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4.03. Pledge of Taxing;Powers. For the prompt and full payment of the principal of <br /> • and interest on the Bonds as such payments respectively become due,the full faith, credit and unlimited <br /> taxing powers of the City shall be and are hereby irrevocably pledged. However, it is estimated that <br /> the state-aid street allotments appropriated for the payment of such principal and interest in Section <br /> 4.02 hereof will be not less than 5% in excess_of such principal and interest when due,and accordingly <br /> no tax is levied at this time. However, if an actual or anticipated deficiency should arise in the receipt of <br /> such allotments, the City shall levy an ad valorem tax upon all taxable property in the City in <br /> accordance with Minnesota Statutes, Section 475.61, in an amount sufficient to eliminate the actual or <br /> anticipated deficiency. <br /> Section 5. Defeasance. When any Bond has been discharged as provided in this <br /> Section 5, all pledges, covenants and other rights granted by this resolution to the holders of such <br /> Bonds shall cease, and such Bonds shall no longer be deemed outstanding under this Resolution. The <br /> City may discharge its obligations with respect to any Bond which is due on any date by irrevocably <br /> depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full; or, if <br /> any Bond should not be paid when due, the City may nevertheless discharge its obligations with respect <br /> thereto by depositing with the Registrar a sum sufficient for the payment thereof in full with interest <br /> accrued to the date of such deposit. The City may also at any time discharge its obligations with <br /> respect to any Bonds, subject to the provisions of law now or hereafter authorizing and regulating such <br /> action, by depositing irrevocably in escrow, with a bank 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 payable at <br /> such times'and at such rates and maturing on such dates as shall be required, without reinvestment, to <br /> pay all principal and interest to become due thereon to maturity or, if notice of redemption as herein <br /> required has been duly provided for, to such earlier redemption date. <br /> Section 6. County Auditor Registration, Certification of Proceedings, Investment of <br /> Monte, Arbitrage, Official Statement and Fees. <br /> 6.01. County Auditor Registration. The City Clerk is hereby authorized and directed <br /> to file a certified copy of this Resolution with the County Auditors of Hennepin and Ramsey Counties, <br /> together with such other information as the County Auditor shall require, and to obtain from said <br /> County Auditors a certificate that the Bonds have been entered on his bond register as required by law. <br /> 6:02. Certification of Proceedings. The officers of the City and the County Auditors of <br /> Hennepin and Ramsey Counties are hereby authorized and directed to prepare and furnish to the <br /> Purchaser and to Dorsey & Whitney LLP,Bond Counsel to the City, certified copies of all proceedings <br /> and records of the City, and such other affidavits, certificates and information as may be required to <br /> show the facts relating to the legality and marketability of the Bonds as the same appear from the books <br /> and records under their custody and control or as otherwise known to them, and all such certified <br /> • -16- <br />