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to pay the principal and interest and any premiums for <br />redemption of the Certificates and any other general <br />obligation Certificates of the City hereafter issued by <br />the City and made payable from said account as provided <br />by law. <br />No portion of the proceeds of the Certificates shall be <br />used directly or indirectly to acquire higher yielding <br />investments or to replace funds which were used directly or <br />indirectly to acquire higher yielding investments, except (1) <br />for a reasonable temporary period until such proceeds are <br />needed for the purpose for which the Certificates were issued <br />and (2) in addition to the above in an amount not greater than <br />the lesser of five percent (5%) of the proceeds of the <br />Certificates or $100,000. To this effect, any proceeds of the <br />Certificates and any sums from time to time held in the <br />Construction Account or Debt Service Account (or any other <br />City account which will be used to pay principal or interest <br />to become due on the Certificates payable therefrom) in excess <br />of amounts which under then -applicable federal arbitrage <br />regulations may be invested without regard to yield shall not <br />be invested at a yield in excess of the applicable yield <br />restrictions imposed by said arbitrage regulations on such <br />investments after taking into account any applicable <br />"temporary periods" or "minor portion" made available under <br />the federal arbitrage regulations. Money in the Fund shall <br />not be invested in obligations or deposits issued by, <br />guaranteed by or insured by the United States or any agency or <br />instrumentality thereof if and to the extent that such <br />investment would cause the Certificates to be "federally <br />guaranteed" within the meaning of Section 149(b) of the <br />federal Internal Revenue Code of 1986, as amended (the <br />"Code"). <br />16. Tax Levy; Coverage Test. To provide moneys for <br />payment of the principal and interest on the Certificates <br />there is hereby levied upon all of the taxable property in the <br />City a direct annual ad valorem tax which shall be spread upon <br />the tax rolls and collected with and as part of other general <br />property taxes in the City for the years and in the amounts as <br />follows: <br />15 <br />