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are prepayable according to their terms, by depositing with the Registrar on or before that date an <br /> amount equal to the principal, interest and redemption premium, if any, which are then due, <br /> provided that notice of such redemption has been duly given as provided herein. The City may <br /> also at any time discharge its obligations with respect to any Bonds, subject to the provisions of <br /> law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, <br /> with a 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 time and at such rates and <br /> maturing or callable at the holder's option on such dates as shall be required to pay all principal, <br /> interest and redemption premiums to become due thereon to maturity or said redemption date. <br /> Section 7. County Auditor Registration, Certification of Proceedings, Investment of <br /> Money, Arbitrage and Official Statement. <br /> 7.01. 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 5.07 hereof have been levied as required by law. <br /> 7.02. 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 /> furnished, shall be deemed representations of the City as to the facts recited therein. <br /> 7.03. Covenant. The City covenants and agrees with the registered owners 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 payable on the Bonds to become subject to taxation under <br /> the Internal Revenue Code of 1986, as amended (the "Code") and Regulations promulgated <br /> thereunder(the "Regulations") as are enacted or promulgated and in effect on the date of <br /> issuance of the Bonds, and covenants to take any and all actions within its powers to ensure that <br /> the interest on the Bonds will not become includable in gross income of the recipient under the <br /> Code and the Regulations. The facilities financed by the Bonds shall at all times during the term <br /> of the Bonds be owned and maintained by the City and the City shall not enter into any lease, use <br /> agreement, management agreement, capacity agreement or other agreement or contract with any <br /> nongovernmental person relating to the use of the facilities financed by the Bonds, or security for <br /> the payment of the Bonds which might cause the Bonds to be considered "private activity bonds" <br /> or"private loan bonds" pursuant to Section 141 of the Code. <br /> 7.04. Arbitrage Rebate. It is hereby determined that the Bonds qualify for the "small <br /> issuer" exemption from arbitrage rebate set forth in Section 148(f)(4)(D) of the Code, as <br /> modified by Section 148(f)(4)(D)(v) of the Code since: <br /> -13- <br />