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pay when due all principal and interest become due on all Bonds payable therefrom in said <br /> following calendar year, or the Bond Fund has incurred a deficiency in the manner provided in <br /> this Section 4.04, a direct, irrepealable, ad valorem tax shall be levied on all taxable property <br /> within the corporate limits of the City for the purpose of restoring such accumulated or <br /> anticipated deficiency in accordance with the provisions of this resolution. <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 Registrar on or before that date a sum sufficient for <br /> the payment thereof in full; or, if any Bond should not be paid when due, it may nevertheless be <br /> discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with <br /> interest accrued from the due date to the date of such deposit. The City may also discharge its <br /> obligations with respect to any prepayable Bonds called for redemption on any date when they <br /> 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 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 County, together with such other information as the County Auditor shall require, and to <br /> obtain from each County Auditor a certificate that the Bonds have been entered on his bond <br /> 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 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 /> otherwise known to them, and all such certified copies, certificates and affidavits, including any <br /> heretofore furnished, shall be deemed representations of the City as to the facts recited therein. <br /> 6.03. 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 /> -17- <br />