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20. Defeasance. When all Bonds have been discharged <br />as provided in this paragraph, all pledges, covenants and other <br />rights granted by this resolution to the registered holders of <br />the Bonds shall, to the extent permitted by law, cease. The City <br />may discharge its obligations with respect to any Bonds which are <br />due on any date by irrevocably depositing with the Bond Registrar <br />on or before that date a sum sufficient for the payment thereof <br />in full; or if any Bond should not be paid when due, it may <br />nevertheless be discharged by depositing with the Bond Registrar <br />a sum sufficient for the payment thereof in full with interest <br />accrued to the date of such deposit. The City may also discharge <br />its obligations with respect to any prepayable Bonds called for <br />redemption on any date when they are prepayable according to <br />their terms, by depositing with the Bond Registrar on or before <br />that date a sum sufficient for the payment thereof in full, <br />provided that notice of redemption thereof has been duly given. <br />The City may also at any time discharge its obligations with <br />respect to any Bonds, subject to the provisions of law now or <br />hereafter authorizing and regulating such action, by depositing <br />irrevocably in escrow, with a suitable banking institution <br />qualified by law as an escrow agent for this purpose, cash or <br />securities described in Minnesota Statutes, Section 475.67, <br />Subdivision 8, bearing interest payable at such times and at such <br />rates and maturing on such dates as shall be required, without <br />regard to sale and/or reinvestment, to pay all amounts to become <br />due thereon to maturity or, if notice of redemption as herein <br />required has been duly provided for, to such earlier redemption <br />date. <br />21. General Obliqation Pledge. For the prompt and <br />full payment of the principal and interest on the Bonds as the <br />same respectively become due, the full faith, credit and taxing <br />powers of the City shall be and are hereby irrevocably pledged. <br />If the balance in the Debt Service Account is ever insufficient <br />to pay all principal and interest then due on the Bonds and any <br />other bonds payable therefrom, the deficiency shall be promptly <br />paid out of any other funds of the City which are available for <br />such purpose, and such other funds may be reimbursed with or <br />without interest from the Debt Service Account when a sufficient <br />balance is available therein. <br />22. Certificate of Registration. The Clerk -Treasurer <br />is hereby directed to file a certified copy of this resolution <br />with the County Auditor of Washington County, Minnesota, together <br />with such other information as he or she shall require, and to <br />obtain the County Auditor's certificate that the Bonds have been <br />entered in the County Auditor's Bond Register. <br />23. Records and Certificates. The officers of the <br />City are hereby authorized and directed to prepare and furnish to <br />360858.1 <br />14 <br />