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16 4.02. General Obligation Tax Increment Revenue Refunding Bond Fund. The Bonds shall be payable from a separate "2014B General Obligation Tax Increment Revenue Refunding Bond Fund" (the "Bond Fund") which shall be created and maintained on the books of the City as a separate debt service fund until the Bonds, and all interest thereon, are fully paid. There shall be credited to the Bond Fund the following: (a) Any amount initially deposited therein pursuant to Section 4.01 hereof. (b) All proceeds of all taxes levied and all other money which may at any time be received for or appropriated to the payment of such bonds and interest, including the tax increment herein pledged and appropriated to the Bond Fund by Section 4.03, all collections of any ad valorem taxes levied for the payment of the Bonds, and all other moneys received for or appropriated to the payment of the Bonds and interest thereon. (c) Any other funds appropriated by the Council for the payment of the Bonds. 4.03. Pledge of Tax Increment. The City hereby irrevocably pledges to the Bond Fund tax increments derived from Tax Increment Financing District No. 3-5 established by the City and the Authority (the "District'), which are received by the City and the Authority from the tax parcels in the District identified on Exhibit A attached hereto. Such tax increments shall be deposited in the Bond Fund in an amount sufficient to pay all principal and interest when due on the Bonds. Nothing herein shall preclude the City or the Authority from hereafter making further pledges and appropriations of the tax increments herein pledged for the payment of the Bonds for the payment of other obligations of the City or Authority or to pay costs eligible to be paid from the tax increments herein pledged. 4.04. Full Faith and Credit Pledged. The full faith and credit of the City are irrevocably pledged for the prompt and full payment of the principal of and the interest on the Bonds, as such principal and interest comes due. If the money on hand in the Bond Fund should at any time be insufficient for the payment of principal and interest then due, this City shall pay the principal and interest out of any fund of the City, and such other fund or funds shall be reimbursed therefor when sufficient money is available to the Bond Fund. If on February 1 in any year the sum of the balance in the Bond Fund plus the available tax increment on hand and estimated to be received or before the end of the following calendar year is not sufficient with any ad valorem taxes heretofore levied in accordance with the provisions of this resolution, to pay when due all principal and interest become due on all Bonds payable therefrom in said following calendar year, or the Bond Fund has incurred a deficiency in the manner provided in this Section 4.04, a direct, irrepealable, ad valorem tax shall be levied on all taxable property within the corporate limits of the City for the purpose of restoring such accumulated or anticipated deficiency in an amount at least 5% in excess of amount needed to make good the deficiency. Section 5. Defeasance. When any Bond has been discharged as provided in this Section 5, all pledges, covenants and other rights granted by this resolution to the holders of such Bonds shall cease, and such Bonds shall no longer be deemed outstanding under this Resolution. The City may discharge its obligations with respect to any Bond which is due on any date by -12-