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permitted to counties without a vote of the people, and that a sufficient portion of each annual <br />levy to be levied and collected by the County prior to the full payment of the principal of and <br />interest on the Bond will be and is hereby irrevocably set aside, pledged and appropriated for the <br />payment of the principal of and interest on the Bond. <br />The full faith, credit and resources of the County are hereby irrevocably pledged for the <br />annual levy and collection of said taxes and for the prompt payment of the principal of and <br />interest on the Bond as the same shall become due. <br />Section 10. Defeasance. In the event that money and/or noncallable Government <br />Obligations that are direct obligations of the United States or obligations unconditionally <br />guaranteed by the United States, maturing at such time or times and bearing interest to be earned <br />thereon in amounts (together with such money, if necessary) sufficient to redeem and retire part <br />or all of the Bond in accordance with its terms, are set aside in a special account of the County to <br />effect such redemption and retirement, and such money and the principal of and interest on such <br />Government Obligations are irrevocably set aside and pledged for such purpose, then no further <br />payments need be made into the Bond Fund for the payment of the principal of and interest on <br />the Bond so provided for, and such Bond or portion thereof shall cease to be entitled to any lien, <br />benefit or security of this resolution except the right to receive the money so set aside and <br />pledged, and such Bond shall be deemed not to be outstanding hereunder. <br />Section 11. Sale of the Bond. The County hereby ratifies and confirms its acceptance <br />of the Approved Bid, to purchase the Bond on the terms specified therein and in this resolution. <br />The proper County officials are hereby authorized and directed to do everything necessary for <br />the prompt execution and delivery of the Bond to the Bank and for the proper application and use <br />of the proceeds of the Bond. <br />-19- 502686980 v1 <br />