RES 21-045 RELATING TO $2,970,000 GENERAL OBLIGATION BONDS SERIES 2021A

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(v) any other funds appropriated by this Council for the payment of the Improvement Bonds. (b) Refunding Bond Subaccount. Into the Refunding Bond Subaccount shall be deposited: (i) any funds received from the Purchaser upon delivery of the Bonds in excess of the amounts necessary to accomplish the refunding described in Section 3.01 herein; (ii) special assessments pledged to the payment of the Refunding Bonds by the resolution authorizing the issuance of the Series 2013B Bonds and by Section 4 herein; (iii) any taxes collected pursuant to Section 5 hereof, and (iv) any other funds appropriated by this Council for the payment of the Refunding Bonds. There are hereby established two accounts in the Bond Fund, designated as the "Debt Service Account' and the "Surplus Account." All money appropriated or to be deposited in the Bond Fund shall be deposited as received into the Debt Service Account. On each February 1, the City Manager shall determine the amount on hand in the Debt Service Account. If such amount is in excess of one -twelfth of the debt service payable from the Bond Fund in the immediately preceding 12 months, the City Manager shall promptly transfer the amount in excess to the Surplus Account. The City appropriates to the Surplus Account any amounts to be transferred thereto from the Debt Service Account as herein provided and all income derived from the investment of amounts on hand in the Surplus Account. If at any time the amount on hand in the Debt Service Account is insufficient to meet the requirements of the Bond Fund, the City Manager shall transfer to the Debt Service Account amounts on hand in the Surplus Account to the extent necessary to cure such deficiency. If the balance in the Bond Fund is at any time insufficient to pay all interest and principal then due on all Bonds payable therefrom, the payment shall be made from any fund of the City which is available for that purpose, subject to reimbursement from the Surplus Account when the balance therein is sufficient, and the City covenants and agrees that it will each year levy a sufficient amount of ad valorem taxes to take care of any accumulated or anticipated deficiency, which levy is not subject to any constitutional or statutory limitation. SECTION 4. SPECIAL ASSESSMENTS. For the payment of the cost of the 2013 Irnprovements, the City levied special assessments against all assessable lots, tracts and parcels of land benefited thereby and located within the area proposed to be assessed therefor, based upon the benefits received by each such lot, tract or parcel, in an aggregate principal amount not less than twenty percent (201/o) of the cost of the 2013 Improvements. The City hereby covenants and agrees that for payment of the cost of each of the 2021 Improvements it will do and perform all acts and things necessary for the full and valid levy of special assessments against all assessable lots, tracts and parcels of land benefited thereby and located within the area proposed to be assessed therefor, based upon the benefits received by each such lot, tract or 9 4813-3012-0929\4