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7 <br /> • Sinking Fund, the City Finance Director-shall transfer to the Debt Service Account amounts on <br /> hand in the Surplus Account to the extent necessary to cure such deficiency. <br /> 4.03. Full Faith and Credit Pledged. The full faith and credit and taxing power of <br /> the City shall be and are hereby irrevocably pledged for the prompt and full payment of the : <br /> principal of and interest on the Bonds. It is estimated that the Tax Abatement Revenue and other <br /> funds herein pledged for the payment of the Bonds will be received by the City in amounts not <br /> less than five percent in excess of the amounts needed to meet when due the principal of and <br /> interest on the Bonds as required by Minnesota Statutes, Section 475.61. Consequently, no ad <br /> valorem taxes are now levied to pay the Bonds or the interest to come due thereon, pursuant to <br /> Minnesota Statutes, Section 469.178, subdivision 2. <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. <br /> The City may discharge its obligations with respect to any Bond which is due on any date by <br /> irrevocably depositing with the Registrar on or before that date a sum sufficient for the payment <br /> thereof in full; or, if any Bond should not be paid when due, the City may nevertheless discharge <br /> its obligations with respect thereto by depositing with the Registrar a sum sufficient for the <br /> payment thereof in full with interest accrued to the date of such deposit. The City may also at <br /> any time discharge its obligations with respect to any Bonds, subject to the provisions of law now <br /> or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a. <br /> bank qualified by law as an escrow agent for this purpose, cash or securities which are authorized <br /> by law to be so deposited, bearing interest payable at such times and at such rates and maturing <br /> on such dates as shall be required, without reinvestment, to pay all principal and interest to <br /> become due thereon to maturity or, if notice of redemption as herein required has been duly <br /> provided for, to such earlier redemption date. <br /> Section 6. County Auditor Registration, Certification of Proceedings, Investment <br /> of Money Arbitrage, Official Statement and Fees. <br /> 6.01. County Auditor Registration. The City Clerk is hereby authorized and <br /> directed to file a certified copy of this Resolution with the County Auditors of Hennepin and <br /> Ramsey Counties, together with such other information as the County Auditor shall require, and <br /> to obtain from said County Auditors a certificate that the Bonds have been entered on his bond <br /> register as required by law. <br /> 6.02. Certification of Proceedings. The officers of the City and the County <br /> Auditors of Hennepin and Ramsey Counties are hereby authorized and directed to prepare and <br /> furnish to the Purchaser and to Dorsey&Whitney LLP, Bond Counsel to the City, certified <br /> copies of all proceedings and records of the City, and such other affidavits, certificates and <br /> information as may be required to show the facts relating to the legality and marketability of the <br /> • -14- _ <br />