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. • <br /> A. Bond Moneys shall be applied to the payment of interest when due and <br /> principal or redemption price when due at maturity or as redeemed pursuant to <br /> mandatory redemption from the Bond Fund, or <br /> B. On or before January 1 in each calendar year preceding a March 1 <br /> mandatory redemption date in the successive calendar year, Bond Moneys up to the <br /> amount of the redemption requirement on such mandatory redemption date plus interest <br /> due on Term Bonds on such date may be applied (1) to the purchase of Term Bonds of <br /> the maturity for which such mandatory redemption requirement was established at prices <br /> (including commissions and charges, if any) not exceeding par and accrued interest to <br /> such March 1 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 mandatory redemption requirement thereafter to become <br /> due on such Bonds and any excess over the amount of such requirement shall be <br /> deducted 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 I <br /> -24- <br />