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necessary and appropriate, including seeking mandate or specific performance by court order, to <br />cause the City to comply with its obligations under this section. <br />8.02. Execution of Continuing_ Disclosure Certificate. "Continuing Disclosure Certificate" <br />means that certain Continuing Disclosure Certificate executed by the Mayor and City Clerk and <br />dated the date of issuance and delivery of the Bonds, as originally executed and as it may be <br />amended from time to time in accordance with the terms thereof. <br />Section 9. Defeasance. When all Bonds (or all of any of the Assessable Improvement <br />Bonds or Water Improvement Bonds portion thereof) and all accrued interest thereon have been <br />discharged as provided in this section, all pledges, covenants and other rights granted by this <br />resolution (with respect to the Assessable Improvement Bonds or Water Improvement Bonds <br />portion of the Bonds, as the case may be) to holders of the Bonds will cease, except that the pledge <br />of the frill faith and credit of the City for the prompt and full payment of the principal of and <br />interest on the Bonds will remain in full force and effect. The City may discharge all Bonds (or <br />all of any of the Assessable Improvement Bonds or Water Improvement Bonds portion thereof) <br />which are due on any date by depositing with the Registrar on or before that date a sum sufficient <br />for the payment thereof in full or by depositing irrevocably in escrow, with a suitable institution <br />qualified by law as an escrow agent for this purpose, cash or securities which are backed by the <br />full faith and credit of the United States of America, or any other security authorized under <br />Minnesota law for such purpose, bearing interest payable at such times and at such rates and <br />maturing on such dates and in such amounts as shall be required and sufficient, subject to sale <br />and/or reinvestment in like securities, to pay said obligation(s), which may include any interest <br />payment on such Bond and/or principal amount due thereon at a stated maturity (or if irrevocable <br />provision shall have been made for permitted prior redemption of such principal amount, at such <br />earlier redemption date). If any Bond should not be paid when due, it may nevertheless be <br />discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with <br />interest accrued to the date of such deposit. <br />Section 10. Effective Date. This resolution shall be in full force and effect from and <br />after its passage. <br />The motion for the adoption of the foregoing resolution was duly seconded by member <br />Holtz and, after full discussion thereof and upon a vote being taken thereon, the following voted <br />in favor thereof: Mayor Cadenhead; Councilmembers Beekstrom, Dragisich, Him and Holtz. <br />and the following voted against the same: None <br />LA515-142-950087.v2 <br />