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interest on the Bonds and on such other improvement bonds of the City as have been or may be <br /> • directed to be paid therefrom. The City irrevocably appropriates to the Bond Fund (a) the <br /> amounts appropriated in Section 4 for the payment of interest on the Bonds, (b)upon the <br /> retirement of the Refunded Bonds all amounts on deposit in the debt service fund maintained for <br /> the payment of the Refunded Bonds and all future collections of special assessments received <br /> with respect to the improvements financed by the Refunded Bonds; (c) any taxes levied in <br /> accordance with this resolution, (d) all income derived from the investment of amounts on hand <br /> in the Bond Fund, and (e) all such other moneys as shall be received and appropriated to the <br /> Bond Fund from time to time. If the balance in the Bond Fund is at any time insufficient to pay <br /> all interest and principal then due on all bonds payable therefrom, the payment shall be made <br /> from any fund of the City which is available for that purpose, subject to reimbursement from the <br /> Bond Fund when the balance therein is sufficient, and the Council covenants and agrees that it <br /> will each year levy a sufficient amount to take care of any accumulated or anticipated deficiency, <br /> which levy is not subject to any constitutional or statutory tax limitation. <br /> There are hereby established two accounts in the Bond Fund, designated as the <br /> "Debt Service Account" and the "Surplus Account." All money appropriated or to be deposited <br /> in the Bond Fund shall be deposited as received into the Debt Service Account. On each <br /> February 1, the Finance Director shall determine the amount on hand in the Debt Service <br /> Account. If such amount is in excess of one-twelfth of the debt service payable from the Bond <br /> Fund in the immediately preceding 12 months, the Finance Director shall promptly transfer the <br /> amount in excess to the Surplus Account. The City appropriates to the Surplus Account any <br /> amounts to be transferred thereto from the Debt Service Account as herein provided and all <br /> • income derived from the investment of amounts on hand in the Surplus Account. If at any time <br /> the amount on hand in the Debt Service Account is insufficient to meet the requirements of the <br /> Bond Fund, the Finance Director shall transfer to the Debt Service Account amounts on hand in <br /> the Surplus Account to the extent necessary to cure such deficiency. <br /> 5.02. Ad Valorem Taxes. The full faith and credit and taxing powers of the City <br /> are irrevocably pledged for the prompt and full payment of the principal of and interest in the <br /> Bonds as the same become respectively due. For the purpose there is hereby levied upon all of <br /> the taxable property of the City a direct,annual ad valorem tax, which shall be spread upon the <br /> tax rolls prepared in each of the following years and collected with other taxes in the following <br /> years and amounts as follows: <br /> Levy Collection <br /> Year Year Amount <br /> 2004 2005 See attached <br /> 2005 2006 tax levy calculation <br /> 2006 2007 <br /> 2007 2008 <br /> 2008 2009 <br /> 2009 2010 <br /> 2010 2011 <br /> -12- <br />