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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 of <br /> Money, Arbitrage and Official Statement. <br /> 6.01. County Auditor Registration. The City Clerk is hereby authorized and directed to <br /> file a certified copy of this Resolution with the County Auditors of Hennepin and Ramsey <br /> Counties, together with such other information as the County Auditors shall require, and to <br /> obtain from each County Auditor a certificate that the Bonds have been entered on his bond <br /> register and the taxes described in Section 4.04 hereof have been levied 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 <br /> proceedings and records of the City,and such other affidavits,certificates and information as <br /> may be required to show the facts relating to the legality and marketability of the Bonds as the <br /> same appear from the books and records under their custody and control or as otherwise known <br /> to them, and all such certified copies,certificates and affidavits, including any heretofore <br /> Ofurnished, shall be deemed representations of 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 the <br /> 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 <br /> Internal Revenue Code of 1986, as amended(the"Code"), and Regulations promulgated <br /> thereunder(the"Regulations"),as such are enacted or promulgated and in effect on the date of <br /> issue of the Bonds, and covenants to take any and all actions within its powers to ensure that the <br /> interest on the Bonds will not become subject to taxation under such Code and Regulations. The <br /> Projects are public improvements available for use by members of the general public on a <br /> substantially equal basis. The City will not enter into any lease, use agreement or other contract <br /> respecting the Projects which would cause the Bonds to be considered"private activity bonds"or <br /> "private loan bonds"pursuant to Section 141 of the Code. <br /> 6.04. Arbitrage Rebate. For purposes of complying with the requirements of Section <br /> 148(f)(4)(C)of the Code relating to the exemption of certain small governmental units from the <br /> rebate requirements of the Code,the City represents that: <br /> (i) the City is a governmental unit with general taxing powers; <br /> (ii) the Bonds are not"private activity bonds"as defined in Section 141 of the Code <br /> (Private Activity Bonds); <br /> O <br /> -14- <br />