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Cofprincipal and interest thereon, together with the beginning <br /> P P <br /> cash balance in the Account, will be sufficient to pay the <br /> principal and interest when due on the Refunded Bonds. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council <br /> of the City of Mounds View, Minnesota, as follows : <br /> 1. Upon establishment of the Escrow Account, there <br /> is now on hand in the sinking fund for the Refunded Bonds adequate <br /> assets to pay all principal and interest on the Refunded <br /> Bonds to their maturity, and the taxes heretofore levied <br /> for payment of such principal and interest are no longer <br /> required. <br /> 2. The Finance Director is hereby directed to provide a <br /> copy of this resolution to the Ramsey County Auditor and to <br /> request that the County Auditor, pursuant to Section 475 . 61, <br /> subd. 3 , cancel all remaining tax levies, commencing with <br /> the year 1984 , for the Refunded Bonds. <br /> 3. Nothing herein shall impair the security <br /> originally provided to the holders of the Refunded Bonds , <br /> and the City recognizes and affirms its obligation to levy <br /> ad valorem taxes on all taxable property in the City to the <br /> extent necessary to meet any deficiency in the Escrow Account, <br /> if such deficiency cannot be met from other available funds. <br /> Adopted this 13th day of February, 1984 . <br /> 1044' <br /> Mayor ' <br /> Attest ���;A „And <br /> IMAdministrztor Clerk <br />