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depositing irrevocably in escrow, with a bank qualified by law as an escrow agent for <br /> • this purpose, cash or securities which are authorized by law to be so deposited, <br /> bearing interest payable at such times and at such rates and maturing on such dates <br /> as shall be required, without reinvestment, to pay all principal and interest to <br /> become due thereon to maturity or, if notice of redemption as herein required has <br /> been duly provided for, to such earlier redemption date. <br /> Section 6. County Auditor Registration, Certification of Proceedings <br /> Investment of Money, Arbitrage, Official Statement and Fees. <br /> 6.01. County Auditor Registration. The City Clerk is hereby authorized <br /> and directed to file a certified copy of this Resolution with the County Auditors of <br /> Hennepin and Ramsey Counties, together with such other information as the <br /> County Auditors shall require, and to obtain from said County Auditors a certificate <br /> that the Bonds have been entered on his bond register and the taxes described in <br /> Section 4.05 hereof have been levied as required by law. <br /> 6.02. Certification of Proceedings. The officers of the City and the <br /> County Auditors of Hennepin and Ramsey Counties are hereby authorized and <br /> directed to prepare and furnish to the Purchaser and to Dorsey & Whitney, Bond <br /> Counsel to the City, certified copies of all proceedings and records of the City, and <br /> such other affidavits, certificates and information as may be required to show the <br /> facts relating to the legality and marketability of the Bonds as the same appear from <br /> the books and records under their custody and control or as otherwise known to <br /> 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 <br /> recited therein. <br /> 6.03. Covenant. The City covenants and agrees with the holders from <br /> time to time of the Bonds that it will not take or permit to be taken by any of its <br /> officers, employees or agents any action which would cause the interest on the <br /> Bonds to become subject to taxation under the Internal Revenue Code of 1986, as <br /> amended (the Code), and Regulations promulgated thereunder (the Regulations), as <br /> such are enacted or promulgated and in effect on the date of issue of the Bonds, and <br /> covenants to take any and all actions within its powers to ensure that the interest on <br /> the Bonds will not become subject to taxation under such Code and Regulations. <br /> The Improvements are public improvements available for use by members of the <br /> general public on a substantially equal basis. The City will not enter into any lease, <br /> use agreement or other contract respecting the Improvements which would cause <br /> the Bonds to be considered "private activity bonds" or "private loan bonds" <br /> pursuant to Section 141 of the Code. <br /> -15- <br />