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- 2006 2008 ^ 200'7 2009 ~ 2008 2410 It is estimated that the collections of special assessments as set forth in Section 5, plus the annual ad valorem tax lcwies sct forth above, wiII produce amounts not less than 5% in excess of the amounts needed to meet when due the principal and interest payments on the Bonds. Section 7. Defcasance. When all of the Bonds have been discharged as provided in this section, all pledges, covenants and other rights granted by this Resolution to the holders of the Bonds shall cease. The Issuer may discharge its obligations with respect to any Bonds which are due on any daft by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full; or, if any Bond should not ~ paid when due, it may neveRheless be discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest accrued from the due date to the date of such deposit. The Issuer may also discharge its obligations with respect to any prepayable Bonds called for redemption on airy date whey they are prepayable according to their terms, by depositing with the Registrar on or before that date an amount equal to the principal, interest and redemption premium, if any, which are then due, provided that notice of such redemption has been duty given as provided herein. The Issuer may also at any time discharge its obligations with respect to any Bonds, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a bank qualified by law as an escrow agent for this purpose, cash or securities which are authorized by law to be so deposited, bearing interest payable at such time and at such rates and maturing or • callable at the holder's option on such dates as shall be required to pay all principal, interest and redemption premiums to become due thereon to maturity or earlier designated redemption date. Section 8. Reeistration of Bonds. The City Administrator is hereby authorized and directed to file a certified copy of this Resolution with the County Auditor of Ramsey County, together with such additional information as the Auditor may require, and to obtain from the Auditor a cemficate that the Bonds have been duly entered upon the Auditor's bond register. Section 9. Authentication of Transerivt. The officers of the Issuer and the Auditor are hereby authorized and directed to prepare and furnish to the Purchaser and to Leonard, Street and Deinard, Professional Association, Boad Counsel, certified copies of all proceedings and records relating to the Bonds and such other affidavits, certificates and information as may be required to show the facts relating to the legality and marketability of the Bonds, as the same appear from the books and records in their custody and control or as otherwise Iaiown to them, and all such certified copies, affidavits and certificates, including any herdofore furnished, shall be deemed representations of the Issuer as bo the correctness of all statements contained therein. i~sase~.o, . 16