Ordinance 2557-01 - Laserfiche WebLink

purpose of paying the principal of and interest on the Bond (as hereinafter described). The taxes hereafter levied for the purpose of paying principal of and interest on the Bond and other funds to be used to pay the Bond shall be deposited in the Bond Fund no later than the date such funds are required for the payment of principal of and interest on the Bond. Money in the Bond Fund not needed to pay the interest or principal next coming due may temporarily be deposited in such institutions or invested in such obligations as may be lawful for the investment of City funds. The City hereby irrevocably covenants for the benefit of the Owners of the Bonds and for the benefit of the Bank that it will annually include in its budget and levy taxes, within and as a part of the tax levy permitted to the City without a vote of the electorate, upon all property subject to taxation, in an amount sufficient, together with all other money legally available for such purpose,to pay the principal of and interest on the Bonds as the same shall become due, and all obligations owing under the Reimbursement Agreement. The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and collection of such taxes and the prompt payment of such principal and interest, and such other obligations. The City hereby irrevocably obligates and binds itself for as long as any Bonds remain Outstanding to set aside and pay into the Bond Fund, on or prior to the respective dates the same become due (and if such payment is made on the due date, such payment shall be made in immediately available funds): (1) Such amounts as are required to pay the interest scheduled to become due on Outstanding Bonds (including payment of all Bank Bonds); and (2) Such amounts with respect to Outstanding Bonds as are required (A) to pay maturing principal, (B) to make any required sinking fund payments, and (C)to -42- P:\CMW\CMW4ZL 11/20/01