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• corporate limits of the City for the purpose of restoring such accumulated or anticipated deficiency in an <br /> amount at least 5% in excess of amount needed to make good the 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 /> Money, 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 /> copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of <br /> the City as to the facts recited therein. <br /> 6.03. Covenant. The City covenants and agrees with the holders from time to time of <br /> the Bonds that it will not take or permit to be taken by any of its officers, employees or agents any <br /> action which would cause the interest on the Bonds to become subject to taxation under the Internal <br /> Revenue Code of 1986, as amended (the "Code"), and Regulations promulgated thereunder(the <br /> Regulations), as such are enacted or promulgated and in effect on the date of issue of the Bonds, and <br /> • -16- <br />