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86-081
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Resolutions 1986
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86-081
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8/9/2005 11:39:12 AM
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8/9/2005 11:13:55 AM
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<br />.' <br /> <br />.. <br /> <br />The City further pledges to the payment of the principal of <br />and interest on the Bonds, when due, the proceeds of any <br />general ad valorem taxes hereafter levied by the Ci ty for <br />such purposes. The aforesaid funds in the Debt Service Fund <br />shall be used only and exclusively for, and are hereby <br />pledged to, in accordance with the provisions of this Reso- <br />lution, the payment of the Bonds in accordance with their <br />terms. If any such payment shall become due when there are <br />not sufficient funds in the Debt Service Fund to pay the <br />same, the City Clerk-Treasurer shall pay such amounts from <br />the general fund or other available fund of the City, and <br />such fund shall be reimbursed for such advances from the <br />proceeds of the Escrow Earnings (but only to the extent such <br />advances of Ci ty funds paid interest on the Bonds), the <br />Series 1986 Levies, or of any general ad valorem taxes here- <br />after levied for such purposes, when collected. <br /> <br />13. Mandatory and Optional Redemption of Series 1985 <br />Bonds. As provided in Section 3.07 of the Series 1985 <br />Indenture, the pr incipal amounts of the Ser ies 1985 Bonds <br />are subject to mandatory sinking fund redemption on February <br />1 in the following years and amounts, respectively, among <br />others: <br /> <br />Year Amount <br />1988 $100,000 <br />1989 100,000 <br />1990 100,000 <br />1991 100,000 <br />1992 100,000 <br />1993 150,000 <br /> <br />To pay, when due, the foregoing mandatory redemptions of <br />principal amounts of the Series 1985 Bonds which occur prior <br />to or on the Crossover Date, the City shall use correspond- <br />ing and respective amounts of the principal proceeds of the <br />Bonds (specifically not including any earnings on funds <br />invested in the Escrow Account) payable to the City from the <br />Escrow Account pursuant to the Escrow Deposit Agreement. <br /> <br />14. Revised Series 1985 Tax Levies; Series 1986 Tax <br />Levies. Pursuant to and in accordance wi th the applicable <br />provisions of this Resolution and the Escrow Deposit Agree- <br />ment, the City has caused to be escrowed and maintained in <br />the Escrow Account Government Obligations (as defined in the <br />Series 1985 Indenture) whose principal maturities will occur <br />at such times and in such amounts as will be sufficient, and <br />the City hereby covenants that it shall apply such necessary <br />amounts thereof, to pay, when due, all ($2,350,000) of the <br />principal of the Series 1985 Bonds, being more specifically <br />(a) 100% of the principal amounts of the mandatory sinking <br /> <br />- 15 - <br />
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