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The Issuer's share of any liquidated damages or other moneys paid by defaulting contractors or their sureties, and all proceeds or insurance compensating for damages to the Project during the period of construction, shall be deposited in the Project Account in the Construction Fund to assure completion of the Project. Any moneys in the Construction Fund which, in the opinion of the Issuer, are not immediately necessary for expenditure, as hereinabove provided, may be invested in Authorized Investments maturing at such time or times as will make the proceeds thereof available when needed. All income derived therefrom shall be deposited into the Rebate Fund to the extent required and the excess, if any, into the Project Account in the Construction Fund. When the construction of the Project has been completed and all construction costs have been paid m full all funds remaining in the Construction Fund shall be deposited in the Debt Service Fund, and the Construction Fund shall be closed. SECTION 19. COVENANTS OF THE ISSUER. Until all principal of and interest on the Bonds shall have been paid or provided for as herein permitted, the Issuer covenants with the Bondholders as follows: A. REVENUE FUND. The State Payments (commencing with the payments due on or about September 1, 2001), the Fourth Cent Tourist Development Tax (commencing with the taxes attributable to the month ofJuly, 2001) and the Local Government Half -Cent Sales Tax (commencing with the payments due on or about September 1 2001) shall upon receipt thereof be deposited in the State Payment Account, the Fourth Cent Tourist Development Tax Account and the Local Government Half -Cent Sales Tax Account, respectively, in the Revenue Fund. Such Revenue Fund shall constitute a trust fund for the purposes herein provided and shall be kept separate and distinct from all other funds of the Issuer and used only for the purposes and in the manner herein provided. B. DISPOSITION OF REVENUES. A11 amounts in the Revenue Fund shall be disposed of monthly in the following order of priority, as needed: (1) amounts in the State Payments Account, (2) amounts in the Fourth Cent Tourist Development Tax Account and (3) amounts in the Local Government Half -Cent Sales Tax Account. Such amounts shall be disposed of monthly, but not later than the eighth (8th) day of each month commencing in the month immediately following the delivery of the Bonds only in the following manner and the following order of priority: (1) The Issuer shall first deposit into the Debt Service Fund and credit to the following accounts, in the following order (except that payments into the Principal Account and the Bond Amortization Account shall be on a parity with each other), the following identified sums: (a) Interest Account: Such sum as will be sufficient to pay one-sixth (1 /6th) of all interest coming due on all Bonds on the next interest payment date, together with any fees and charges of the Paying Agent and Registrar therefor, provided that with respect to the initial Interest Payment Date for the bonds, the monthly amount shall be calculated by deducting from the amount due on such Interest Payment Date the amount of any accrued interest on deposit in the Interest Account and dividing the result by the number of months between the date of issuance of the Bonds and such initial Interest Payment Date. The moneys in the Interest Account shall be withdrawn and deposited with the Paying Agent for the Bonds on or before each interest payment date in an amount sufficient to pay the interest due on such date and the fees of the Paying Agent and Registrar. (b) Principal Account: Such sum as will be sufficient to pay one -twelfth (1 /12th) of the principal amount of the Bonds which will mature and become due on such annual matunty dates beginning in the month which is twelve (12) months pnor to the first principal maturity date. The moneys on deposit in the Principal Account shall be withdrawn and deposited with the Paying Agent for such Bonds on or before each principal maturity date in an amount sufficient to pay the principal maturing on such date and the fees and charges of the Paying Agent and Registrar. AUGUST 7, 2001 -88- 81< 119 PG 103