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property within the City subject to taxation in an amount which, <br /> with other moneys of the City which may be legally used and which <br /> the City applies for such purposes, will be sufficient to pay the <br /> principal of and interest on the Bonds as the same shall become <br /> due. All of such taxes so collected and any of such other moneys <br /> shall be paid into the Bond Redemption Fund, and none of the <br /> moneys therein shall be used for any other purpose than the <br /> payment of the principal of and interest on the Bonds. <br /> The City hereby irrevocably pledges that the annual tax <br /> provided for herein to be levied for the payment of such principal <br /> and interest shall be within and as a part of the tax levy per- <br /> mitted the City without a vote of the people and that a sufficient <br /> portion of each such annual tax to be levied and collected by the <br /> City prior to the full payment of the principal of and interest <br /> on the Bonds will be and is hereby irrevocably set aside, pledged <br /> and appropriated for the payment of the principal of and interest <br /> 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 <br /> the prompt payment of the principal of and interest on the Bonds <br /> as the same shall become due. <br /> Section 8 . The City Clerk is hereby authorized and directed <br /> to advertise the Bonds for sale in the manner required by law. <br /> Sealed bids for the purchase of said Bonds will be received by <br /> the City Clerk in the City Hall in Everett, Washington, until <br /> 10 : 00 o' clock a.m. Pacific Daylight Time on August 25 , 1976, at <br /> which time said bids will be publicly opened, read and evaluated. <br /> Said bids will be considered and acted upon by the City Council <br /> at a regular meeting thereof to be held in the Council Chambers <br /> -7- <br />