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a suitable institution qualified by law as an escrow agent for this purpose, cash or securities which are backed by the full faith and credit of the United States of America, or any other security authorized under Minnesota law for such purpose, bearing interest payable at such times and at such rates and maturing on such dates and in such amounts as shall be required and sufficient, subject to sale and/or reinvestment in like securities, to pay said obligation(s), which may include any interest payment on such Bond and/or principal amount due thereon at a stated maturity (or if irrevocable provision shall have been made for permitted prior redemption of such principal amount, at such earlier redemption date). If any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. Section 11. Termination of Special Benefits Lew. The levy pledged to the payment of the Series 2018A Bonds and authorized under Minnesota Statutes, Section 469.033, subd. 6 and the EDA's Resolution No. 2018-001 for collection in each year in which principal of or interest on the Series 2018A Bonds was due and payable, in an amoral amount not to exceed the lesser of (i) the maximum annual amount of principal and interest due on the Series 2018A Bonds or (ii) the statutory maximum, pursuant to its taxing power under Minnesota Statutes, Section 469.033, subdivision 6 is hereby determined to be unnecessary and is hereby terminated and discontinued for taxes payable in 2021 and thereafter. Section 12. Effective Date. This resolution shall be in full force and effect from and after its passage. The motion for the adoption of the foregoing resolution was duly seconded by member C, (=3i n_o_ and, after full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof. - Approved this 3d day of November, 202 1, by the City Council of the City of Lake Elmo, Minnesota. CITY OF LAKE ELMO, MINN OTA Mayor ATTEST: ler LA515-85-748617.v2 18