09-93 Sanitary Sewer System Bonds $1,650,000

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all such Bond Service Charges (the "Additional Pledged Receipts"). The Notes are also payable from and secured by, in addition to the Pledged Receipts and Additional Pledged Receipts, the proceeds of the bonds in anticipation of which the Notes are issued, or the proceeds of renewal notes, and the proceeds of such bonds or renewal notes, as the case may be, constitute part of the Pledged Receipts with respect to the Notes. Inorder to secure the payment of Bond Service Charges on the Notes, the Issuer hereby pledges and assigns to the Fiscal Agent, as defined in the General Bond Legislation, 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 Notes or the bonds in anticipation of which they are issued 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 BONDS ARE NOT GENERAL OBLIGATIONS OF THE ISSUER AND THE FULL FAITH AND CRF. DIT OF THE ISSUER IS NOT PLEDGED FOR PAYMENT THEREOF. Nothing in this Series Legislation or the Notes shall represent or constitute a general obligation of the Issuer and further, nothing therein or herein gives the Holders of any Notes, 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 Notes, but such Notes 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 Notes. Section 7. During the year or years while the Notes mn, 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 of said years are certified, extended and collected. 'lIte Levy shall be phc. ed before and in preference to all items and for the full amount thereof..The funds representing Pledged Receipts from the levy hereby required shall be placed in a separate and distinct fund or account which, together with the interest calculated on the same, shall be pledged for the payment of Bond Service Charges on the Notes, or the bonds in anticipation of which they are issued, when and as the same falls due, and in accordance with this Series Legislation and the General Bond Legislation.