Ordinance 3405-14 - Laserfiche WebLink

upon all the property within the City subject to taxation in an amount that will be sufficient, together with all other revenues and money of the City legally available for such purposes, to pay the principal of and interest on the Bonds as the same shall become due. The City hereby irrevocably pledges that the annual tax provided for herein to be levied for the payment of such principal and interest shall be within and as a part of the tax levy permitted to cities without a vote of the people, and that a sufficient portion of each annual levy to be levied and collected by the City prior to the full payment of the principal of and interest on the Bonds will be and is hereby irrevocably set aside, pledged and appropriated for the payment of the principal of and interest on the Bonds. 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 Bonds as the same shall become due. Section 7.03. Required and Optional Liquidity Payments. (a) Required Liquidity Payments. The City will duly and punctually pay or cause to be paid to the Tender Agent, for deposit into the Purchase Fund pertaining to the Bonds, as and when due, and in the amounts required to provide moneys for the payment of the Purchase Price of Bonds tendered and/or deemed tendered for purchase and not remarketed pursuant to the terms of this ordinance on the following dates: (1) each Conversion Date on which (A) the then current Index Floating Rate Period is changed to a new Index Floating Rate Period or (B) the interest rate on the Bonds is converted from the Index Floating Rate to a different Interest Rate Mode; (2) each Purchase Date for Variable Rate Bonds if a Liquidity Facility is not in effect; -99- P 120287 CM1M20287 AMT 10/14/14