Ordinance 2737-03 - Laserfiche WebLink

the business and assets of the Bank, conditioned on such successor assuming all obligations to provide the line of credit evidenced by the Notes. Section 7. Prepayment. The City may prepay all or a portion of the Outstanding Principal Balance of either Note to the Bank on any date without penalty. All payments received by the Bank shall be credited to the account of the City on the date received. Section 8. Note Funds. The Notes shall be paid from any legally available funds of the City, including the taxes referred to in the following Section 9 of this ordinance. Section 9. Pledge of Taxation and Credit. The City hereby covenants that with respect to the Notes, it will provide for the payment thereof either from the proceeds of a refunding obligation or from other legally available funds of the City. The City hereby irrevocably covenants for as long as the Notes are outstanding and unpaid that each year it will include in its budget an amount sufficient to pay and redeem the Notes on their respective Maturity Dates and, if required, levy an ad valorem tax, within and as part of the tax levy permitted to cities without of vote of the people, upon all the property within the City subject to taxation in an amount that will be sufficient to pay the principal of and interest on the Notes as a budgeted obligation as the same shall become due. The City hereby irrevocably pledges that a sufficient portion of each annual levy to be levied and collected by the City prior to the full payment of the principal and interest on the Notes will be and is hereby irrevocably set aside, pledged and appropriated for the payment of the principal of and interest on the Notes. The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and collection of said taxes and for the prompt payment of the principal of and interest on the Notes as the same shall become due. -7- P:\CMW\CMW634 03/12/08