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Promissory Notes when due and to fund the Reserve Account are hereby appropriated for <br /> said purposes, and such amounts as appropriate for each year shall also be included in the <br /> Rnmlal budget and the appropriation bills to be adopted and passed by the Board in each <br /> year, respectively, until the Promissory Notes have been fully paid, satisfied and <br /> discharged. <br /> (c) It shall be the duty of the Board, annually, at the time and in the manner <br /> provided by law for levying other District taxes, to ratify and carry out the provisions <br /> hereof with reference to the levying and collection of taxes; and the Board shall levy, <br /> certify and collect said taxes in the manner provided by law for the purpose of paying the <br /> principal of and interest on the Promissory Notes and funding the Reserve Account in the <br /> amount of the Required Reserve Amount. <br /> (d) Nothing herein shall be interpreted to prohibit or limit the ability of the <br /> District to use legally available moneys other than the proceeds of the ad valorem <br /> property taxes levied pursuant to subsection(a)of this Section to pay all or any portion of <br /> the principal of or interest on the Promissory Notes. If and to the extent such other <br /> legally available moneys are used to pay the principal of or interest on the Promissory <br /> Notes,the District may,but shall not be required to, (i)reduce the amount of taxes levied <br /> for such purpose pursuant to subsection (b) of this Section or (ii)use proceeds of taxes <br /> levied pursuant to subsection (b) of this Section to reimburse the fund or account from <br /> which such other legally available moneys are withdrawn for the amount withdrawn from <br /> such fund or account to pay the principal of or interest on the Promissory Notes. If the <br /> District selects alternative (ii) in the immediately preceding sentence, the taxes levied <br /> pursuant to subsection (a) of this Section shall include amounts sufficient to fund the <br /> reimbursement. <br /> (e) It is hereby declared that, if the District does not otherwise determine and <br /> certify to the Boards of County Commissioners of each of the Counties a rate of levy for <br /> general ad valorem property taxes as required by subsection (a) of this Section, the <br /> foregoing provisions of this Section shall constitute a certificate from the Board to the <br /> Boards of County Commissioners of each of the Counties showing the aggregate amount <br /> of ad valorem taxes to be levied by the Boards of County Commissioners of the Counties <br /> from time to time, as required by law, for the purpose of paying the principal of and <br /> interest on the Promissory Notes when due. <br /> Section 4. Form of Promissory Notes. The Promissory Notes shall be in substantially <br /> the form set forth in Appendix 2 to the respective Loan Contracts with such changes thereto,not <br /> inconsistent herewith, as may be necessary or desirable and approved by the officials of the <br /> District executing the same (whose manual or facsimile signatures thereon shall constitute <br /> conclusive evidence of such approval). The interest rate authorized for the Promissory Notes is <br /> 1.75%per annum(and the maximum net effective interest rate shall not exceed 6.5%per annum <br /> pursuant to the terms of the Ballot Authorization), exclusive of any late charges of 5.0% of the <br /> annual payment due which may be imposed pursuant to the terms of the Loan Contracts for any <br /> late payments. <br /> 6 <br /> 4842-94934230.1 <br />