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

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officers of the City are hereby authorized to take any action as may be required on the part of the City to consummate the transactions contemplated by the Purchase Co tract, this Ordinance, said Preliminary Official Statement, the Official Statement and the Notes. Section 14. Creation of Funds and Appropriations. Note pr ceeds and other funds of the City as noted are hereby appropriated as follows: A. Accrued interest on the Notes and any premium r ceived on the delivery of the Notes shall be and is hereby appropriated for the purpose f paying the first interest due on the Notes and to such end is hereby ordered to be d posited into the "Taxable General Obligation Notes, Series 2007, Debt Service Fund" (t�e "Debt Service Fund"), hereby created, which shall be the fund for the payment of prin ipal of and interest on the Notes. B. The Pledged Taxes shall either be deposited into he Debt Service Fund and used solely and only for paying the principal of and interest n the Notes or be used to reimburse a fund or account from which advances to the De t Service Fund may have been made to pay principal of or interest on the Notes prior to receipt of Pledged Taxes. Interest income or investment profit earned in the Debt Servic Fund shall be retained in the Debt Service Fund for payment of the principal of or in rest on the Notes on the interest payment date next after such interest or profit is receiv�ed or, to the extent lawful and as determined by the Council, transferred to such other f �nd as may be determined. The City hereby pledges, as equal and ratable security for the otes, all present and future proceeds of the Pledged Taxes for the sole benefit of the regis ered owners of the Notes, subject to the reserved right of the Council to transfer c rtain interest income or investment profit earned in the Debt Service Fund to other fun s of the City, as described in the preceding sentence. -21-