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• <br /> C. Interest Component of Lease Payments . <br /> The interest component of each monthly Lease Payment <br /> shall be calculated based on an interest rate <br /> established for sale of tax exempt Certificates of <br /> Participation in this Lease. The interest rate on the <br /> Certificates of Participation shall be established in <br /> accordance with the procedures set forth in the <br /> Syndication Agreement between Lessor and the City dated <br /> December 19, 1991 of even date herewith. If the <br /> interest rate is not established under the Syndication <br /> Agreement, the interest rate for calculation of the <br /> interest component of the monthly Lease Payments shall <br /> be equal to ninety-five percent (95%) of the interest <br /> rate quoted for tax exempt bond issues in the Bond <br /> Buyer Tax-Exempt Bond Index as of the business day <br /> immediately preceding the Payment Obligation <br /> Commencement Date. <br /> D. Pledge to Pay Lease Payments . From and <br /> after the Payment Obligation Commencement Date, the <br /> City covenants to make all Lease Payments, as <br /> determined in accordance with this Section 4 . 1, at such <br /> times and in such amounts as set forth in Exhibit B-2 <br /> which Exhibit shall be completed on or prior to the <br /> Payment Obligation Commencement Date as provided <br /> herein. From On the Substantial Completion Date until <br /> the Payment Obligation Commencement Date, City shall <br /> commence making the principal portion (but not the <br /> interest portion) of the monthly Lease Payments <br /> calculated based on the estimated total principal <br /> component of Lease Payments set out in paragraph 1 of <br /> Exhibit B-1 attached and assuming an interest rate <br /> equal to ninety-five percent (95%) of the Bond Buyer <br /> Index Tax-Exempt Bond Rate as of the Substantial <br /> Completion Date. The obligation of the City to make <br /> the Lease Payments constitutes a general obligation and <br /> indebtedness of the City. The City hereby pledges to <br /> budget and appropriate from revenues available without <br /> a vote of the City' s electors, amounts sufficient, <br /> together with other money legally available therefor, <br /> to make such Lease Payments when due, pursuant to the <br /> authority granted the City by RCW 35. 42 . 200 . <br /> Section 3 . Removing the Provisions of the Lease with <br /> Respect to Parking. Article VIII of the Original Lease is hereby <br /> deleted in its entirety. <br /> Section 4 . Amending Article XII of the Original Lease. <br /> Certain provisions of Article XII of the Original Lease are <br /> -4- D0T048.DOC 93/06/15 <br />