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Account or Debt Service Account is ever insufficient to pay all principal and interest then due on <br />the Bonds payable therefrom, the deficiency shall be promptly paid out of any other accounts of <br />the City which are available for such purpose, and such other funds may be reimbursed without <br />interest from the Escrow Account or Debt Service Account when a sufficient balance is available <br />therein, <br />18, Securities; Escrow Agent. Securities, if any, purchased from moneys in the <br />Escrow Account shall be limited to securities set forth in Minnesota Statutes, Section 475.67, <br />Subdivision 8, and any amendments or supplements thereto. The City Council has investigated <br />the facts and hereby finds and determines that the Escrow Agent is a suitable financial institution <br />to act as escrow agent. <br />19. Escrow Agreement. On or prior to the delivery of the Bonds the Mayor and <br />Administrator shall, and are hereby authorized and directed to, execute on behalf of the City an <br />Escrow Agreement. The Escrow Agreement is hereby approved and adopted and made a part of <br />this resolution, and the City covenants that it will promptly enforce all provisions thereof in the <br />event of default thereunder by the Escrow Agent, <br />20. Redemption of Prior Bonds, The outstanding General Obligation Bonds, Series <br />2008A shall be redeemed and prepaid in accordance with the terms and conditions set forth in <br />the Notice of Call for Redemption, in the forms attached to the Escrow Agreement, which terms <br />and conditions are hereby approved and incorporated herein by reference. The Notice of Call for <br />Redemption shall be given pursuant to the Escrow Agreement. <br />21. Prior Bonds; Security. Until retirement of the Prior Bonds, all provisions <br />theretofore made for the security thereof shall be observed by the City and all of its officers and <br />agents. <br />22. Supplemental Resolution. The Prior Resolution are hereby supplemented to the <br />extent necessary to give effect to the provisions of this resolution. <br />23, Defeasance. When all Bonds have been discharged as provided in this paragraph, <br />all pledges, covenants and other rights granted by this resolution to the registered holders of the <br />Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with <br />respect to any Bonds which are due on any date by irrevocably depositing with the Bond <br />Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond <br />should not be paid when due, it may nevertheless be discharged by depositing with the Bond <br />Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such <br />deposit. The City may also at any time discharge its obligations with respect to any Bonds, <br />subject to the provisions of law now or hereafter authorizing and regulating such action, by <br />depositing irrevocably in escrow, with a suitable banking institution qualified by law as an <br />escrow agent for this purpose, cash or securities described in Minnesota Statutes, Section 475.67, <br />Subdivision 8, bearing interest payable at such times and at such rates and maturing on such <br />dates as shall be required, without regard to sale and/or reinvestment, to pay all amounts to <br />become due thereon to maturity or, if notice of redemption as herein required has been duly <br />provided for, to such earlier redemption date. <br />17 <br />7098455v1 <br />