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<br />principal of said Special Obligation Note. <br /> In the event of the occurrence of either of <br />the following events: <br />( a) The failure by the City to pay any designated <br />annual installment of interest on or principal of <br />said Note on the designated due date; <br />(b) The failure by the City to deposit in such <br />special account from the monthly receipt of Sales <br />Tax proceeds as and when received by the City from <br />the State, an amount equal to one-twelfth (1/12) of <br />the then applicable designated next annual install- <br />ment of interest on and principal of said Note, <br />less any interest credited to such account in such <br />month or any sums deposited in such account by the <br />City from any other available sources during such <br />month; <br />Thereafter, and in every year in which any interest <br />on or principal of said Note is still outstanding, <br />all proceeds of the City's two percent (2%) Sales <br />Tax for such year received by the City, as and when <br />received by the City from the State, shall be <br />deposited in such special account, and shall not <br />be withdrawn or utilized for any other purpose, <br />until and unless the applicable designated next <br />annual installment of interest on and principal <br />of said Note shall have been fully funded in said <br />special account and shall remain fully funded in <br />said special account until payment of said desig- <br />nated annual installment. <br />Section 2. Section eight of Ordinance No. 668 is amended <br />by addition of the following language at the end of said Section: <br />Said City of Louisville, City Hall Improvement <br />Reserve Fund shall be maintained as a pledged special <br />account of the City at a bank acceptable to the Holder <br />of said Special Obligation Note; during the years <br /> -2- <br />