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revenues of the System on hand and estimated to be received on <br /> or before the first day of January next following and the <br /> proceeds of the ad valorem tax levy to be received on or before <br /> the first day of January next following , and shall determine <br /> the sufficiency of such total amount for the payment of <br /> principal of and interest on the Bonds coming due on or prior <br /> such first day of January. <br /> If such total amount is determined to be insufficient <br /> for such payment , this Council shall forthwith appropriate to <br /> the Bond Fund sufficient available moneys of the City to make <br /> good the insufficiency, and if available moneys of the City are <br /> not on hand in amounts sufficient for this purpose, this <br /> Council shall forthwith levy and certify to the Hennepin and <br /> Ramsey County Auditors for' collection . in the following year a <br /> tax at least five percent (5%) in excess of the amounts <br /> adequate to make good the insufficiency. The City Finance <br /> Director shall also at the same time estimate the amount which <br /> will be on hand in the Bond Fund after payment of principal and <br /> interest payable on the Bonds on or prior the first day of <br /> January next following, and the amount of net revenues of the <br /> System and the proceeds of the ad valorem tax levy to be <br /> received in the period of 12 months beginning on the first day <br /> of January next following and shall determine the sufficiency <br /> of such estimated amounts for the payment of the principal of <br /> and interest on the Bonds coming due during and immediately at <br /> the end of such 12-month period . If such amount is determined <br /> to be insufficient for such payment , this Council shall <br /> forthwith cause to be levied and certified to the Hennepin and <br /> Ramsey County Auditors for collection in the following year a <br /> tax at least five percent (5%) in excess of amounts adequate to <br /> make good the insufficiency. <br /> Section 5 . Defeasance . <br /> When all of the Bonds have been discharged as provided <br /> in this Section 5,- all pledges , covenants and other rights <br /> granted by this resolution to the holders of the Bonds shall <br /> cease . The City may discharge its obligations with respect to <br /> any Bonds which are due on any date by irrevocably depositing <br /> with the Registrar on or before that date a sum sufficient for <br /> the payment thereof in full ; or, if any Bond should not be paid <br /> when due, it may nevertheless be discharged by depositing with <br /> the Registrar a sum sufficient for the payment thereof in full <br /> with interest accrued to the date of such deposit . The City <br /> may also at any time discharge its obligations with respect to <br /> any Bonds , subject to the provisions of law now or hereafter <br /> authorizing and regulating such action, by depositing <br /> irrevocably in escrow, with a bank qualified by law as an <br /> escrow agent for this purpose, cash or securities which are <br /> general obligations of the United States or securities of <br /> -13- <br />