />interest are outstanding the Issuer shall deposit in lieu of the <br />monthly interest deposit described above, the interest actually <br />accruing on such Bonds for such month, assuming the interest rate <br />thereon on the first day of such month will continue through the <br />-26- <br />