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all such certified copies, certificates and affidavits, including <br /> any heretofore furnished, shall be deemed representations of the <br /> City as to the facts recited therein. <br /> 23 . Supplemental Resolution. The January 11, 1988, <br /> resolution of the Council authorizing the issuance of the Prior <br /> Bonds, Resolution No. 2284, is hereby supplemented to the extent <br /> necessary to give effect to the provisions of this Resolution. <br /> 24 . Defeasance. When any obligation of a Bond has been <br /> discharged as provided in this paragraph, all pledges, covenants <br /> and other rights granted by this Resolution to the registered owner <br /> of that Bond (with respect to the obligation thereof so defeased) <br /> shall, to the extent permitted by law, cease. The City may at any <br /> time discharge any or all of such obligation(s) with respect to any <br /> Bond, subject to the provisions of law now or hereafter authorizing <br /> or regulating such action, by depositing irrevocably in escrow, <br /> with a suitable institution qualified by law as an escrow agent for <br /> this purpose, cash or securities which are backed by the full faith <br /> and credit of the United States of America, bearing interest <br /> payable at such times and at such rates and maturing on such dates <br /> and in such amounts as shall be required and sufficient, subject to <br /> sale and/or reinvestment in like securities, to pay said <br /> obligation(s) , which may include any interest payment on such Bond <br /> and/or principal amount due thereon at a stated maturity (or if <br /> irrevocable provision shall have been made for permitted prior <br /> redemption of such principal amount, at such earlier redemption <br /> date) . <br /> 25. Severability. If any section, paragraph or provision of <br /> this Resolution shall be held to be invalid or unenforceable for <br /> any reason, the invalidity or unenforceability of such section, <br /> paragraph or provision shall not affect any of the remaining <br /> provisions of this Resolution. <br /> 26. Tax Increment Pledge Agreement. The Council hereby <br /> approves and authorizes the Mayor and Clerk-Administrator to <br /> execute that certain Tax Increment Pledge Agreement, dated as of <br /> May 1, 1994, respecting the Bonds, which Agreement is between the <br /> City and the Mounds View Economic Development Authority and has <br /> been presented for the Council ' s consideration, with such <br /> modifications, if any, as such officers shall approve, as evidenced <br /> by their execution and delivery thereof. <br /> 27 . Headings. Headings in this Resolution are included for <br /> convenience of reference only and are not a part hereof, and shall <br /> not limit or define the meaning of any provision hereof. <br /> 262142.1 17 <br />