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83-083
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Resolutions 1983
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83-083
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8/15/2005 4:38:34 AM
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<br />Debt Service Account at the times and in the amounts re- <br />quired to make such prompt and full payments thereof: <br /> <br />(a) Pledged Tax Increments, being the lessor of (1) all <br />Tax Increments and (ii) amounts of Tax Increments <br />which are sufficient to meet, when due, principal <br />and interest payments on the Bonds; and <br /> <br />(b) to the extent the Pledged Tax Increments arp. insuf- <br />ficient for such purposes, rentals paid to the City <br />pursuant to a certain Contract for Private Develop- <br />ment and Lease-Purchase Agreement between the City <br />and Winfield Developments, Inc., dated as of June <br />8, 1983 (as restricted by this subparagraph, such <br />rentals shall hereinafter be referred to as the <br />"Lease Payments"), provided that in no event shall <br />the total of Lease Payments used by the City for <br />payment of any principal of or interest on the <br />Bonds exceed 25 percent of the total debt service <br />actually paid by the City on all of the Bonds, and <br />the City shall not exercise any option to redeem <br />Bonds prior to maturity if such prior redemption <br />would cause the City to violate the foregoing re- <br />striction on the use of Lease Payments for debt <br />service on the Bonds; and <br /> <br />(c) to the extent the Pledged Tax Increments and then <br />the Lease Payments are insufficient for such pur- <br />poses, the proceeds of any general ad valorem taxes <br />hereinafter or hereafter levied by the City for the <br />purpose of paying the principal of and interest on <br />the Bonds. <br /> <br />If any such payment of principal of or interest on the Bonds <br />shall become due when there are not sufficient amounts of <br />the foregoing funds available to or in the Debt Service <br />Account to pay the same, the City Clerk-Treasurer shall pay <br />such principal or interest from the general fund or other <br />available fund of the City, and such fund shall be reim- <br />bursed for such advances from the proceeds of the Pledged <br />Tax Increments, the Lease Payments, or of any genera.l ad <br />valorem taxes hereinafter or hereafter levied for such pur- <br />poses, when collected. <br /> <br />8. The full faith and credit and taxing powers of the <br />City are hereby pledged to the payment of the principal of <br />and interest on the Bonds, and in the event of any current <br />or anticipated deficiency of funds in the Debt Service <br />Account of amounts needed to make any such payment, when <br />due, the City Counc il shall levy ad valorem taxes on all <br />taxable property in the City in the amount of such defi- <br />ciency. <br /> <br />- 10 - <br />
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