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• principal and interest out of any fund of the City, and such <br />other fund or funds shall be reimbursed therefor when <br />sufficient money is available to the Bond Fund. If on <br />October 1 in any year the sum of the balance in the Bond Fund <br />plus the amount of taxes and special assessments theretofore <br />levied for the Improvements and collectible through the end of <br />the following calendar year is not sufficient to pay when due <br />all principal and interest become due on all Bonds payable <br />therefrom in said following calendar year, or the Bond Fund has <br />incurred a deficiency in the manner provided in this <br />Section 4.06, a direct, irrepealable, ad valorem tar shall be <br />levied on all tazable property within the corporate limits of <br />the City for the purpose of restoring such accumulated or <br />anticipated deficiency in accordance with the provisions of <br />this resolution. <br />Section 5. Defeasance. When any Bond has been <br />discharged as provided in this Section 5, all pledges, <br />covenants and other rights granted by this resolution to the <br />holders of such Bonds shall cease, and such Bonds shall no <br />longer be deemed outstanding under this Resolution. The City <br />may discharge its obligations with respect to any Bond which is <br />due on any date by irrevocably depositing with the Registrar on <br />or before that date a sum sufficient for the payment thereof in <br />full; or, if any Bond should not be paid when due, the City may <br />nevertheless discharge its obligations with respect thereto by <br />• depositing with the Registrar a sum sufficient for the payment <br />thereof in full with interest accrued to the date of such <br />deposit. The City may also discharge its obligations with <br />respect to any prepayable Bond called for redemption on any <br />date when it is prepayable according to their terms, by <br />depositing with the Registrar on or before that date a sum <br />sufficient for the payment thereof in full; provided that <br />notice of the redemption thereof has been duly given as <br />provided in Section 3.05. The City may also at any time <br />discharge its obligations with respect to any Bonds, subject to <br />the provisions of law now or hereafter authorizing and <br />regulating such action, by depositing irrevocably in escrow, <br />with a bank qualified by law as an escrow agent for this <br />purpose, cash or securities which are authorized by law to be <br />so deposited, bearing interest payable at such times and at <br />such -rates and maturing on such dates as shall be required, <br />without reinvestment, to pay all principal and interest to <br />become due thereon to maturity or, if notice of redemption as <br />herein required has been duly provided for, to such earlier <br />redemption date. - <br />Section 6. County Auditor Revistration. Certification <br />of Proceedings, Investment of Money. Arbitrage. Official <br />Statement and Fees. <br /> <br />-16- <br />