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The tax levy herein provided will be irrepealable until all of the CIP Bonds portion of Bonds are paid, provided that the City Finance Director may annually, at the time the City snakes its tax levies, certify to the County Auditor the amount available in the CIP Bonds Account in the Debt Service Fund to pay principal and interest due during the ensuing year on the CIP Bonds, and the County Auditor will thereupon reduce the levy collectible during such year by the amount so certified. 4.10. Filing. The City Finance Director is authorized and directed to file a certified copy of this resolution with the County Auditor of Washington County and to obtain the certificate required by Section 475.63 of the Act. 4.11. Covenants Regarding Improvement Project. The City hereby covenants with the holders from time to time of the Bonds as follows: (a) It is hereby determined that the Improvements will directly and indirectly benefit the assessed property, and at least 20% of the costs of the Improvement Project to the City will be paid by Assessments. The City has caused or will cause the Assessments levied for the Improvement Project to be promptly levied so that the first installment will be collectible not later than 2022 and will take all steps necessary to assure prompt collection, and the levy of the Assessments is hereby authorized. The City Council will cause to be taken with due diligence all further actions that are required for the construction of each Improvement Project financed wholly or partly from the proceeds of the Improvement Bonds, and will take all further actions necessary for the final and valid levy of the Assessments and the appropriation of any other funds needed to pay the Improvement Bonds and interest thereon when due. (b) In the event of any current or anticipated deficiency in the Assessments, the City Council will levy ad valorem taxes in the amount of the current or anticipated deficiency. (c) The City will keep complete and accurate books and records showing receipts and disbursements in connection with the Improvement Project, Assessments levied therefor and other funds appropriated for their payment, collections thereof and disbursements therefrom, monies on hand and, the balance of unpaid Assessments. (d) The City will cause its books and records to be audited at least annually and will furnish copies of such audit reports to any interested person upon request. 4.12. City Covenants with Respect to the Utility Bonds. The City Council covenants and agrees with the holders of the Bonds that so long as any of the Utility Bonds remain outstanding and unpaid, it will keep and enforce the following covenants and agreements: (a) The City will continue to maintain and efficiently operate the Systems as public utilities and conveniences free from competition of other like municipal utilities and will cause all revenues therefrom to be deposited in bank accounts and credited to the LA515-85-748617.d2 12