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scheduled debt service or prior redemption. The moneys in the Refunding Account <br />shall be used solely for the purposes herein set forth and for no other purpose, except <br />that any surplus in the Refunding Account shall be remitted to the City. Such Other <br />Funds, if any, as may be required to fully fund the Refunding Account as described <br />above are hereby appropriated for said purpose. The proceeds of the 1989B <br />Refunding Bonds and the proceeds of the 1990A Refunding Bonds shall respectively <br />be used only to pay their allocable costs of issuing the Bonds and thereafter be <br />applied toward the refunding of the 1989B Bonds and the 1990A Bonds, <br />respectively. <br /> <br /> (ii) Debt Service Account. To the Debt Service Account there are hereby <br />pledged and irrevocably appropriated and there shall be credited: (1) all accrued <br />interest and unused discount received upon delivery of the Bonds which is not then <br />deposited into the Refunding Account; (2) any balance remaining on February 1, <br />2001, after payment thereon of all of the principal of and interest on all of the Prior <br />Bonds, in the respective debt service accounts created for and allocated to the Prior <br />Bonds pursuant the Council's resolutions adopted in connection with the issuance and <br />sale of the Prior Bonds; (3) the tax increments derived by the City from the Tax <br />Increment Pledge Agreement described in paragraph 21 of this Resolution, but only <br />in such amounts as shall be necessary, together with other monies in the Debt Service <br />Account and available for such purposes, to pay, when due, the principal of and <br />interest on the Bonds; (4) all collections of any ad valorem taxes hereafter levied for <br />the payment of the Bonds; (5) all investment earnings on funds held in the Debt <br />Service Account; and (6) any amounts received by the City upon termination of the <br />Refunding Account. The foregoing funds are hereby pledged to the Debt Service <br />Account, but only in such amounts and at such times as may be necessary, together <br />with other available funds therein (and the same shall be used solely), to pay the <br />principal of and interest on the Bonds, when due; provided that tax increment and <br />similar revenues from or allocable to Tax Increment Financing District No. 6 shall <br />be used for debt service on the 1989B Refunding Bonds only, and, similarly, tax <br />increment revenues from or allocable to Tax Increment Financing District No. 7 shall <br />be used for debt service on the 1990A Refunding Bonds only. <br /> <br />16. <br /> <br />Coverage Test. It is hereby found and determined that the revenues provided herein <br />for the payment of the Bonds will be available in amounts sufficient to produce at <br />least five percent (5%) in excess of the amount needed to meet, when due, the <br />principal and interest payments on the Bonds. <br /> <br />17. <br /> <br />General Obligation Pledge. For the prompt and full payment of the principal and <br />interest on the Bonds, as the same respectively become due, the full faith and credit <br />and taxing powers of the City shall be and are hereby irrevocably pledged. If the <br />balance in the Debt Service Account is ever insufficient to pay all principal and <br />interest then due on the Bonds, the deficiency shall be promptly paid out of any other <br /> <br />1218143.1 '19 <br /> <br /> <br />