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such December 15 or (2) to the redemption of such Bonds, without premium, pursuant to <br /> optional redemption provisions applicable thereto. Upon the purchase or redemption of <br /> Term Bonds of any maturity pursuant to this paragraph (B), an amount equal to the <br /> principal amount of such Bonds or applicable portion thereof so purchased or redeemed <br /> shall be deducted from the next mandato redem tion re uirement thereafter to become <br /> rY P q <br /> due on such Bonds and any excess over the amount of such requirement shall be deducted <br /> from the future requirement for such Bonds as the City shall determine. <br /> Interest or principal coming due at any time when there are insufficient funds on hand <br /> from the Pledged Taxes to pay the same shall be paid promptly when due from current funds on <br /> hand in advance of the collection of the Pledged Taxes herein levied; and when the Pledged <br /> Taxes shall have been collected, reimbursement shall be made to said funds in the amount so <br /> advanced. The City covenants and agrees with the purchasers and registered owners of the <br /> Bonds that so long as any of the Bonds remain outstanding, the City will take no action or fail to <br /> take any action which in any way would adversely affect the ability of the City to levy and <br /> collect the foregoing tax levy. The City and its officers will comply with all present and future <br /> applicable laws in order to assure that the Pledged Taxes may be levied, extended and collected <br /> as provided herein and deposited into the Bond Fund. <br /> Whenever and only when funds from any lawful source are made available for the <br /> purpose of paying any principal of or interest on the Bonds, so as to enable the abatement of the <br /> taxes levied herein for the payment of same, the Corporate Authorities shall, by proper <br /> proceedings, direct the irrevocable deposit of such funds into the Bond Fund and further shall <br /> direct the abatement of the taxes by the amount so deposited. A certified copy or other <br /> notification of any such proceedings abating taxes may then be filed with the County Clerk in a <br /> timely manner to effect such abatement. <br /> -26- <br />