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. . . require the Agency to expend any funds other than the Tax Revenues: Covenant 1. Complete Redevelopment Project; Amend- ment to Redevelopment Plan. The Agency covenants and agrees that it will diligently carry out and continue to completion in a sound and economical manner, with all practicable dispatch, the Redevelopment Project in accordance with its duty to do so under and in accordance with the Law and the Redevelopment Plan. The Redevelopment Plan may be amended as provided in the Law but no amendment shall be made unless it will not substantially impair the security of the Bonds or the rights of the Bondholders, as shown by an Opinion of Counsel, based upon a certificate or opinion of an Independent Financial Consultant appointed by the Agency. Covenant 2. Use of Proceeds, Management and Operation of Properties. The Agency covenants and agrees that the proceeds of the sale of the Bonds will be deposited and used as provided in this Resolution and that it will manage and operate all properties owned by it comprising any part of the Redevelopment Project Area in a sound and businesslike manner. Covenant 3. No Priority. The Agency covenants and agrees that it will not issue any obligations payable, either as to principal or interest, from the Pledged Revenues which have any lien upon the Pledged Revenues prior or superior to the lien of the Bonds herein authorized. Except as permitted by Section 17 hereof, it will not issue any obligations, payable as to principal or interest, from the Pledged Revenues, which have any lien upon the Pledged Revenues on a parity with the Bonds authorized herein. Notwithstanding the foregoing, nothing in this Resolution shall prevent the Agency (i) from issuing and selling pursuant to law, refunding obligations payable from and having any lawful lien upon the Pledged Revenues, if such refunding obligations are issued for the purpose of, and are sufficient for the purpose of, refunding all of the outstanding Bonds or Parity Bonds, or (ii) from issuing and selling obligations which have, or purport to have, any lien upon the Pledged Revenues which is junior to the Bonds as provided in Section 17, or (iii) from issuing and selling bonds or other obligations which are payable in whole or in part from sources other than the Pledged Revenues. As used herein "obligations" shall include, without limitation, bonds, notes, interim certificates, debentures or other obligations. Covenant 4. Punctual Payment. The Agency covenants and agrees that it will duly and punctually payor cause to be paid the principal of and interest on each of the Bonds on the date, at the place and in the manner provided in the Bonds and if such is paid from draws upon the Initial Letter of Credit, that it will duly and punctually payor cause to be paid the amount of such draw pursuant to the terms of this Resolution 12-02-85 9563p/228l/01 -27-