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for the payment of the principal thereof when due, and to pay the expenses of assessing and <br />collecting such taxes in any Supplement the City, in its sole discretion, may, in addition to the <br />Pledged Revenues, levy, assess and collect on all taxable property in the City for each year while <br />any such Parity Debt is outstanding, a continuing, direct annual ad valorem tax as prescribed in such <br />Supplement. <br />Section 6. GENERAL REPRESENTATIONS AND COVENANTS. The City further <br />represents, covenants and agrees that while Parity Debt or interest thereon is Outstanding: <br />(a) Payment of Parit~bt. The City will duly and punctually pay solely from the Security, <br />(i) the Annual Debt Service Requirements on, and other payments with respect to, each and every <br />Parity Debt on the dates and at the places, as such Parity Debt accrues or matures, or becomes <br />subject to mandatory redemption prior to maturity and such payments will be made in the manner <br />provided in said Parity Debt and the Supplement governing its issuance, according to the true intent <br />and meaning thereof and (ii) the fees and expenses related to Parity Debt, including the fees and <br />expenses of the Paying Agent and any registrar, trustee, remarketing agent, tender agent, or credit <br />provider. <br />(b) Performance. The City will faithfully perform at all times any and all covenants, <br />undertakings, stipulations, and provisions contained in this Master Ordinance and in each <br />Supplement, and in each and every Parity Debt or evidence thereof and will take such action as is <br />reasonably possible to perform each and every duty with respect to the Parity Debt. <br />(c) Redemption. The City will duly cause to be called for redemption prior to maturity, and <br />will cause to be redeemed prior to maturity, all Parity Debt which by its terms is mandatorily <br />required to be redeemed prior to maturity, when and as required. <br />(d) Determination of Annual Debt Service Requirements. For all purposes of this Master <br />Ordinance, the judgment of the Chief Financial Officer shall be deemed final in the determination <br />of the Annual Debt Service Requirements of the Financing Program. <br />(e) Lawful Authority. The City is lawfully authorized to pledge the Security herein pledged <br />in the manner prescribed herein and has lawfully exercised such right. <br />(f) Preservation of Lien. Subject to the conditions set forth in subsection (g) of this Section <br />and in Section 7 of this Master Ordinance, the City (i) will not do or suffer any act or thing whereby <br />the pledge of the Security might or could be impaired and (ii) will take all actions to the extent <br />necessary to ensure that the City does not do or suffer any act or thing whereby the pledge of the <br />Security might or could be impaired. Any taxes levied for the Bonds secure only the Bonds and <br />cannot be used to pay debt service on any other Parity Debt. <br />(g) No Additional Encumbrance. The City shall not incur additional Debt secured by the <br />Security in any manner, except as permitted by this Master Ordinance in connection with Parity <br />Debt, unless said Debt is made junior and subordinate in all respects to the liens, pledges, covenants, <br />and agreements of this Master Ordinance and any Supplement. Any Debt incurred by the City <br />SAN MARCOS\PassThruToll2008:Master Ordinance <br />