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..A i C: S O] t2 j Ti:. , l. I c S:J' s:... ?'... '3 to �.Z'.t].... • .. <br /> Section 6. That, for th:: purpatin GC :r:::'.irir;t the ----- -- <br /> payment of designated ir.stall•.:�nts of ir.terr_:;t c,n and principal <br /> of said Note, there shall b'a csttblished by the City the <br /> `City of Louisville, City Hall Improvement Reserve Funds and <br /> such fund shall be maintained to secure the payment of the <br /> interest in and principal of said rote and for no other <br /> purpose whatsoever until the principal of and interest on <br /> said Note has been fully paid, and discharged. The City <br /> shall annually deposit $11,656.07 into said Fund on due <br /> dates December 1, 1980 through December 1, 1984, inclusive, <br /> which aggregate amount, $55,280. 35, shall remain in said <br /> Fund in the manner set forth above. <br /> Said Reserve Fund shall be applied to prey the annual <br /> designated installments of interest on and principal of said <br /> Note in the event that, in any year said Note is still <br /> outstanding, the aggregate of all suns appropriated by the <br /> City Council into the City of Louisville, City Hall Improvement <br /> Fund plus the proceeds of the City's 2 percent Sales Tax <br /> pledged to such Fund are insufficient to pay such designated <br /> annual installment of interest on and principal of said <br /> Note. <br /> In the event said Reserve Fund is applied in the manner <br /> set forth above, the City pledges for deposit into said <br /> Reserve Fund as much of the available proceeds of the City's <br /> 2 percent Sales Tax for the next succeeding fiscal years, <br /> after any deposits required under Section 5 hereof, as are <br /> necessary to maintain said Reserve Fund in an aggregate <br /> amount of $58, 280. 35. Ordinanoce -o. 479, establishing and <br /> enacting said Sales Tax, is hereby attended to effectuate <br /> this pledge. <br /> Section 7. That, for the purpose of funding designated <br /> annual deposits into said Reserve Fund, the City Council <br /> r .ty, in its discretion, appropriate annual _ur:.. to be dnp:Ini.ted <br /> into said U.•serve Fund; spocif.ica11y, tho City rut'', in its <br /> discretion, apr•ro_,riate cc?t t_ilin proceeds of t:h^ City's 2 <br />