O-1979-768-B - Laserfiche WebLink

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e e I each year while any of the Bonds are outstanding, a continuing, direct annual ad valorem tax without limit as to rate or amount. All the proceeds of such collec- tions, except expenses incurred in that connection, shall be paid into the Interest and Sinking Fund, or such reserve, bond redemption or other funds as may be established by the Board of Directors of the District in accordance with this Order, and the aforementioned tax and such payments into such fund or funds shall continue until the Bonds and the interest thereon have been fully paid and discharged, and such proceeds shall be used for such purposes and no other. While the Bonds, or any of them are outstanding and unp~id, a tax each year at a rate from year to year as will be ample and sufficient to provide funds to pay the interest on the Bonds and to provide the necessary sinking fund, full allowance being made for delinquencies and costs of collection, shall be and is hereby levied and said tax shall each year be assessed and collected and applied to the payment of principal of and interest on said Bonds. (b) At such time as the net revenues transferred to the Interest and Sinking Fund, together with all amounts derived from the taxes herein levied, may have accumulated a surplus equal to the sum to be required in the succeeding year to liquidate the interest and principal of the District's obligations maturing in that year, the District's annual tax levies may be lowered to produce not less than twenty-five percent (25%) of the Bond maturities, both principal and interest, for each succeeding year, until an actual experience of three (3) successive years may demonstrate that the Net Revenues are wholly adequate to protect the maturities of the District's obligations and, at such time, the I I . -8-