Laserfiche WebLink
event that it is anticipated that the aggregate of said sums will not be sufficient to pay the <br />principal and interest on the Bonds to become due in the first calendar year thereafter and the <br />first six (6) months of the succeeding calendar year, the City Council shall pass a resolution <br />requesting the County Auditor of Washington County to levy an ad valorem tax in an amount as <br />is necessary, together with the aforementioned funds then held in the Debt Service Account and <br />said estimated collections of Tax Increments, to pay the principal and interest on the Bonds to <br />become due during said period. <br />20. Defeasance. When all Bonds have been discharged as provided in this <br />paragraph, all pledges, covenants and other rights granted by this resolution to the registered <br />holders of the Bonds shall, to the extent permitted by law, cease. The City may discharge its <br />obligations with respect to any Bonds which are due on any date by irrevocably depositing with <br />the Bond Registrar on or before that date a sum sufficient for the payment thereof in full; or if <br />any Bond should not be paid when due, it may nevertheless be discharged by depositing with the <br />Bond Registrar a sum sufficient for the payment thereof in full with interest accrued to the date <br />of such deposit. The City may also discharge its obligations with respect to any prepayable <br />Bonds called for redemption on any date when they are prepayable according to their terms, by <br />depositing with the Bond Registrar on or before that date a sum sufficient for the payment <br />thereof in full, provided that notice of redemption thereof has been duly given. 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 suitable banking institution qualified by law as an escrow agent for this purpose, cash or <br />securities described in Minnesota Statutes, Section 475.67, Subdivision 8, bearing interest <br />payable at such times and at such rates and maturing on such dates as shall be required, without <br />regard to sale and/or reinvestment, to pay all amounts to become due thereon to maturity or, if <br />notice of redemption as herein required has been duly provided for, to such earlier redemption <br />date. <br />21. Continuing_ Disclosure. The City is the sole obligated person with respect <br />to the Bonds. The City hereby agrees, in accordance with the provisions of Rule 15c2-12 (the <br />"Rule"), promulgated by the Securities and Exchange Commission (the "Commission") pursuant <br />to the Securities Exchange Act of 1934, as amended, and a Continuing Disclosure Undertaking <br />(the "Undertaking") hereinafter described to: <br />(a) Provide or cause to be provided to each nationally recognized municipal securities <br />information repository ("NRMSIR") and to the appropriate state information depository ("SID"), <br />if any, for the State of Minnesota, in each case as designated by the Commission in accordance <br />with the Rule, certain annual financial information and operating data in accordance with the <br />Undertaking. The City reserves the right to modify from time to time the terms of the <br />Undertaking as provided therein. <br />1221968.1 20 <br />