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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 "Unlimited 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, without limitation as to rate or amount, upon all the <br /> property within the City subject to taxation in an amount that will be sufficient, together with all <br /> other revenues and money of the City legally available for such purposes, to pay the principal of <br /> and interest on the Bonds as the same shall become due. <br /> The City hereby irrevocably pledges that a sufficient portion of each annual levy to be <br /> levied and collected by the City prior to the full payment of the principal of and interest on the <br /> Bonds will be and is hereby irrevocably set aside, pledged and appropriated for the payment of the <br /> principal of and interest on the Bonds. The full faith, credit and resources of the City are hereby <br /> irrevocably pledged for the annual levy and collection of said taxes and for the prompt payment of <br /> the principal of and interest on the Bonds as the same shall become due. <br /> SECTION 11. Defeasance. In the event that money and/or "Government Obligations," as <br /> such obligations are now or may hereafter be defined in Chapter 39.53 RCW, maturing at such <br /> time or times and bearing interest to be earned thereon in amounts (together with other such <br /> money, if necessary) sufficient to redeem and retire, refund or defease part or all of the Bonds in <br /> accordance with their terms, are set aside in a special account of the City to effect such <br /> -16- DOTo9M.DOC 94/01 he <br />