Hi Craig,
I see now why the confusion. I agree with how you understood it. Bonda appears to be wrong IMO.
On p 143 he discusses his better interpretation but I am not sure that I understand it or agree with it.
If the covenant promises are for the elect of Israel, and not for the entire nation, why do you think Paul says in 9:4 (where he seems to be speaking of the entire nation), “Theirs is ….the covenants, …., and the promises”?
Again, I think he is wrong. Firstly, the covenant was made on the provision of their faithfulness. Secondly, the bible consistently mixes metaphors, and literal and figurative language. In one sentence you can get a mixture of several different grades of communication. Joel says: “And it will come about that whoever calls on the name of the LORD Will be delivered; For on Mount Zion and in Jerusalem There will be those who escape, As the LORD has said, Even among the survivors whom the LORD calls.” We know that this was true only within a context of understanding. Paul gave the same assurance to Christians: “Everyone who calls on the name of the Lord will be saved.” Again, this is only within a context. It is not fairy dust or a magic incantation. Not all christians are christians; and not all Israel are Israel. The promise is for those who walk in the name of the Lord, and not those who just “call out” the name as some superstitious protection against vampires or demons.
I go along with your first assessment.