20-3157 Bond Resolution - Not to Exceed $24,000,000 Florida General Obligation Bonds

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property and improvements thereto subject to the Issuer's ad valorem taxing power which are located from time to time within the municipal boundary of Casselberry, Florida, without limitation. The Bonds are general obligation bonds secured by the Issuer's ad valorem tax revenues and full faith, credit and ad valorem taxing power. SECTION 16. LEVY OF AD VALOREM TAXES. For so long as the Bonds are outstanding, the City Commission of the Issuer shall, each year, levy an Ad Valorem Tax, without limitation, as to rate or amount, so as to result in ad valorem tax revenue sufficient to pay the Debt Service Requirement for the ensuing Bond Year. In making such levy, the Issuer may take into account the balance of the Debt Service Fund. Such tax shall be levied and collected at the same time and in the same manner as ad valorem taxes for the operating expenses of the Issuer and shall be in addition to all other taxes authorized to be levied by the Issuer. The Issuer covenants that it will not levy ad valorem taxes for operating expenses of the Issuer without at the same time levying ad valorem taxes to meet the Issuer's obligations under this Bond Resolution, as may be supplemented by subsequent resolutions. The Issuer further covenants that it will not knowingly accept or cause the acceptance of payment of taxes levied for operating expenses of the Issuer unless there shall be paid at the same time the taxes required by this Bond Resolution. All taxes levied pursuant to this Bond Resolution, as collected, shall immediately be deposited into the Debt Service Fund (hereinafter created) and held in trust for the payment of the principal of and interest on the Bonds as they severally become due and shall be expended for no oti'ier purpose. TJ i-;] di�burSed, the ILIL Shall be secured as may froiii tlii�e to tiiiie be provided by law and as may be provided by supplemental resolution of the City Commission of the Issuer. SECTION 17. COVENANTS OF ISSUER. For so long as any of the principal of and interest on any of the Bonds shall be outstanding and unpaid or until there shall have been set apart in the Debt Service Fund, a sum sufficient to pay when due the entire principal of the Bonds remaining unpaid, together with interest accrued or to accrue thereon in accordance with the terms of the Bonds, the Issuer covenants with the Bondholders of each and all of the Bonds as follows: (A) Debt Service Fund. The Issuer covenants and agrees to establish a special fund to be designated "City of Casselberry, Florida General Obligation Bonds Debt Service Fund." From the Debt Service Fund shall be paid each installment of interest on and principal of the Bonds as they become due. No further payments shall be required to be made into the Debt Service Fund when the aggregate amount of moneys in the Debt Service Fund is at least equal to the aggregate principal amount of the Bonds then outstanding, plus the amount of interest then due or thereafter to become due on such Bonds then outstanding. All moneys deposited in said Debt Service Fund shall be and constitute a trust fund created for the purpose stated, and there is hereby created a lien upon such fund in favor of the Bondholders until the moneys thereof shall