The moneys credited to the Project Fund and on hand therein from time to time shall be used annually in the following manner and the following order of priority:
(a) First, to pay into the debt retirement fund, or funds, for all outstanding series of bonds issued pursuant to the Plan an amount equal to the interest and principal coming due (in the case of principal whether by maturity or mandatory redemption) prior to the next collection of taxes, less any credit for sums on hand in the debt retirement fund.
(b) Second, to establish a reserve account for payment of principal of and interest on bonds issued pursuant to the Plan to the extent required by any resolution authorizing bonds.
(c) Third, to pay the administrative, auditing and operating costs of the Authority and the City pertaining to the Downtown District, including planning and promotion, to the extent provided in the annual budget of the Authority.
(d) Fourth, to repay amounts advanced by the City for project costs, including costs of preliminary plans, and fees for other professional services.
(e) Fifth, to pay the cost of completing the remaining public improvements as set forth in the Development Plan to the extent that such costs are not financed from other sources.
(Ord. 543. Passed 5-6-91.)