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<br />Bonds payable therefrom, the payment shall be made from any fund of the City which is <br />available for that purpose, subject to reimbursement from the Bond Fund when the balance <br />therein is sufficient, and the City Council covenants and agrees that it will each year levy a <br />sufficient amount of ad valorem taxes to take care of any accumulated or anticipated deficiency, <br />which levy is not subject to any constitutional of statutory limitation. <br /> <br />SECTION 6. DEBT SERVICE FUND BALANCE RESTRICTION. In order to ensure <br />compliance with the Code, and applicable Treasury Regulations (the Regulations), upon <br />allocation of any funds to the Bond Fund, the balance then on hand in the Fund shall be <br />ascertained. If it exceeds the amount of principal and interest on the Bonds to become due and <br />payable through February 1 next following, plus a reasonable carryover equal to 1/12th of the <br />debt service due in the following bond year, the excess shall (unless an opinion is otherwise <br />received from bond counsel) be used to prepay or purchase Bonds, or invested at a yield which <br />does not exceed the yield on the Bonds calculated in accordance with Section 148 of the Code. <br /> <br />SECTION 7. DEFEASANCE. When all of the Bonds have been discharged as provided in this <br />section, all pledges, covenants and other rights granted by this resolution to the registered owners <br />of the Bonds shall cease. The City may discharge its obligations with respect to any Bonds <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, if any Bond should not be paid when due, it may nevertheless <br />be discharged by depositing with the Registrar a sum sufficient for the payment thereof in full <br />with interest accrued from the due date to the date of such deposit. The City may also discharge <br />its obligations with respect to any prepayable Bonds called for redemption on any date when <br />they are prepayable according to their terms, by depositing with the Registrar on or before that <br />date an amount equal to the principal, interest and redemption premium, if any, which are then <br />due, provided that notice of such redemption has been duly given as provided herein. The City <br />may also at any time discharge its obligations with respect to any Bonds, subject to the <br />provisions of law now or hereafter authorizing and regulating such action, by depositing <br />irrevocably in escrow, with a bank or trust company qualified by law as an escrow agent for this <br />purpose, cash or securities which are authorized by law to be so deposited, bearing interest <br />payable at such time and at such rates and maturing or callable at the holder's option on such <br />dates as shall be required to pay all principal and interest to become due thereon to maturity or <br />earlier designated redemption date. <br /> <br />SECTION 8. CERTIFICATION OF PROCEEDINGS. <br /> <br />8.01. Registration of Bonds. The City Manager is hereby authorized and directed to file <br />a certified copy of this resolution with the County Auditors of Hennepin County and Ramsey <br />County and obtain certificates that the Bonds have been duly entered upon the Auditors’ bond <br />registers. <br /> <br />8.02. Authentication of Transcript. The officers of the City and the County Auditors are <br />hereby authorized and directed to prepare and furnish to the Purchaser and to Dorsey & Whitney <br />LLP, Bond Counsel, certified copies of all proceedings and records relating to the Bonds and <br />such other affidavits, certificates and information as may be required to show the facts relating to <br />the legality and marketability of the Bonds, as the same appear from the books and records in <br />their custody and control or as otherwise known to them, and all such certified copies, affidavits