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<br />1 <br /> <br />of and interest on the Certificates shall be determined and ac-- <br /> <br /> <br />complished as follows: the City's annual budget shall reflect <br /> <br /> <br />(a) the amount of debt service requirements to become due on the <br /> <br /> <br />Certificates in the next succeeding fiscal year of the City, (b) <br /> <br /> <br />the amount of deposit in the Interest and Sinking Fund, as of <br /> <br /> <br />the date such budget is prepared (after giving effect to any pay- <br /> <br /> <br />ments required to be made during the remainder of ,the then current <br /> <br /> <br />fiscal year) and (c) the amount of net revenues estimated and <br /> <br /> <br />budgeted to be available for the payment of such debt service <br /> <br /> <br />requirements on the Certificates during the next succeeding fiscal <br /> <br /> <br />year of the City (based upon the amount of net revenues available <br /> <br /> <br />from the preceding fiscal year). The amount required to be pro- <br /> <br /> <br />vided in the succeeding fiscal year of the City from ad valorem <br /> <br /> <br />taxes shall be the amount, if any, the debt service requirements <br /> <br /> <br />on the Certificates in such fiscal year exceed the sum of (i) the <br /> <br /> <br />amount shown to be on deposit in the Interest and Sinking Fund <br /> <br /> <br />at the time the annual budget is prepared and (ii) the net revenues <br /> <br /> <br />of the airport shown to be budgeted and available for payment of <br /> <br /> <br />such debt service requirements. Following final approval of 1:he <br /> <br /> <br />City's annual budget, the City Council shall levy an ad valorem <br /> <br /> <br />tax at a rate sufficient to produce taxes in the ,amount so deiter- <br /> <br /> <br />mined, to be utilized for the purpose of paying the principal and <br /> <br /> <br />interest on the Certificates in the next succeeding fiscal year <br /> <br /> <br />of the City. <br /> <br /> <br />Section 11. In combination with the ad valorem taxes <br /> <br /> <br />hereinabove levied and ordered to be levied, the Certificates and <br /> <br /> <br />all interest thereon, are and shall be secured by and payable from <br /> <br /> <br />the net revenues. <br /> <br /> <br />Section 12. The City covenants and agrees with the <br /> <br /> <br />holders of the Certificates that it will at all times collect <br /> <br /> <br />rates and charges in connection with its ownership and operation <br /> <br /> <br />of the airport as will be at least sufficient to provide net <br /> <br /> <br />revenues which will be, together with the funds to be derived <br /> <br /> <br />from taxation as hereinabove provided, adequate to pay promptly <br />all of the principal of and interest on the Certificates, and to <br /> <br />1 <br /> <br />I <br />