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3 Section 7: Estimated Period of Usefulness. It is hereby determined thac the estimated period of usefulness of the property constituting the Project is at least twenty years. . Section 8: Application of Pledged Revenues. So long as the Warrant authorized by this Ordinance J.8 outstanding, either as to principal or interest, the following payments shall be made from revenues of the MUnicipal Hot Springs Pool; A. There is hereby created a Pool Anticipation Warrant Sinking Fund. B. Each year on or before the due date of any Warrant. installment payment, there shall be deposited in the "Pool Anticipation Warrant Sinking Fundll an amount from the net revenues of the pool, (after payment of the costs of Pool opera'tion, maintenance, repairs and administration), which shall be sufficient to pay the installment payment due each year. C. No payment need. be made into the "Pool Anticipation Warrant Sinking Fund" if the amount in the Fund is a sum equal to the entire amount of the outstanding Warrant, both as to principal and interest to their respective maturities and both accrued and not accrued. MOnies in excess thereof in said Fund and any other monies derived from the net revenues of the pool may then be used in any lawful manner. . D. After making the payments herein and above required to be made in paragraph B, any remaining pool revenues may be appl ied to any other lawful purpose or purposes each year. E. The money in the Pool ~ticipation Warrant Sinking Fund shall be used to pay the principal and interest on the Warrant each year. Section 9: Lien on Pledged Revenues. The Warrant constitutes an irrevocable and first lien on the " Pledged Revenue. II Section 10: Additional Obligations. Nothing in this Ordinance contained shall be construed in such manner as to prevent the issuance by the City of additional obligations payable from the City's pool revenues constituting a ~oo~ V.L'13 9LL8 ~L8 OL6 YVd 61:81 661LO/~1