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Section 10. Use of Note Proceeds. The proceeds from the sale of the Notes must be <br />deposited and used as provided in this Section 10. <br />(a) Any accrued interest or premium received on the sale of the Notes must be <br />deposited in the Bond Retirement Fund of the City and be used for the payment of <br />interest on the Notes at their maturity. <br />(b) The amount necessary to pay for any costs of the Projects and any Financing <br />Costs of the Notes to the extent that those Financing Costs aze not paid by the <br />Original Purchaser in accordance with any Purchase Agreement and to the extent <br />that the Director of Finance determines to pay those Financing Costs from the <br />proceeds of the Notes must be deposited in the proper fund or foods and used to <br />pay, or reimburse the City for, the Projects and those Financing Costs. <br />(c) The remainder of the proceeds must be paid into the proper fund or funds and <br />used, together with other money of'the City available for the purpose, to retire the <br />Outstanding Notes at their maturity. <br />Section 11. Security and Sources of Payment. The Notes will be general obligations <br />of the City. <br />(a) This Council pledges to the payment of Debt Service on the Notes the full faith <br />and credit of the City including, without limitation: <br />(1) The general taxing power of the City, including the power to levy taxes <br />within the ten-mill limitation, as defined in Section 5705.02, Revised <br />Code. <br />(2) The special assessments levied to pay costs of the Sidewalk Project. <br />(3) The proceeds to be received from the sale of any notes issued to refund or <br />renew the Notes and of the Bonds in anticipation of which the Notes are <br />issued. <br />(4) Any money remaining from the sale of the Notes after the payment of the <br />Financing Costs of the Notes and not required to refund the Outstanding <br />Notes. <br />(b) The Debt Service on the Notes must be paid at their maturity from any of the <br />amounts set forth above pledged to their payment, or any funds of the City <br />otherwise available for their payment. <br />(c) During the yeazs while the Notes aze outstanding, there will be levied on all the <br />taxable property in the City, in addition to all other taxes, a direct tax annually, <br />subject to tax limitations, not less than the tax that would have been levied had the <br />9 <br />