84-087 ORD AUTHORIZING ISSUANCE OF CERTIFICATES OF OBLIGATION

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~ s ! ^ (Notice: Signature(s) must be guaranteed by a member firm iof the New York Stock Exchange or a commercial bank or trust r company). Section S. TAX LEVY. A special Interest and Sinking Fund '(the "Interest and Sinking Fund") is hereby created solely for ; the benefit of the Certificates of Obligation, and the Interest ~and Sinking Fund shall be established and maintained by the Issuer at an official depository bank of the Issuer. The aInterest and Sinking Fund shall be kept separate and apart from ' all other funds and accounts of the I ssuer, and shall be used only for paying the interest on and principal of the Certifi- 1.;cates of Obligation. All ad valorem taxes levied and collected for and on account of the Certificates of Obligation shall be deposited, as collected, to the credit of the Interest and Sinking Fund. During each year while any of the Certificates of Obligation or interest thereon are outstanding and unpaid, N;the governing body of the Issuer shall compute and ascertain a " rate and amount of ad valorem tax which will be sufficient to raise and produce the money required to pay the interest on the ~ Certificates of Obligation as such interest comes due, and to ';provide and maintain a sinking fund adequate to pay the princi- ,pal of its Certificates of Obligation as such principal matures (but never less than 2% of the original principal amount of the ~.Certificates of Obligation as a sinking fund each year); and < said tax shall be based on the latest approved tax rolls of the s`Issuer, with full allowance being made for tax delinquencies and the cost of tax collection. Said rate and amount of ad a valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable property in the Issuer for each year while any of the Certificates of Obligation or interest thereon are outstanding and unpaid; and said tax shall be ; assessed and collected each such year and deposited to the s; credit of the aforesaid Interest and Sinking Fund. Said ad valorem taxes sufficient to provide for the payment of the interest on and principal of the Certificates of Obligation, as ; such interest comes due and such principal matures, are hereby ; pledged for such payment, within the limit prescribed by law. Section 9. REVENUES. That said Certificates of Obliga- q' tion are additionally secured by and shall be payable from and secured by the revenues of the Issuer's Solid Waste Disposal ' System, being the revenues received from the collection of the City's sanitation fees, remaining after payment of all mainten- ~ ance and operation expenses thereof, and all debt service, j; reserve, and other requirements in connection with all of the Issuer's revenue bonds (now or hereafter outstanding) which are g~ payable from all or any part of the Net Revenues of the City's ~ Solid Waste Disposal System, constituting "Surplus Revenues". The Issuer shall deposit such Surplus Revenues to the credit of the Interest and Sinking Fund created pursuant to Section 8, to the extent necessary to pay the principal and interest on a the Certificates of Obligation. Notwithstanding the require- ments of Section 8, if Surplus Revenues are actually on deposit j or budgeted for deposit in the Interest and Sinking Fund in advance of the time when ad valorem taxes are scheduled to be levied for any year, then the amount of taxes which otherwise would have been required to be levied pursuant to Section 8 may be reduced to the extent and by the amount of the Surplus Revenues then on deposit in the Interest and Sinking Fund or budgeted for deposit therein. }i Section 10. TRANSFER. That the Mayor and the City Clerk are hereby ordered to do any and all things necessary to accomplish the transfer of monies to the Interest and Sinking Fund of this issue in ample time to pay such items of principal ' and interest. ~ i; 1$ i ~V