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<br />C. Approval of Bonds and Other Obligations. The Authority may issue Bonds secured <br />by payments made pursuant to this Agreemer.t with the approval of City Council. <br /> <br />D. Use of Tax Increments. Amounts deposited in the TIRZ Revenue Fund shall be <br />applied in the follo\\iing order of priority (i) amounts pledged or required for the payment of <br />outstanding Bonds secured by the TIRZ Revenue Fund, including Bonds in the process of issuance <br />and refunding Bonds, (ii) administrative costs of the Zone and the Authority relating to the Zone, and <br />(iii) payments of other Authority Obligations relating to the Zone. <br /> <br />E. Use of PIO Assessments. Amounts deposited in the PID Revenue Fund shall be <br />applied in the following order of priority (i) amounts pledged or required for the payment of <br />outstanding Bonds secured by the PID Revenue Fund, including Bonds in the process of issuance <br />and refunding Bonds, (ii) administrative costs of the Authority relating to the PID, and (iii) payments <br />of other Authority Obligations relating to the PID. <br /> <br />F. Pledge of Revenue Fund. The Authority and the Zone Board may pledge and assign <br />all or a part of the Revenue Fund under this Agreement to: <br /> <br />1. with respect to the TIRZ Revenue Fund, the owners and holders of TIRZ <br />Bonds, and DeveloperslBuilders pursuant to a Development Agreement for TIRZ Improvements. <br /> <br />2. with respect to the PID Revenue Fund, the owners and holders ofPID Bonds, <br />and DeveloperslBuilders pursuant to a Development Agreement for PID Improvements. <br /> <br />The City consents to any assignment and pledge consistent with this Agreement. The terms <br />and conditions of the instruments assigning or pledging the proceeds to be received by the Authority <br />pursuant to this Agreement must be approved by the City Manager. <br /> <br />IV. <br />DUTIES AND RESPONSIBILITIES OF THE CITY AND THE ZONE <br /> <br />A. Tax Increment Fund. The City has established and will maintain a separate Tax <br />Increment Fund, including subaccounts if necessary, in the City treasury into which Ta..'( Increments <br />shall be deposited. During the term of this Agreement, Tax Increments shall be paid to the Authority <br />from the Tax Increment Fund as herein provided. <br /> <br />B. Special District Improvement Fund. The City V'iill establish and maintain a separate <br />fund Special District Improvement Fund, including subaccounts if necessary, in the City treasury into <br />which PID Assessments shall be deposited. During the term of this Agreement, PID Assessments <br />shall be paid to the Authority from the Special District Improvement Fund as herein provided. <br /> <br />HouSlon:36 i966.2 <br /> <br />8 <br />