Section 5. The Board (a) covenants to fix, revise,
charge, and collect that component of the comprehensive
student fee known as the "Auxiliary Services Fee" for or in
connection with the Student Activity Building Project and
other auxiliary enterprise facilities supported by the
Auxiliary Services Fee, and (b) pledges the Auxiliary
Services Fee to the payment of the principal of, premium,
if any, and interest on that portion of the Bonds issued
to finance the Student Activity Building Project, provided
that the current expenses of operating the Student Activity
Building Project and the other auxiliary enterprise facilities
supported by the Auxiliary Services Fee (the "Auxiliary
Services Current Expenses") shall be a first charge on such
Auxiliary Services Fee. The Board further covenants that
such Fee will be fixed, revised, charged, and collected so
that the net revenues therefrom, after payment of the Auxiliary
Services Current Expenses will at all times be sufficient to
pay the principal of, premium, if any, and interest on that
portion of the Bonds issued to finance the Student Activity
Building Project as and when the same become due, and to pay
debt service on any outstanding obligations that have been
previously issued to provide funds for auxiliary enterprise
facilities supported by the Auxiliary Services Fee, that
portion of the Bonds issued to finance the Student Activity
Building Project to be secured on a parity with such obligations.
Any such revenues in excess of the amounts required
for the payment of the Auxiliary Services Current Expenses, the
payment of principal of, premium, if any, and interest on
that portion of the Bonds issued to finance the Student
Activity Building Project when due, and debt service on any
outstanding obligations issued to provide funds for auxiliary
enterprise facilities supported by the Auxiliary Services
Fee may be used by the University for any other proper
purpose.
