-3- 7. During the currency of the Agreement hereunder to secure borrowings in respect of the "Recreational Facilities Construction and Lean Authorization By-law, 1974, No. 1251" there shall be levied and raised annually by a rate sufficient therefor over and above all other rates upon all land and improvements subject to taxation for general municipal purposes in the Municipality in the same manner and at the same time as other rates, an amount sufficient to meet the annual payment of interest and the repayment of principal. 8. The Municipality shall provide and pay over to the Regional District such sums as are required to discharge its obligations in accordance with the terms of the Agreement, provided however that if the sums provided for in the Agreement are not sufficient to meet the obligations of. the Municipality, such deficiency shall be a liability of the Municipality to the Regional District and the Council of the Municipality shall make due provision to discharge such liability. 9. The Municipality shall pay over to the Regional District at such time or times as the Treasurer of the Authority so directs such sums as are required pursuant to Section 14 of the Municipal Finance Authority of British Columbia Act, to be paid into the Debt Reserve Fund established by the Authority in connection with the financing undertaken by the Regional District on behalf of the Municipality pursuant to the Agreement. 10. This By-law may be cited as the "Recreational Facilities Security Issuing By-law, 1977, No, 1529",