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payments provided for in the Resolution, and the Bonds shall not constitute a lien upon any other <br />property whatsoever of or in the City. <br />SECTION 3. ISSUANCE OF THE BONDS. The Bonds are hereby authorized to <br />be issued in an original aggregate principal amount of not exceeding $9,894,000. The Bonds <br />may be issued in one or more series. The particular designation of each Bond may be made <br />pursuant to the Resolution. The Bonds shall be issued for the principal purposes of (a) financing <br />or refinancing costs of the Series 2015 Project, (b) refinancing the $1,511,245 Promissory Note <br />(Oxford Road Redevelopment Project), dated April 1, 2015 (c) establishing debt service <br />reserves, if required or deemed necessary, (d) paying for any credit enhancement for the Bonds, <br />and (e) paying costs and expenses of issuing the Bonds. The principal of, redemption premium, <br />if any, and interest on the Bonds shall be payable from the Pledged Funds and, to the extent <br />applicable, the covenant to budget and appropriate lawfully available Non -Ad Valorem <br />Revenues, as further provided herein and in the Resolution. <br />The Bonds shall be dated such date or dates, shall bear interest at such rate or rates, shall <br />mature at such time or times and in such amount or amounts as may be determined by the <br />Resolution, and may be redeemable before maturity, at the option of the City, at such price or <br />prices and under such terms and conditions as may be fixed by the Resolution. The Commission <br />shall determine by the Resolution the form of the Bonds, the manner of executing the Bonds, and <br />such other terms and provisions of the Bonds as it deems appropriate. The Bonds may bear <br />interest at a fixed or variable rate, as shall be determined by the Resolution. In case any officer <br />whose signature or a facsimile of whose signature shall appear on any Bond shall cease to be <br />such officer before delivery of such Bond, such signature or such facsimile shall nevertheless be <br />valid and sufficient for all purposes the same as if he or she had remained in office until such <br />delivery. The Commission may sell the Bonds in such manner and for such price as it may <br />determine by the Resolution to be in the best interests of the City. The Bonds may be further <br />secured by any credit enhancement as the Commission by the Resolution deems appropriate. <br />The Bonds may be issued without any other proceedings or the happening of any other <br />conditions or other things other than those proceedings, conditions or things which are <br />specifically required by this Ordinance. <br />The proceeds of the Bonds shall be disbursed in such manner and under such restrictions, <br />if any, as may be provided by the Resolution. <br />The Bonds shall be further secured by the Resolution which may include, but without <br />limitation, provisions as to the rights and remedies of the holders of the Bonds, the application of <br />funds and such other matters as are customarily in such an instrument. <br />SECTION 4. COVENANT TO BUDGET AND APPROPRIATE. Solely to the <br />extent that the Pledged Funds are insufficient to fully pay scheduled principal of, redemption <br />premium, if any, and interest on the Bonds, the City covenants and agrees to appropriate in its <br />annual budget, by amendment, if necessary, from Non -Ad Valorem Revenues lawfully available <br />in each fiscal year, amounts which, together with the Pledged Funds, are sufficient to pay the <br />principal of, redemption premium, if any, and interest on the Note when due, all in accordance <br />with the provisions of the Resolution. Such covenant and agreement on the part of the City to <br />