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• 4.03. Full Faith and Credit Pledged. In addition to all the provisions for the <br /> security of the Bonds contained in Minnesota Statutes, Section 429.091, subdivision 5, pursuant <br /> to Minnesota Statutes, Section 429.091, subdivision 7, the full faith and credit of the City are <br /> irrevocably pledged for the prompt and full payment of the principal of and the interest on the <br /> Bonds, and the Bonds shall be payable from the Bond Fund in accordance with the provisions <br /> and covenants contained in this resolution. If the money on hand in the Bond Fund should at any <br /> time be insufficient for the payment of principal and interest then due, this City shall pay the <br /> principal and interest out of any fund of the City, and such other fund or funds shall be <br /> reimbursed therefor when sufficient money is available to the Bond Fund. <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 <br /> discharge its obligations with respect to any prepayable Bond called for redemption on any date <br /> when it is prepayable according to their terms,by depositing with the Registrar on or before that <br /> date a sum sufficient for the payment thereof in full; provided that notice of the redemption <br /> thereof has been duly given as provided in Section 3.05. The City may also at any time <br /> ® discharge its obligations with respect to any Bonds, subject to the provisions of law now or <br /> 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 <br /> authorized by law to be so deposited,bearing interest payable at such times and at such rates and <br /> maturing on such dates as shall be required, without reinvestment, to pay all principal and <br /> interest to become due thereon to maturity or, if notice of redemption as herein required has been <br /> duly provided for, to such earlier redemption date. <br /> Section 6. County Auditor Registration, Certification of Proceedings Investment <br /> of Money, Arbitrage and Official Statement. <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 Auditors shall require, and <br /> to obtain from each County Auditor a certificate that the Bonds have been entered on his bond <br /> register and the taxes described in Section 4.05 hereof have been levied 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 /> Bonds as the same appear from the books and records under their custody and control or as <br /> -12- <br />