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Code, as amended; provided, however, that the Issuer hereby covenants that the proceeds of the sale <br />of the Bonds will be used as soon as practicable for the purposes for which the Bonds are issued. <br />(c) All deposits authorized or required by this Ordinance shall be secured to the fullest <br />extent required by law for the security of public funds. <br />Section 18. NET PREMIUM. The Bonds are being sold at a net premium equal to <br />$110,955.35. Premium in the amount of (i) $90,955.35 shall be allocated to pay costs of issuance <br />and (ii) $20,000.00 shall be allocated to and applied against the voted authorization as set forth on <br />Schedule I, and shall be deposited to the Issuer's construction fund used for such purpose. <br />Section 19. APPROPRIATION. To pay the debt service coming due on the Bonds on June <br />15, 2017 and December 15, 2017, prior to receipt of the taxes levied to pay such debt service, there <br />is hereby appropriated from current funds on hand, which are hereby certified to be on hand and <br />available for such purpose, an amount sufficient to pay such debt service, and such amount shall be <br />used for no other purpose. <br />Section 20. SEVERABILITY. If any section, article, paragraph, sentence, clause, phrase <br />or word in this Ordinance, or application thereof to any persons or circumstances is held invalid or <br />unconstitutional by a court of competent jurisdiction, such holding shall not affect the validity of the <br />remaining portion of this Ordinance, despite such invalidity, which remaining portions shall remain <br />in full force and effect. <br />28 <br />