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any calendar year, the proceeds of the Levy are insufficient to pay the Bond <br />Service Charges due on the Notes in such calendar year, such Bond Service Charges <br />shall be payable from, and secured by, the proceeds of the Levy collected in <br />next succeeding year or years in an amount in aggregate sufficient to pay in full <br />all such Bond Service Charges (the "Additional Pledged Receipts"). The Notes are <br />also payable from and secured by, in addition to the Pledged Receipts and <br />Addtt.ional Pledged Receipts, the proceeds of the bonds in anticipation of which <br />the Notes are issued, or the proceeds of renewal notes, and the proceeds of such <br />bonds or renewal notes, as the case may be, constitute part of the Pledged <br />Receipts with respect to the Notes. <br /> <br /> In order to secure the payment of Bond Service Charges on the Notes, <br />the Issuer hereby pledges and assigns to the Fiscal Agen. t, as defined in the <br />General Bond Legislation, and to its successor in trust, and to its and their <br />assigns, and grants a lien upon, the Pledged Receipts and Additional Pledged <br />Receipts; provided, however, that such pled§e of and lien on such portion of the <br />Pledged Receipts and Additional Pledged ReceiPts not in the custody of the Fiscal <br />Agent shall be valid and enforceable only to the extent permitted by law. <br />Notwithstanding the foregoing, nothing herein shall prevent payment of Bond <br />Service Charges 'on the Notes or the bonds in anticipation of which they are <br />issued from being otherwise secured and payable from sources or property and <br />instruments other than the Levy at the discretion of the Issuer. Proceeds of the <br />Levy in excess of the Pledged Receipts and Additional Pledged Receipts may be <br />used by the Issuer for any other lawful purposes for which the Levy, pursuant to <br />the provisions of the Issuer's Charter, may be used. THE BONDS ARE NOT GENERAL <br />OBLIGATIONS OF THE ISSUER AND THE FULL FAITH AND CREDIT OF THE ISSUER IS NOT <br />PLEDGED FOR PAYMENT THEREOF. <br /> <br /> Nothing in this Bond Legislation or the Notes shall represent or <br />constitute a genera~ obligation of the Issuer and further, nothing therein or <br />herein gives the Holders of any Notes, and they do not have, the right to have <br />any excises, ad valorem taxes (except as herein Provided for) or other taxes <br />levied by the Council, or by the State or the taxing authority of any other <br />political subdivision, for the payment of Bond Service Charges on the Notes, but <br />such Notes are payable solely from the Pledged Receipts, and, if necessary, the <br />Additional Pledged Receipts; provided, however, that nothing herein shall be <br />deemed to prohibit the Issuer, of its own volition, from using to the extent it <br />is lawfully authorized to do so, any other resources or revenues for the <br />fulfillment of any of the terms, conditions or obligations of this Series <br />Legislation or any of the Notes. <br /> <br /> Section 7. During the year or years while the Notes run, the Levy <br />shall be levied on all the taxable property in the City of Lakewood, Ohio. Said <br />Levy shall be and is hereby ordered computed, certified, levied and extended upon <br />the tax duplicate and collected by the same officers, in the same manner and at <br />the same time that taxes for general purposes of each of said years are <br />certified, extended and collected. The Levy shall be placed before and in <br />preference to all items and for the full amount thereof. The funds representing <br />Pledged Receipts from the levy hereby required shall be placed in a separate and <br />distinct fund or account which, together with the interest calculated on the <br />same, shall be pledged for the payment of Bond Service Charges on the Notes, or <br /> <br />-5- <br /> <br /> <br />