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satisfactory to the Bond Registrar that such Bond or Bonds were actually lost, stolen or destroyed <br /> and of his/her ownership thereof, and upon furnishing the City and Bond Registrar with indemnity <br /> satisfactory to the Finance Director and the Bond Registrar. <br /> SECTION 9. Bond Fund. There is hereby created in the office of the Finance Director a <br /> special fund to be drawn upon for the purpose of paying the principal of and interest on the Bonds <br /> to be known as the "Limited Tax General Obligation Refunding Bond Redemption Fund, 1994" <br /> (the "Bond Fund"). The taxes hereafter levied for the purpose of paying principal of and interest <br /> on the Bonds and other funds to be used to pay the Bonds shall be deposited in the Bond Fund no <br /> later than the date such funds are required for the payment of principal of and interest on the <br /> Bonds. Money in the Bond Fund not needed to pay the interest or principal next coming due may <br /> temporarily be deposited in such institutions or invested in such obligations as may be lawful for <br /> the investment of City funds. <br /> SECTION 10. Pledge of Taxation and Credit. The City hereby irrevocably covenants and <br /> agrees for as long as any of the Bonds are outstanding and unpaid, that each year it will include in <br /> its budget and levy an ad valorem tax upon all the property within the City subject to taxation in <br /> an amount that will be sufficient, together with all other revenues and moneys of the City legally <br /> available for such purposes, to pay the principal of and interest on the Bonds as the same shall <br /> become due. <br /> The City hereby irrevocably pledges that the annual tax provided for herein to be levied <br /> for the payment of such principal and interest shall be within and as a part of the tax levy <br /> permitted to cities without a vote of the people, and that a sufficient portion of each annual levy <br /> to be levied and collected by the City prior to the full payment of the principal of and interest on <br /> the Bonds will be and is hereby irrevocably set aside, pledged and appropriated for the payment of <br /> the principal of and interest on the Bonds. <br /> The full faith, credit and resources of the City are hereby irrevocably pledged for the <br /> annual levy and collection of said taxes and for the prompt payment of the principal of and interest <br /> on the Bonds as the same shall become due. <br /> -15- DOTO6L.DOC 94/01/19 <br />