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• <br /> Levy Collection Levy Collection <br /> Year Year Amount Year Year Amount <br /> 1986 1987 -0- 1992 1993 -0- <br /> 1987 1988 -0- 1993 1994 -0- <br /> 1988 1989 -0- 1994 1995 -0- <br /> 1989 1990 -0- 1995 1996 -0- <br /> 1990 1991 -0- 1996 1997 -0- <br /> 1991 1992 -0- <br /> Said tax shall be irrepealable as long as any of the Bonds are <br /> outstanding and unpaid; provided that the City reserves the <br /> right and power to reduce the levies in the manner and to the <br /> extent permitted by Minnesota Statutes , Section 475 . 61 . <br /> 4 . 07 . Execution of Documents . The Mayor and City <br /> Manager are hereby authorized to execute and deliver on behalf <br /> of the City such documents as may be appropriate to evidence <br /> the pledge and appropriation of the Tax Increments by the HRA <br /> to the City to pay the Bonds . <br /> Section 5 . Defeasance. When any Bond has been <br /> discharged as provided in this section, all pledges , covenants <br /> and other rights granted by this resolution to the holders of <br /> such Bonds shall cease, and such Bonds shall no longer be <br /> deemed to be outstanding under this Resolution. The City may <br /> discharge its obligations with respect to any Bond thereto <br /> which are due on any date by depositing with the paying agent <br /> on or before that date a sum sufficient for the payment thereof <br /> in full ; or , if any Bond should not be paid when due, it may <br /> nevertheless be discharged by depositing with the paying agent <br /> a sum sufficient for the payment thereof in full with interest <br /> accrued to the date of such deposit . The City may also <br /> discharge its obligations with respect to any prepayable Bond <br /> according to its terms , by depositing with the paying agent on <br /> or before that date an amount equal to the principal , interest <br /> and redemption premium, if any, which are _then due, provided <br /> that notice of such redemption has been duly given as provided <br /> herein. The City may also at any time discharge its <br /> obligations with respect to any Bonds , subject to the <br /> provisions of law now or hereafter authorizing and regulating <br /> such action, by depositing irrevocably in escrow, with a bank <br /> qualified by law as an escrow agent for this purpose, . cash or <br /> securities which are authorized by law to be so deposited, <br /> bearing interest payable at such times and at such rates and <br /> maturing on such dates as shall be required to pay all <br /> principal , interest and redemption premiums to become due <br /> thereon to maturity or said redemption date. <br /> -18- <br />