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Provided, however, that the City may take action contrary to any of the foregoing <br />covenants in this paragraph upon receipt of an opinion of its Bond Counsel for the Bonds <br />stating in effect that such action will not impair the tax - exempt status of the Bonds. <br />21. General Obligation Pledge. For the prompt and full payment of the <br />principal and interest on the Bonds, as the same respectively become due, the full faith, <br />credit and taxing powers of the City shall be and are hereby irrevocably pledged. If the <br />balance in the Permanent Improvement Revolving Sinking Fund is ever insufficient to <br />pay all principal and interest then due on the Bonds and any other bonds payable <br />therefrom, the deficiency shall be promptly paid out of any other funds of the City which <br />are available for such purpose, and such other funds may be reimbursed with or without <br />interest from the Permanent Improvement Revolving Sinking Fund when a sufficient <br />balance is available therein. <br />22. Certificate of Registration. The Administrator is hereby directed to file a <br />certified copy of this resolution with the County Auditor of Ramsey County, Minnesota, <br />together with such other information as the County Auditor shall require, and to obtain <br />the Auditor's certificate that the Bonds have been entered in the Auditor's Bond Register, <br />and that the tax levy required by law has been made. <br />23. Records and Certificates. The officers of the City are hereby authorized <br />and directed to prepare and furnish to the Purchaser, and to the attorneys approving the <br />legality of the issuance of the Bonds, certified copies of all proceedings and records of <br />the City relating to the Bonds and to the financial condition and affairs of the City, and <br />such other affidavits, certificates and information as are required to show the facts <br />relating to the legality and marketability of the Bonds as the same appear from the books <br />and records under their custody and control or as otherwise known to them, and all such <br />certified copies, certificates and affidavits, including any heretofore furnished, shall be <br />deemed representations of the City as to the facts recited therein. <br />24. Negative Covenant as to Use of Proceeds and Improvements. The City <br />hereby covenants not to use the proceeds of the Bonds or to use the Improvements, or to <br />cause or permit them to be used, or to enter into any deferred payment arrangements for <br />the cost of the Improvements, in such a manner as to cause the Bonds to be "private <br />activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. <br />25. Tax - Exempt Status of the Bonds; Rebate. The City shall comply with <br />requirements necessary under the Code to establish and maintain the exclusion from <br />gross income under Section 103 of the Code of the interest on the Bonds, including <br />without limitation (i) requirements relating to temporary periods for investments, (ii) <br />limitations on amounts invested at a yield greater than the yield on the Bonds, and (iii) <br />the rebate of excess investment earnings to the United States if the Bonds (together with <br />other obligations reasonably expected to be issued and outstanding at one time in this <br />calendar year) exceed the small issuer exception amount of $5,000,000. <br />For purposes of qualifying for the small issuer exception to the federal arbitrage <br />rebate requirements for governmental units issuing $5,000,000 or less of bonds, the City <br />- 2 3 - <br />