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--, , , . t . The Tax Revenues are hereby irrevocably pledged to the payment of the principal of, premium, if any, and interest on the Bonds, and until all of the Bonds and all interest thereon, have been paid (or until moneys for that purpose have been irrevocably set aside), the Tax Revenues (subject to the exception set forth in Section l5(e» shall be applied solely to the payment of the Bonds plus premium if any, and the interest thereon as provided in this Resolution. This allocation and pledge is for the exclusive benefit of the Holders of the Bonds and shall be irrevocable. Section 33645 of the Health and Safety Code provides, in applicable part as follows: "The resolution, trust indenture, or mortgage shall provide that tax increment funds allocated to an agency pursuant to Section 33670 shall not be payable to a trustee on account of any issued bonds when sufficient funds have been placed with the trustee to redeem all outstanding bonds of the issue." This Resolution is presently in compliance with the above quoted provision and shall be so construed. Section 15. Special Fund. The Agency shall payor cause to be paid to the Fiscal Agent for deposit in the Special Fund in accordance with this Section all Tax Revenues and other moneys identified herein, and the Agency will, so far as permitted by law, authorize and direct the payment of the Tax Revenues by the respective taxing entities directly to the Fiscal Agent. The interest on the Bonds until maturity shall be paid by the Fiscal Agent from the Special Fund. At the maturity of the Bonds, and, after all interest then due on the Bonds then outstanding has been paid or provided for, moneys in the Special Fund shall be applied to the payment of the principal of any of such Bonds. Without limiting the generality of the foregoing and for the purpose of assuring that the payments referred to above will be made as scheduled, the Tax Revenues accumulated in the Special Fund shall be used in the following priority; provided, however, to the extent that deposits have been made in any of the Funds referred to below from the proceeds of the sale of the Bonds or otherwise, the deposits below need not be made: (a) Interest Account. Deposits shall be made into the Interest Account so that the balance in the Account on the date established by resolution of the Agency, shall be equal to six (6) month's interest on the then outstanding Bonds and thereafter, one (1) month prior to the date of the payment of any installment of interest on the Bonds. shall be equal to six (6) months' interest on the then outstanding Bonds. Moneys in the Interest Account shall be used for the payment of interest on the Bonds as interest becomes due. 02-22-83 4l41P/2306/00 rtr33 3A -16-