2007-78 PROVIDING FOR THE ISSUANCE TAXABLE GENERAL OBLIGATION NOTES, SERIES 2007

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FOR THE YEAR A TAX SUFFICIENT TO PRODUCE THE OLLAR SUM OF: I 2007 $ 539,062 for interest up to and includi g December 15, 2008 2008 $ 431,250 for interest 2009 $ 7,931,250 for interest and principal The Pledged Taxes and other moneys (excepting proceeds of the Notes) on deposit (collectively, the "Note Morieys") in the hereinafter defined Debt Ser ice Fund shall be applied to the payment of interest when due on the Notes and principal or red mption price when due on the Notes at maturity. Interest or principal coming due at any time when there are vnsufficient funds on hand from the Pledged Taxes to pay the same shall be paid promptly when ue from current funds on hand in advance of the collection of the Pledged Taxes herein levi d; and when the Pledged Taxes shall have been collected, reimbursement shall be made to sa d funds in the amount so advanced. The City covenants and agrees with the purchasers and regi tered owners of the Notes that so long as any of the Notes remain outstanding, the City will ta e no action or fail to take any action which in any way would adversely affect the ability of the ity to levy and collect the foregoing tax levy. The City and its officers will comply with all pr sent and future applicable laws in order to assure that the Pledged Taxes may be levied, extende and collected as provided herein and de osited into the Debt Service Fund. P Whenever other funds from any lawful source are made av ilable for the purpose of paying any principal of or interest on the Notes so as to enable the ab tement of the taxes levied herein for the payment of same, the Council shall, by proper procee ings, direct the deposit of such funds into the Debt Service Fund and further shall direct the ab tement of the taxes by the amount so deposited. A certified copy or other notification of any such proceedings abating -18-