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• Section 7 . Bond Redemption Fund. There is hereby created a <br /> special fund of the City to be known as the "1982 Limited Tax General <br /> Obligation Bond Redemption Fund, " which Fund shall be drawn upon for <br /> the sole purpose of paying the principal of and interest on the Bonds. <br /> The City covenants and agrees for as long as any of the Bonds are <br /> outstanding and unpaid that each year it will include in its budget <br /> and cause to be levied annually a tax upon all the property within the <br /> City subject to taxation in an amount which, with other moneys of the <br /> City which may be legally used and which the City applies for such <br /> purposes, will be sufficient to pay the principal of and interest on <br /> the Bonds as the same shall become due. All of such taxes so <br /> collected and any of such other moneys shall be paid into the Bond <br /> Redemption Fund, and none of the moneys therein shall be used for any <br /> other purpose than the payment of the principal of and interest on the <br /> Bonds. <br /> The City hereby irrevocably pledges that the annual tax provided <br /> for herein to be levied for the payment of such principal and interest <br /> shall be within and as a part of the tax levy permitted the City <br /> without a vote of the people and that a sufficient portion of each <br /> such annual tax to be levied and collected by the City prior to the <br /> full payment of the principal of and interest on the Bonds will be and <br /> is hereby irrevocably set aside, pledged and appropriated for the <br /> payment of the principal of and interest on the Bonds as aforesaid. <br /> The full faith, credit and resources of the City are hereby <br /> pledged for the annual levy and collection of such taxes and for the <br /> prompt payment of the principal of and interest on the Bonds as the <br /> same shall become due. <br /> Section 8. Sale of Bonds. The City Clerk is hereby authorized <br /> and directed to advertise the Bonds for sale in the manner required by <br /> law. Sealed bids for the purchase of said Bonds will be received by <br /> the City Clerk in the City Hall in Everett, Washington, until 10: 00 <br /> o'clock a.m. Pacific Daylight Time on May 12 , 1982 , at which time said <br /> -5- <br />