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<br /> <br /> <br /> <br /> <br /> <br /> <br /> Registered Owner <br /> <br /> NOTICE: This signature must correspond with the name of the Registered Owner <br /> appearing on the face of this Certificate of Obligation in every particular without alteration or en- <br /> largement or any change whatsoever. <br /> <br /> Section 8. TAX LEVY. A special Interest and Sinking Fund (the "Interest and Sinking <br /> Fund") is hereby created solely for the benefit of the Certificates of Obligation, and the Interest <br /> and Sinking Fund shall be established and maintained by the Issuer at an official depository bank <br /> of the Issuer. The Interest and Sinking Fund shall be kept separate and apart from all other funds <br /> and accounts of the Issuer, and shall be used only for paying the interest on and principal of the <br /> Certificates of Obligation. All ad valorem taxes levied and collected for and on account of the <br /> Certificates of Obligation shall be deposited, as collected, to the credit of the Interest and Sinking <br /> Fund. During each year while any of the Certificates of Obligation or interest thereon are out- <br /> <br /> standing and unpaid, the governing body of the Issuer shall compute and ascertain a rate and <br /> amount of ad valorem tax which will be sufficient to raise and produce the money required to pay <br /> the interest on the Certificates of Obligation as such interest comes due, and to provide and <br /> maintain a sinking fund adequate to pay the principal of the Certificates of Obligation as such <br /> principal matures (but never less than 2% of the original principal amount of the Certificates of <br /> Obligation as a sinking fund each year); and said tax shall be based on the latest approved tax rolls <br /> of the Issuer, with full allowance being made for tax delinquencies and the cost of tax collection. <br /> Said rate and amount of ad valorem tax is hereby levied, and is hereby ordered to be levied, <br /> against all taxable property in the Issuer for each year while any of the Certificates of Obligation <br /> or interest thereon are outstanding and unpaid; and said tax shall be assessed and collected each <br /> such year and deposited to the credit of the aforesaid Interest and Sinking Fund. Said ad valorem <br /> taxes sufficient to provide for the payment of' the interest on and principal of the Certificates of <br /> Obligation, as such interest comes due and such principal matures, are hereby pledged for such <br /> payment, within the limit prescribed by law. <br /> <br /> Section 9. REVENUES. That said Certificates of Obligation are additionally secured by <br /> and shall be payable from and secured by the revenues of the Issuer's Waterworks and Sewer <br /> System, remaining after payment of all maintenance and operation expenses thereof, and all debt <br /> service, reserve, and other requirements in connection with all of the Issuer's revenue bonds or <br /> other obligations (now or hereafter outstanding) which are payable from all or any part of the net <br /> revenues of the Issuer's Waterworks and Sewer System, constituting "Surplus Revenues". The <br /> Issuer shall deposit such Surplus Revenues to the credit of the Interest and Sinking Fund created <br /> pursuant to Section 8, to the extent necessary to pay the principal and interest on the Certificates <br /> of Obligation. Notwithstanding the requirements of Section 6, if Surplus Revenues are actually <br /> on deposit or budgeted for deposit in the Interest and Sinking Fund in advance of the time when <br /> ad valorem taxes are scheduled to be levied for any year, then the amount of taxes which <br /> otherwise would have been required to be levied pursuant to Section 8 may be reduced to the <br /> <br /> <br /> <br /> 22 <br />