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<br />t. <br /> <br />SeeUon 3. S8f.1Irlty for the CWCB Loans. <br /> <br /><a) The cwes LoIlDS ate limited tax ~ obliplions of the District.. <br />payable from the Pledged Revenues and the District pledges im fDU faftb. and credit to the <br />payment of principal of and interest 011 the ewes Loans. The CWCB Loans, togDthcr <br />with the. interest thereou, shall be payable solely ftota and to tho cxtcat of the Pledged <br />:Revenues, and the Pledpd Revetwes are hereby pl~dged to the payment of the C\VCB <br />Loans. The CWCB LoaDs shaD oonstitute 811 irrevocable first lien upon the Pledged <br />Revenues, but not nece.ssarily an exclusiw such Uen. All Pledged Revenues shall firJt be <br />applied to payment of the r>rinoiJ?aI of and interest on the CWCB Loans prior to befog <br />applied to any other purpose. Nothing herein shall be oo.nstrued to require the District to <br />levy an ad valorem property tax for payment of the CWCB ~ans. in excess of the <br />Limited. Mill Levy. The CWCB Loans shall not constitute a debt or hx1ebtedness of 1he <br />Counties, tbc State or any political subdivision of the .State other tban the Di&triot. <br /> <br />(b) The. amounts nece&saIy to pry' aU costs and expenses tncidental to the <br />iSS1l8nce of the CWCB Loans and to pay 1he prJneipal of and interest on the CWCS <br />Loans when due are hoteby appropriated for said purposes, and suah &.D\Otmts as <br />appropriate fur each' year shall also be included in the annual budget and the <br />\ .appropriation bills to b8 adopted and passed by the Boanl in each yur, respectively, until <br />. .the cwes Loans have been fWly paid, satisfied and. discharged. <br /> <br />(c) It shall be tho duty of the Boat'd. annuall~. at the time and in, the TrIJitImet <br />provided by law for levying othec Distriot taxes. to ratifir and cmy out the provisions <br />. hereof withrefennce to 1be le'V)'iDg and collection of , taxes; md the Board shall levy, <br />..' oCrtify and eolleot said f'.&xes in the mazmer provided by taw for the pmpose ofpaying the <br />p~al oland interest on the CWCB Loans. <br /> <br />Cd) NothiDg herem shall be interpreted to proJu"bit or limit the ability of tho <br />District to use legally available moneys othcrthan the proceeds of the ad valorem <br />PJ:Opertytaxes leviedpunwmt to snbsdon (a) of this 8eotion to pay all or any portion of <br />the principal of 01' fnteteet on. the CWCB Loans. If and to the extent BUCb. other Jl!lsaJIy <br />a'ni1ab1e mmeys are us~ to pay tho principal of or interest on the CWCB LoaDs, the <br />District may. but shall not be required to, (i) reduce the IIUlO1.Ult of ta:Jtes lmed :Lbr such <br />purpose pursuant to subsection (b) of this Sectioo or en'} use proceedl of taxes levied <br />pursuant to ~ectlon (b) of this Section fn reimbm:so the 1lmd or account :8:om which <br />suc'b. otla-1cgally avaiIablolIIOl1G1S ate withdmwn for the amount withdrawn ft'om such <br />fund or account to pay the principal of or interest on 1hc CWCB Loans. If the District <br />selects altemative (ii) in the immediamly preoeding sentence. 1he taxes levied pursuant to <br />subsection (a) of this Section ahall include amounts BDfiicient to fUnd the reimbursement. <br /> <br />(e) It is hereby declared that. if the Distrlct does not otherwise determine and <br />certify to the Boards of County Couunissioners of each of dle Counties 8 rate of levy for <br />gencn1 ad valorem property taxes as required by 8\1b8eotion <8> of tbi$ Scotkm" the <br />Comgoing provisions of fbis Section shall constituta a ecrtiticate ftom. tho Board to the <br />Bovds of County CommissiODQ of each of the Counties Showing the aggregate atnOUnt <br />of ad valorem taxes to be levied by the BoaI.'ds of County Commissioners of the Counties <br /> <br />o;z,.116415.1 <br /> <br />s <br />