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392573v1 JSB BL140-12 <br /> Section 3. Pledge of Taxes. To reimburse Blaine for the City’s portion of the <br />payment of principal and interest on the Blaine Certificates and to pay the MV Certificate <br />evidencing such obligation, the City hereby irrevocably pledges the full faith and credit and <br />taxing powers of the City and the City shall levy ad valorem taxes on all taxable property, which <br />taxes may be levied without limitation as to rate or amount. The City will pay principal and <br />interest on the MV Certificate from the general fund of the City, and the general fund may be <br />reimbursed for those advances out of the proceeds of the taxes hereafter levied, when <br />collected, and the proceeds of such ad valorem taxes hereafter levied are pledged to the <br />payment of the MV Certificate. <br /> <br /> Adopted this 24th day of October, 2011 <br /> <br /> <br /> __________________________________ <br /> Joe Flaherty, Mayor <br /> <br />(ATTEST) <br /> __________________________________ <br /> Jim Ericson, City Administrator <br /> <br />(SEAL) <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />