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ever insufficient to pay all principal and interest then due on <br />the Bonds payable therefrom, the deficiency shall be promptly <br />paid out of any other accounts of the City which are available <br />-for such ­.purpose, and such other funds may be reimbursed without <br />interest -:from the Escrow Account or Debt Service Account when a <br />sufficient balance is available therein. <br />.:*....:..._22. Securities; Escrow Agent. Securities purchased <br />..from moneys in the Escrow Account shall be limited to securities <br />....setforth in Minnesota Statutes, Section 475.67, Subdivision 8, <br />.._and- any- amendments or supplements thereto. Securities purchased_-_ <br />==-:from=:the=-Escrow-Account shall be purchased simultaneously with <br />the.de-livery of the Bonds. The City Council has investigated the <br />- fact�and•hereby finds and determines that the Escrow Agent is a <br />suitable financial institution to act as escrow agent and Is <br />qual€`3.ed within the meaning of -the provisions of -Minnesota <br />Statutes, Section 475.67, Subdivision S. <br />_ 23. Redemption of Prior Bonds. The Prior 198S. -Bonds <br />which matare in 1999 and thereafter shall -be redeemed and prepaid <br />on September 1, 1998, in accordance with the terms and conditions <br />.set forth in the Notice of Call for Redemption attached hereto as <br />--Exhibit"A,-and the Prior 1991 Bonds which mature in 1999 and <br />thereafter shall be redeemed and prepaid on August 1, 1998, in <br />accordance with the terms and conditions set forth in the Notice <br />of Cali for Redemption attached hereto as Exhibit B, which terms <br />-and-conditions are hereby approved and incorporated herein by <br />reference. Said.Notices of Call for Redemption shall be given <br />pursuant to the Escrow Agreement. <br />24. Escrow Agreement. On or.prior to the delivery of <br />the Bonds the Mayor and Clerk -Treasurer shall, and are hereby <br />authorized and directed to, execute on behalf of the City an <br />Escrow --Agreement. The Escrow Agreement is hereby approved and <br />adopted and made a part of this resolution, and the City <br />covenants that it will promptly enforce all provisions thereof in <br />the event of default thereunder by the Escrow Agent. <br />25. Purchase of SLGS or Open Market Securities. <br />Ehlers, as agent for the Council, is hereby authorized and <br />directed to purchase on behalf of the Council and in its name the <br />appropriate United States Treasury Securities, State and Local <br />Government Series and/or open market securities as provided in <br />paragraph 22 above, from the proceeds of the Bonds and, to the <br />extent necessary, other available funds, all in and, to the <br />extent necessary, other available funds, all in accordance with <br />the provisions of this resolution and the Escrow Agreement and to <br />execute all such documents (including the appropriate <br />subscription form) required to effect such purchase in accordance <br />with the applicable U.S. Treasury Regulations. <br />913727.01 22 <br />