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forth in Section 4, will produce amounts not less than 5% in excess of the amounts needed to <br />meet when due the principal and interest payments on the Bonds, ad valorem taxes are hereby <br />levied on all taxable property in the City, the taxes to be levied and collected in the following <br />years and amounts: <br />Levy Years Collection Years Amount <br />See attached schedules <br />The taxes shall be irrepealable as long as any of the Bonds are outstanding and unpaid, <br />provided that the City reserves the right and power to reduce the tax levies from other legally <br />available funds, in accordance with the provisions of Minnesota Statutes, Section 475.61. <br />SECTION 7. DEFEASANCE. When all of the Bonds have been discharged as provided in this <br />Section, all pledges, covenants and other rights granted by this Resolution to the Holders of the <br />Bonds shall cease. The City may discharge its obligations with respect to any Bonds which are <br />due on any date by depositing with the Registrar on or before that date a sum sufficient for the <br />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, redemption premium, if any, and interest then due, provided that <br />notice of such redemption has been duly given as provided herein. The City may also at any <br />time discharge its obligations with respect to any Bonds, subject to the provisions of law now or <br />hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with the <br />Registrar or with a bank or trust company qualified by law to act as an escrow agent for this <br />purpose, cash or securities which are authorized by law to be so deposited for such purpose, <br />bearing interest payable at such times and at such rates and maturing or callable at the holder's <br />option on such dates as shall be required to pay all principal and interest to become due thereon <br />to maturity or, if notice of redemption as herein required has been irrevocably provided for, to an <br />earlier designated redemption date. If such deposit is made more than ninety days before the <br />maturity date or specified redemption date of the Bonds to be discharged, the City must have <br />received a written opinion of Bond Counsel to the effect that such deposit does not adversely <br />affect the exemption of interest on any Bonds from federal income taxation and a written report <br />of an accountant or investment banking firm verifying that the deposit is sufficient to pay when <br />due all of the principal and interest on the Bonds to be discharged on and before their maturity <br />dates or earlier designated redemption date. <br />SECTION 8. TAX COVENANTS: ARBITRAGE MATTERS AND CONTINUING <br />DISCLOSURE. <br />8.01. General Tax Covenant. The City agrees with the registered owners from time to <br />time of the Bonds that it will not take, or permit to be taken by any of its officers, employees or <br />agents, any action that would cause interest on the Bonds to become includable in gross income <br />of the recipient under the Internal Revenue Code of 1986, as amended (the "Code ") and <br />10 <br />