Section 5. The Board (a) covenants to fix, revise,
charge and collect Student Fees and Student Commons Fees for or
in connection with the use or services of the Recreation Project,
and (b) pledges such Fees to the payment of the principal of,
premium, if any, and interest on that portion of the Bonds issued
to finance the Recreation Project; provided that the current
expenses of operating the Recreation Project (the "Recreation
Current Expenses") shall be a first charge on such Fees. The
Board further covenants that such Fees will be fixed, revised,
charged and collected so that the net revenues therefrom, after
payment of the Recreation 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 Recreation
Project as and when the same become due, and to pay debt service
on any outstanding obligations that have been previously issued
which are secured by the Fees pledged in this Section, that
portion of the Bonds issued to finance the Recreation Project to
be secured on a parity with such obligations. Any such revenues
in excess of the amounts required for the payment of the
Recreation Current Expenses, the payment of the principal of,
premium, if any, and interest on that portion of the Bonds issued
to finance the Recreation Project when due, and debt service on
any outstanding obligations which are secured by the Fees pledged
in this Section may be used by the University for any other
proper purpose.
