01-92 Sanitary Sewer Bonds $6,500,000

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by that portion of such proceeds as is necessary to pay Bond Service Charges on the Series 1992 Bonds due in such calendar year (the "Pledged Receipts"); provided however, that if, in any Calendar year, the Proceeds of the Levy are insufficient to pay the Bond Service Charges due on the Series 1992 Bonds in such calendar year, such Bond Service Charges shall be payable from, and secured by, the proceeds of the Levy collected in the next succeeding year or years in an amount in aggregate sufficient to pay in full all such Bond Service Charges (the "Additional Pledged Receipts"). In order to secure the payment of Bond Service Charges on the Series 1992 Bonds, the Issuer hereby pledges and assigns to the Fiscal Agent and to its successor in trust, and to its and their assigns, and grants a lien upon, the Pledged Receipts and Additional Pledged Receipts; provided, however, that such pledge of and lien on such Portion of the Pledged Receipts and Additional Pledged Receipts not in the custody of the Fiscal Agent shall be valid and enforceable only to the extent permitted by law. Notwithstanding the foregoing, nothing herein shall prevent payment of Bond Service Charges on the Series 1992 Bonds from being otherwise secured and payable from sources or property and instruments other than the Levy at the discretion of the Issuer. Proceeds of the Levy in excess of the Pledged Receipts and Additional Pledged Receipts may be used by the Issuer for any other lawful purposes for which the Levy, pursuant to the provisions of the Issuer's Charter, may be used. THE SERIES 1992 BONDS ARE NOT GENERAL OBLIGATIONS OF THE ISSUER AND THE FULL FAITH AND CREDIT OF THE ISSUER IS NOT PLEDGED FOR PAYMENT THEREOF. Nothing in this Series Legislation' or the Series 1992 Bonds shall represent or constitute a general obligation of the Issuer and further, nothing therein or herein gives the Holders of any Series 1992 Bonds, and theY do not have, the right to have any excises, ad valorem taxes (except as herein provided for) or other taxes levied by the Council, or by the State or the taxing authority of any other political subdivision, for the payment of Bond Service Charges on the Series 1992 Bonds, but such Series 1992 Bonds are payable solely from the Pledged Receipts, and, if necessary, the Additional Pledged Receipts; provided, however, that nothing herein shall be deemed to prohibit the Issuer, of its own volition, from using to the extent it is lawfully authorized to do so, any other resources or revenues for the fulfillment of any of the terms, conditions or obligations of this Series Legislation or any of the Series 1992 Bonds. Section 7. During the year or years while the Series 1992 Bonds run, the Levy shall be levied on all the taxable property in the City of Lakewood, Ohio. Said Levy shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes of each -10-