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<br /> <br /> <br /> <br /> <br /> <br /> against all taxable property in the Issuer for each year while any of the Certificates of <br /> Obligation or interest thereon are outstanding and unpaid; and said tax shall be assessed and <br /> collected each such year and deposited to the credit of the aforesaid Interest and Sinking <br /> Fund. Said ad valorem taxes sufficient to provide for the payment of the interest on and <br /> principal of the Certificates of Obligation, as such interest comes due and such principal <br /> matures, are hereby pledged for such payment, within the limit prescribed by law. <br /> <br /> Section 9. REVENUFS. That said Certificates of Obligation are additionally secured <br /> by and shall be payable from and secured by the revenues of the Issuer's Waterworks and <br /> Sewer System, remaining after payment of all maintenance and operation expenses thereot <br /> and all debt service, reserve, and other requirements in connection with all of the Issuer's <br /> revenue bonds (which may hereafter be outstanding) which are payable from all or any part <br /> of the surplus revenues of the Issuer's Waterworks and Sewer System, not exceeding $10,000, <br /> constituting "Surplus Revenues". The Issuer shall deposit such Surplus Revenues to the credit <br /> of the Interest and Sinking Fund created pursuant to Section 8, to the eartent necessary to <br /> pay the principal and interest on the Certificates of Obligation. Notwithstanding the require- <br /> ments of Section 6, if Surplus Revenues are actually on deposit or budgeted for deposit in <br /> the Interest and Sinking Fund in advance of the time when ad valorem taxes are scheduled <br /> to be levied for any year, then the amount of taxes which otherwise would have been <br /> required to be levied pursuant to Section 8 may be reduced to the extent and by the amount <br /> of the Surplus Revenues then on deposit in the Interest and Sinking Fund or budgeted for <br /> deposit therein. <br /> <br /> Section 10. TRANSFER. That the Mayor and the City Clerk are hereby ordered <br /> to do any and all things necessary to accomplish the transfer of monies to the Interest and <br /> Sinking Fund of this issue in ample time to pay such items of principal and interest. <br /> <br /> Section 11. DEFEASANCE OF CERTIFICATES OF OBLIGATION. (a) Any <br /> Certificate of Obligation and the interest thereon shall be deemed to be paid, retired, and <br /> no longer outstanding (a 'Defeased CertiScate of Obligation") within the meaning of this <br /> Ordinance, except to the extent provided in subsection (d) of this Section, when payment <br /> of the principal of such Certificate of Obligation, plus interest thereon to the due date <br /> (whether such due date be by reason of maturity, upon redemption, or otherwise) either (i) <br /> shall have been made or caused to be made in accordance with the terms thereof (including <br /> the giving of any required notice of redemption~ or (u) shall have been provided for on or <br /> before such due date by irrevocably depositing with or making available to the Paying <br /> Agent/Registrar for such payment (1) lawful money of the United States of America <br /> sufficient to make such payment or (2) Government Obligations which mature as to principal <br /> and interest in such amounts and at such times as will insure the availability, without <br /> reinvestment, of sufficient money to provide for such payment, and when proper arrange- <br /> ments have been made by the Issuer with the Paying Agent/Registrar for the payment of its <br /> services until all Defeased Certificates of Obligation shall have become due and payable. <br /> At such time as a Certificate of Obligation shall be deemed to be a Defeased Certificate of <br /> Obligation hereunder, as aforesaid, such Certificate of Obligation and the interest thereon <br /> <br /> 25 <br />