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accordance with the provisions of this resolution, to pay when due all principal and interest to <br /> become due on all Bonds payable therefrom in said following calendar year, or the Bond Fund <br /> has incurred a deficiency in the manner provided in this Section 4.04, 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 an amount at least 5% in <br /> excess of amount needed to make good the deficiency. <br /> Section 5. Defeasance. When all of the Bonds have been discharged as provided in <br /> 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 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 5.07 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 /> 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 /> -15- <br />