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City shall pay the principal and interest out of any fund of the City, and such other fund or funds <br /> • shall be reimbursed therefor when sufficient money is available to the Bond Fund. If on <br /> February 1 in any year the sum of the balance in the Bond Fund plus the amount of taxes and <br /> special assessments theretofore levied for the Improvements and collectible through the end of <br /> the following calendar year is not sufficient to pay when due all principal and interest become <br /> due on all Bonds payable therefrom in said following calendar year, or the Bond Fund has <br /> incurred a deficiency in the manner provided in this Section 4.05, a direct, irrepealable, ad <br /> valorem tax shall be levied on all taxable property within the corporate limits of the City for the <br /> purpose of restoring such accumulated or anticipated deficiency in accordance with the <br /> provisions of this resolution. <br /> 4.05. Additional Bonds. The City reserves the right to issue additional bonds <br /> payable from the Bond Fund and tax increments to be derived from the Districts may be used to <br /> finance costs of other projects to be undertaken or to refund bonds previously issued for such <br /> purpose. <br /> Section 5. Defeasance. When all of the Bonds have been discharged as provided <br /> in this section, all pledges, covenants and other rights granted by this resolution to the holders of <br /> the Bonds shall cease. The City may discharge its obligations with respect to any Bonds which <br /> are due on any date by depositing with the paying agent on or before that date a sum sufficient <br /> for the payment thereof in full; or, if any Bond should not be paid when due, it may nevertheless <br /> be discharged by depositing with the paying agent a sum sufficient for the payment thereof in <br /> full with interest accrued to the date of such deposit. The City may also discharge its obligations <br /> • with respect to any prepayable Bond called for redemption on any date when it is prepayable <br /> according to their terms, by depositing with the Registrar on or before that date a sum sufficient <br /> for the payment thereof in full; provided that notice of the redemption thereof has been duly <br /> given as provided in Section 3.05. 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 <br /> regulating such action, by depositing irrevocably in escrow, with a bank qualified by law as an <br /> escrow agent for this purpose, cash or securities which are general obligations of the United <br /> States or securities of United States agencies which are authorized by law to be so deposited, <br /> bearing interest payable at such time and at such rates and maturing on such dates as shall be <br /> required, without reinvestment, to pay all principal and interest to become due thereon to <br /> maturity or, if notice of redemption as herein required has been duly provided for, to such earlier <br /> redemption date. <br /> Section 6. Registration, Certification of Proceedings, Investment of Moneys and <br /> Official Statement. <br /> 6.01. Registration. The City Manager is hereby authorized and directed to file a <br /> certified copy of this resolution with the County Auditors of Hennepin and Ramsey Counties, <br /> together with such other information as he shall require, and to obtain from each County Auditor <br /> a certificate that the Bonds have been entered on upon the Auditor's 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, certified copies of all <br /> 11 <br />