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SECTION 14. SECURITY FOR BONDS. The principal of and <br />interest on the Bonds shall be secured forthwith equally and <br />ratably by a first lien upon and a pledge of the Pledged Funds. <br />The Issuer hereby irrevocably pledges such Pledged Funds to the <br />,payment,of the principal of and interest on the Bonds. <br />SECTION 15. BONDS NOT GENERAL OBLIGATION OF ISSUER. <br />The Bonds shall not be or constitute general obligations or an <br />so indebtedness of the Issuer within the meaning of any constitu- <br />tional or statutory limitation of indebtedness, but shall be <br />payable solely from and secured by a first lien upon and a pledge <br />of the Pledged Funds. No Registered Owner shall ever have the <br />right to compel the levy of ad valorem taxes to pay the Bonds or <br />the interest thereon, or for the making of any other payments spe- <br />cified in this resolution. <br />SECTION.16. COVENANTS OF ISSUER. For as long as any of <br />the principal of and interest on any of the Bonds shall be <br />outstanding and unpaid or until there shall have been set apart <br />in the Sinking Fund, herein established, including the Bond <br />Amortization Account and the Reserve Account therein, a sum suf- <br />ficient to pay when due the entire principal of the Bonds <br />remaining unpaid, together with interest accrued or to accrue <br />thereon, the Issuer covenants with the Registered Owners of any <br />and all Bonds as follows: <br />A. RACETRACK FUND. The Racetrack Funds and Jai Alai <br />Fronton Funds shall, upon receipt thereof, be deposited in the <br />"Racetrack Revenue Fund" (the "Racetrack Fund"), hereby created <br />and established. Such Racetrack Fund shall constitute a trust <br />fund for the purposes herein provided, and shall be kept separate <br />and distinct from all other funds of the Issuer and used only for <br />the purposes and in the manner herein provided. In each year <br />when the amount on deposit in the Racetrack Fund, together with <br />the amount then on deposit in the Sinking Fund (excluding the <br />Reserve Account therein), equals the current Bond Service <br />Requirement, no further deposits of Racetrack Funds and Jai Alai <br />-19- <br />