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2©Ol (b) There is hereby pledged and appropriated and there shall be credited to the Sinking Fund Account all of the special assessments, taxes, and other monies pledged to the Sinking Fund Account of the obligations listed in paragraph 1 hereof, together with all accrued interest received upon delivery of the bonds of this issue and the Sinking Fund balance of the obligations listed in paragraph 1 hereof to the extent that said balance has not been appropriated to the Escrow Account. The Sinking Fund Account shall be used solely to pay the principal, interest, and, if callable and called, the premium on the bonds of this issue. 8. The Village Council hereby finds and determines that the proceeds of the sale of the bonds herein authorized, together with other funds available and appropriated to the Escrow Account. will be sufficient, together with the earnings on the investment of said Escrow Account to pay when due or called all of the prin- cipal, interest, and redemption premium on the obligations refunded hereunder the the Council further finds and determines that the funds pledged and appropriated to the Sinking Fund Account estab- lished hereunder are. sufficient to meet when due the principal. and interest due on the obligations issued hereunder. g. Securities purchased from the monies in the Escrow Ac- count shall be limited to general obligations of the United States, securities whose principal and interest payments are guaranteed by the United States, and securities issued by the following agencies of the United States: Banks for Cooperatives, Federal Home Loan Banks, Federal Intermediate Credit Banks, Federal Land Banks, and the Federal National Mortgage Association. Securities purchased from the Escrow Account shall be purchased simultaneously with the delivery of the refunding obligations. The Village Council has investigated the facts and hereby finds and determines that The' American National Bank of Saint Paul, St. Paul, Minnesota, is a suitable bank to act as Escrow Agent, and is qualified within the meaning of the provisions of paragraph 7 of this resolution and subd. 5 of M.S.A. §~75.5~. 10. The Village Council hereby finds, declares and determines that the special assessments and taxes heretofore levied and pledged to the payment of the bonds to be refunded hereunder and now pledged to the payment of the bonds of this issue will produce at least five per cent in excess of the amount needed to meet when due the princi- pal and interest payments on the obligations of this issue. The full faith and credit of the Village is hereby pledged for the payment of the principal and interest of the bonds of this issue. 11. The Village Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Ramsey County, Minnesota, together with such other information as he shall require and to obtain from said Auditor a certificate that said bonds have been entered in the Auditors Bond Register. -6-