5811 AUTHORIZING THE SALE, ISSUANCE AND DELIVERY OF PROJECT NOTES AND THE EXECUTION OF REQUISITION AGREEMENTS

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expressly and irrevocably promises to pay any sums which may be received from the Government pursuant to the Requisition Agreement relating to such series of Project Not�s and each such Requisition Agreement when executed by the Government is declared to be and is hereby assigned by the Local Issuing Agency for the benefit of the holder or holders from time to time of such series of Project Notes. Al1 contributions, funds and amounts authorized or requireci by the Contract to be applied to the payment of Project Loan Notes (referred to in the Contract as "Project Temporary Loan Obligations , " "Advance Iv'otes" or "Permanent Notes") as issued in connection with the Project are irrevocably pledged to secure the payment of the principal of an:l interest to maturity on each series of Project Notes. Sucn pledge and the lien created thereby shall cease and terr�inate as to any series of Project Notes when monies or investment securities converti�le into casii not later than t.ze r:laturity a�te of suc�i �lote� , sufficient and for tile purpose of paying the principal and interest to maturity on such �lotes, are deposited with the paying ag�nt or agents for such ilotes. Section 10. Tl�ie City Treasurer is authorized and directed to pay (a) to the Government such amount of such funds of the Local Issuing Agency as may b� available for such purpose and as may be necessary to pay the principal of and interest on obligations of the Local Issuing Agency then held by the Government which may be refunded in part by any one or more series of Project Notes and (b) to the paying agent or agents of any then outstanding series of Project Notes, or to the Government for transmittal to said paying agent or agents, such amount of funds of the Local Issuing Agency as may be available for such purpose and as may be necessary to pay the princi-