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40 <br />40 <br />6• <br />kt ,1 6 <br />B. The Issuer is authorized to pledge the Pledged Funds <br />to pay the principal of and interest on the Bonds. <br />C. The estimated cost of such Project, as above <br />described, is the sum of not exceeding $4,200,000. Such cost, in <br />addition to the specific items contained in the plans and <br />specifications, may be deemed to include the acquisition of any <br />land or interest therein, or of any fixtures, equipment or pro- <br />perties necessary or convenient therefor; expenses for estimates <br />of costs and of revenues; expenses for plans, specifications and <br />surveys; administrative expenses; interest on the Bonds prior to, <br />during, and for not exceeding 2 years following the completion of <br />the Project; establishment of reasonable reserves for debt <br />service; bond discount, if any; municipal bond insurance <br />premiums, if any; letter of credit issuance expenses, if any; <br />reimbursement to the Issuer of any funds advanced to pay any <br />costs of the Project; and such other expenses as may be necessary <br />or incidental for the financing authorized by this resolution, <br />the undertaking of the Project and the placing of the same in <br />operation. <br />D. The principal of and interest on the Bonds to be <br />issued pursuant to this resolution and all other payments spe- <br />cified herein will be payable solely from the Pledged Funds, in <br />the manner herein provided. There are no other outstanding obli- <br />gations of the Issuer payable from such Pledged Funds, or any <br />portion thereof, except the Outstanding Obligations payable from <br />the Racetrack Funds and Jai Alai Fronton Funds; however, the <br />Issuer shall advance refund the Outstanding Obligations and <br />defease the lien of the holders thereof on the Racetrack Funds <br />and Jai Alai Fronton Funds before the issuance of any of the <br />Bonds. <br />E. The Board will not be required to levy taxes on any <br />real property within the area of. the Issuer to pay the principal <br />of and interest on the Bonds or to make any other payments spe- <br />cified herein. The Bonds issued pursuant to this resolution <br />shall not constitute a lien upon any other properties of or in <br />-6- <br />