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association, trust or corporation, in such contract. The <br /> appropriate officers of the City are hereby authorized and <br /> directed to execute such contract. <br /> Section 11. Creation of Funds and Appropriations <br /> Accrued interest and premium, if any, on the Bonds <br /> shall be and is hereby appropriated for the purpose of paying the <br /> first interest due on the Bonds and to such end is hereby ordered <br /> to be deposited into the "Corporate Purpose Bonds, Series 1987, <br /> Debt Service Fund" (the "Debt Service Fund" ) , hereby created, <br /> which shall be the fund for the payment of principal of and <br /> interest on the Bonds. <br /> The Pledged Taxes shall either be deposited into the <br /> Debt Service Fund and used solely and only for paying the <br /> principal of and interest on the Bonds or be used to reimburse a <br /> fund or account from which advances to the Debt Service Fund may <br /> have been made to pay principal of or interest on the Bonds prior <br /> to receipt of Pledged Taxes. Interest income or investment <br /> profit earned in the Debt Service Fund shall be retained in the <br /> Debt Service Fund for payment of the principal of or interest on <br /> the Bonds on the interest payment date next after such interest <br /> or profit is received or, to the extent lawful and as determined <br /> by the Council, transferred to such other fund as may be <br /> determined. The City hereby pledges, as equal and ratable <br /> security for the Bonds, all present and future proceeds of the <br /> Pledged Taxes for the sole benefit of the registered owners of <br /> -20- <br />