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• maintain a separate and special bookkeeping fund designated"2009B Tax Abatement Bond <br /> Fund" (the"Tax Abatement Bond Fund")to be used for no purpose other than the payment of <br /> the principal of and interest on the Tax Abatement Bonds and on such other tax abatement bonds <br /> of the City as have been or may be directed to be paid therefrom. The Tax Abatement Revenue <br /> shall be deposited in the Tax Abatement Bond Fund. If the balance in the Tax Abatement Bond <br /> Fund is at any time insufficient to pay all interest and principal then due on all bonds payable <br /> therefrom, the payment shall be made from any fund of the City which is available for that <br /> purpose, subject to reimbursement from the Tax Abatement Bond Fund when the balance therein <br /> is sufficient, and the Council covenants and agrees that it will each year levy a sufficient amount <br /> to take care of any accumulated or anticipated deficiency, which levy is not subject to any <br /> constitutional or statutory tax limitation. <br /> 5.03. Levy of Special Assessments. For the payment of the cost of each of the <br /> improvements financed by the Series 2001 B Bonds and the Series 2002A Bonds the City has <br /> levied special assessments against all assessable lots,tracts and parcels of land benefited thereby <br /> and located within the area proposed to be assessed therefor, based upon the benefits received by <br /> each such lot, tract or parcel, in an aggregate principal amount not less than twenty percent <br /> (20%) of the cost of the improvements. In the event that any such assessment shall be at any <br /> time held invalid with respect to any lot, piece or parcel of land, due to any error, defect or <br /> irregularity in any action or proceeding taken or to be taken by the City or this Council or any of <br /> the City's officers or employees, either in the making of such assessment or in the performance <br /> of any condition precedent thereto, the City and this Council hereby covenant and agree that they <br /> • will forthwith do all such further acts and take all such further proceedings as may be required by <br /> law to make such assessments a valid and binding lien upon such property. <br /> 5.04. Pledge of Taxing Powers. For the prompt and full payment of the principal of and <br /> interest on the Bonds as such payments respectively become due, the full faith, credit and <br /> unlimited taxing powers of the City shall be and are hereby irrevocably pledged. In order to <br /> produce, together with the anticipated collections of the special assessments levied with respect <br /> to the improvements financed by the Series 2001 B Bonds and the Series 2002A Bonds, <br /> aggregate amounts not less than 5% in excess of the amounts needed to meet when due the <br /> principal and interest payments on the Improvement Bonds, ad valorem taxes are hereby levied <br /> on all taxable property in the City, the taxes to be levied and collected in the following years and <br /> amounts: <br /> -12- <br />