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thereof in full; or, if any Bond should not be paid when due, the City may nevertheless discharge <br />its obligations with respect thereto by depositing with the Registrar a sum sufficient for the <br />payment thereof in full with interest accrued to the date of such deposit. The City may also <br />discharge its obligations with respect to any prepayable Bond called for redemption on any date <br />when it is prepayable according to their terms, by depositing with the Registrar on or before that <br />date a sum sufficient for the payment thereof in full, provided that notice of the redemption <br />thereof has been duly given as provided in Section 3.05. The City may also at any time <br />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 a <br />bank or trust company qualified by law as an escrow agent for this purpose, cash or securities <br />which are authorized by law to be so deposited, bearing interest payable at such times and at <br />such rates and maturing on such dates as shall be required, without reinvestment, to pay all <br />principal and interest to become due thereon to maturity or, if notice of redemption as herein <br />required has been duly provided for, to such earlier 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 4.05 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 holders from time to time 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 on the Bonds to become subject to taxation under the <br />Internal Revenue Code of 1986, as amended (the "Code "), and Regulations promulgated <br />thereunder (the "Regulations "), as such are enacted or promulgated and in effect on the date of <br />issue of the Bonds, and covenants to take any and all actions within its powers to ensure that the <br />interest on the Bonds will not become subject to taxation under such Code and Regulations. The <br />Improvements are public improvements available for use by members of the general public on a <br />substantially equal basis. The City will not enter into any lease, use agreement or other contract <br />respecting the Improvements which would cause the Bonds to be considered "private activity <br />bonds" or "private loan bonds" pursuant to Section 141 of the Code. <br />10 <br />4852- 7706 -1987\2 <br />