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• Section 3 . Series 1990A Equipment Certificate Sinking <br /> Fund. The Obligations to be issued shall be payable from a <br /> separate Series 1990A Equipment Certificate Sinking Fund (the <br /> Sinking Fund) of the Issuer, which Sinking Fund the Issuer <br /> agrees to maintain until the Obligations have been paid in <br /> full . If the money in the Sinking Fund should at any time be <br /> insufficient to pay principal and interest due on the <br /> Obligations, such amounts shall be paid from moneys on hand in <br /> other funds of the Issuer, which other funds shall be <br /> reimbursed therefor when sufficient money becomes available in <br /> the Sinking Fund. Into the Sinking Fund shall be paid all <br /> proceeds received from the purchaser of the Obligations in <br /> excess of $312, 637, all taxes collected pursuant to Section 4 <br /> hereof, any excess Obligation proceeds remaining after <br /> acquisition of the equipment is complete and any other funds <br /> appropriated by the Council to the payment of the Obligations . <br /> Section 4 . Pledge of Taxing Powers . For the prompt <br /> and full payment of the principal of and interest on the <br /> Obligations as the payments respectively become due, the full <br /> faith, credit and unlimited taxing powers of the Issuer shall <br /> be and are hereby irrevocably pledged. In order to produce <br /> aggregate amounts not less than 5% in excess of the amount <br /> needed to meet when due the principal and interest payments on <br /> the Obligations, ad valorem taxes are hereby levied on all <br /> taxable property in the Issuer . The taxes are to be levied and <br /> • collected in the following years and amounts : <br /> Levy Collection <br /> Year Year Amount <br /> 1990 1991 <br /> 1991 1992 <br /> 1992 1993 <br /> 1993 1994 <br /> The taxes shall be irrepealable as long as any of the <br /> Obligations are outstanding and unpaid, provided that the <br /> Issuer reserves the right and power to reduce the tax levies in <br /> accordance with the provisions of Minnesota Statutes, <br /> Section 475. 61. <br /> Section 5. Defeasance. When all of the Obligations <br /> have been discharged as provided in this section, all pledges, <br /> covenants and other rights granted by this resolution to the <br /> holders of the Obligations shall cease. The Issuer may <br /> discharge its obligations with respect to any Obligations which <br /> are due on any date by depositing with the Registrar on or <br /> before that date a sum sufficient for the payment thereof in <br /> full; or, if any Obligation should not be paid when due, it may <br /> nevertheless be discharged by depositing with the Registrar a <br /> • <br /> -11- <br />