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adversel aff c h <br /> y e t t e security for the Note or the abili of the Cit ta le and collect taxes, if <br /> h' Y �'Y <br /> necessary, to pay the Note. I', <br /> Section 7. Creation of Project Fund and Appropriations. Note proceeds and other <br /> funds of the City as noted are hereby appropriated as follows: The c�rawdown of the principal <br /> I <br /> proceeds of the Note shall be set aside in a separate fund, hereby crea�ted, and designated as the <br /> "Project Fund" (the "Project Fund"), and be used to pay costs of the IlProject, including costs of <br /> issuance of the Note, and interest on or principal of the Note at any time there are insufficient <br /> funds from other sources to pay the same. I <br /> The Council reserves the right, as it becomes necessary from time to time, to revise the 'i <br /> list of projects hereinabove set forth, to change priorities, to revise cost allocations between <br /> projects and to substitute projects, in order to meet current needs of the City; subject, however, to <br /> limitations of the Act and to the tax covenants set forth herein. <br /> Section 8. General Covenants. The City covenants and agrees with the Purchaser that, <br /> so long as the Note remains outstanding and unpaid: <br /> (a) The City will punctually pay or cause to be paid tHe principal of and interest <br /> on the Note in strict conformity with the terms of the Note and this Ordinance, and it will <br /> faithfully observe and perform all of the conditions, covenants ahd requirements thereof. <br /> I <br /> (b) The City will keep, or cause to be kept, proper boo�Cs of record and accounts, <br /> separate from all other records and accounts of the City, in wl�ich complete and correct <br /> entries shall be made of all transactions relating to the Project. Such books of record and <br /> accounts shall at all times during business hours be subject to the inspection of the <br /> Purchaser or its representatives authorized in writing. <br /> (c) The City will furnish a copy of the annual financia� statements of the City to <br /> the Purchaser within 180 days of the close of such fiscal year. <br /> -10- <br />