2010-043 RES APPROVING RESOLUTION PEDC

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within twenty-four (24) hours of receipt of such direction to the extent that there are moneys on deposit in the Sales Tax Fund to effect such transfer. Section 2.4. Use of Moneys bY Corporation. The Corporation agrees to use the moneys on deposit in the Corporation's Revenue Fund in a manner consistent with the terms and conditions of the Act and the election of May 1, 1993. Section 2.5. Covenant of the City. Recognizing that the Economic Development Sales Tax shall provide the security for the Corporation's bonds and other obligations, so long as such bonds and other obligations are outstanding, the City covenants and agrees that it will take and pursue all possible action permitted by the Act and other applicable State law to cause the Economic Development Sales Tax to be levied and collected continuously at the rate of one quarter of one percent or, to the extent permitted by law and necessary or desirable, at a higher rate, and the City will not cause a reduction, abatement or exemption in the Economic Development Sales Tax or in the rate at which it is authorized to be collected. ARTICLE III MISCELLANEOUS Section 3.1. Depositorv Responsibilities. The President of the Board of Directors of the Corporation and the chief financial officer of the City shall develop procedures to ensure that the official depository bank of the City, as it may exist from time to time, shall be obligated to perform the duties detailed in this Agreement, and to that end the City agrees to incorporate into its agreement with its official depository bank a covenant by the official depository bank that it will perform all duties and obligations as a depository as set forth in this Agreement. Section 3.2. Fees of Del2ositorv. In connection with the establishment and maintenance of the Sales Tax Fund, the Corporation agrees to pay the reasonable costs and expenses of the Depository associated with the administration of the Sales Tax Fund and such costs and expenses, if any, shall never constitute a cost, liability, or obligation of the City. Section 3.3. Severabilitv. If any clause, provision, or section of this Agreement should be held illegal or invalid by any court of competent jurisdiction, the invalidity of such clause, provision, or section shall not affect any of the remaining clauses, provisions, or sections hereof and this Agreement shall be construed and enforced as if such illegal or invalid clause, provision, or section had not been contained herein. In case any agreement or obligation contained in this Agreement should be held to be in violation of law, then such agreement or obligation shall be deemed to be the agreement or obligation of the City and the Corporation, as the case may be, to the full extent pennitted by law.