Source of Payments; Covenant to Budget and Appropriate Sample Clauses

Source of Payments; Covenant to Budget and Appropriate. The Lease Payments are payable from any source of available funds of the City, subject to the provisions of Section 6.3. The City covenants to take all actions required to include the Lease Payments in each of its budgets during the Term of this Lease and to make the necessary appropriations for all Lease Payments and Additional Rental Payments. The foregoing covenant of the City contained constitutes a duty imposed by law and each and every public official of the City is required to take all actions required by law in the performance of the official duty of such officials to enable the City to carry out and perform the covenants and agreements in this Lease agreed to be carried out and performed by the City.
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Source of Payments; Covenant to Budget and Appropriate. The Lease Payments shall be payable from, and shall be secured by a pledge of and lien on, the Surplus Special Tax Revenues. The District shall take all actions as shall be required under the Community Facilities District Act to levy and collect, and to enforce the payment and collection of, the Special Taxes when due and to apply the Surplus Special Tax Revenues to the payment of the Lease Payments when due. As provided in the Community Facilities District Act, the Special Taxes shall be payable and be collected in the same manner and at the same time and in the same installments as the ad valorem taxes on real property are payable, and have the same priority, become delinquent at the same time and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the ad valorem taxes on real property. The Surplus Special Tax Revenues shall be deposited and applied as set forth in Section 5.03 of the Trust Agreement. In the event and to the extent the Surplus Special Tax Revenues are insufficient to enable the District to pay any Lease Payment when due, the District shall be the amount of such insufficiency from any source of available funds of the District, including but not limited to amounts on deposit in the General Fund of the District which may lawfully be used to pay the Lease Payments. The Additional Payments shall also be payable from any source of available funds of the District. The District covenants to take such action as may be necessary to include all estimated Lease Payments and all estimated Additional Payments due hereunder in each of its final approved budgets. The District further covenants to make all necessary appropriations (including any supplemental appropriations) from the Surplus Special Tax Revenues and, if needed, from any source of legally available funds of the District, for all the actual amount of Lease Payments and Additional Payments which come due and payable during the period covered by each such budget. The covenants on the part of the District contained herein are duties imposed by law and it is the duty of each and every public official of the District to take such action and do such things as are required by law in the performance of the official duty of such officials to enable the District to carry out and perform the covenants and agreements in this Lease agreed to be carried out and performed by the District.
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