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Section 12. Tax Levy. For the purpose of providing funds required to pay the interest on <br /> the Bonds promptly when and as the same falls due, and to pay and discharge the principal thereof <br /> at maturity, there is hereby levied upon all of the taxable property within the City, in the years for <br /> which any of the Bonds are outstanding(namely, 2024 through 2033), a direct annual tax sufficient <br /> for that purpose in a yearly amount not to exceed$4,292,775 (the "Pledged Taxes'). Such levy <br /> shall be fully set forth in the Bond Notification; and if there shall be more than one series of the <br /> Bonds, the levy for each such series shall be set forth in the Bond Notification therefor. <br /> The Pledged Taxes and other moneys (excepting proceeds of the Bonds) on deposit <br /> (collectively, the "Bond Moneys") in the Bond Fund shall be applied to pay principal of and <br /> interest on the Bonds. <br /> Interest or principal coming due at any time when there are insufficient funds on hand from <br /> the Pledged Taxes to pay the same shall be paid promptly when due from current funds on hand <br /> in advance of the collection of the Pledged Taxes herein levied; and when the Pledged Taxes shall <br /> have been collected, reimbursement shall be made to said funds in the amount so advanced. The <br /> City covenants and agrees with the purchasers and registered owners of the Bonds that so long as <br /> any of the Bonds remain outstanding, the City will take no action or fail to take any action which <br /> in any way would adversely affect the ability of the City to levy and collect the foregoing tax levy. <br /> The City and its officers will comply with all present and future applicable laws in order to assure <br /> that the Pledged Taxes may be levied, extended and collected as provided herein and deposited <br /> into the Bond Fund. <br /> Whenever other funds from any lawful source are made available for the purpose of paying <br /> any principal of or interest on the Bonds so as to enable the abatement of the Pledged Taxes levied <br /> for the payment of same,the Council shall,by proper proceedings,direct the deposit of such funds <br /> into the Bond Fund and further shall direct the abatement of the taxes by the amount so deposited. <br /> -23- <br />