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0 <br />from the sale of the Bonds or the sale of bond anticipation <br />notes issued to extend and renew the indebtedness evidenced <br />by the Series 1986 Notes. <br />E. The Issuer is not, under this Resolution, obligated <br />to levy any ad valorem taxes on any real or personal <br />proper ty situated within its territorial limits to pay the <br />principal of or interest on the Series 1986 Notes or the <br />Bonds. The Series 1986 Notes shall not constitute a lien <br />upon the Project or any other real property of the Issuer or <br />situated within its territorial limits. <br />F. The Roard anticipates receiving from <br />M. G. Lewis & Co., Inc. a proposal for the purchase of the <br />Notes. <br />SECTION 4. RESOLUTION TO CONSTITUTE COTMO T. In consideration of <br />the acceptance of the Notes by those who shall hold the same from time to time, <br />this Resolution shall be deemed to be and shall constitute a contract between <br />the Issuer and such Holders. The covenants and agreements herein set forth to <br />be performed by the Issuer shall be for the equal benefit, protection and <br />security of the legal Holders of the Notes, all of which shall be of equal rank <br />and without preference, priority or distinction of any of the Notes over any <br />other thereof, except as expressly provided therein and herein. <br />SECTION 5. CONCERNING THE RESOLUTION MD THE PAYING err. <br />A. The Resolution. This Resolution shall remain in <br />effect so long as Notes shall ruiuin Wtstandirxj. <br />-6-- <br />