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services, and all other items which, by sound accounting <br />practices constitute normal, reasonable and current costs of <br />operation and maintenance, but excluding any allowance for <br />depreciation, extraordinary repairs and payments into the <br />Debt Service Account. All money remaining in the Operation <br />and Maintenance Account, after paying or providing for the <br />foregoing items, shall constitute and are referred to in <br />this resolution as "Net Revenues." <br /> <br /> (c) Debt Service Account. To the Debt Service Account <br />within the Liquor Store Fund there shall be credited such <br />amounts of Net Revenues as shall be necessary from time to <br />time to make full and timely payment of the debt service on <br />the Bonds, and said funds, when deposited into the Debt <br />Service Account, are irrevocably pledged for such purposes. <br /> <br /> (d) Excess Net Revenues. Net Revenues in excess of <br />those required for the foregoing purposes may be used for <br />any proper purpose of the City, including without limitation <br />capital and other costs of the City's liquor store <br />operations. <br /> <br /> Any proceeds of the Bonds and any sums from time to time <br />held in the Debt Service Account in excess of amounts which under <br />then-applicable federal arbitrage regulations may be invested <br />without regard to yield shall not be invested at a yield in <br />excess of the applicable yield restrictions imposed by said <br />arbitrage regulations on such investments after taking into <br />account any applicable "temporary periods" or "minor portion" <br />made available under the federal arbitrage regulations. Money in <br />the Liquor Store Fund shall not be invested in obligations or <br />deposits issued by, guaranteed by or insured by the United States <br />or any agency or instrumentality thereof if and to the extent <br />that such investment would cause the Bonds or any other bonds <br />payable from the Debt Service Account to be "federally <br />guaranteed" within the meaning of Section 149(b) of the Internal <br />Revenue Code of 1986, as amended (the "Code"). <br /> <br /> 9. Covenants as to Maintenance, Rates and Charges, <br />Sale, Insurance, Etc. The City hereby certifies and represents <br />to, and covenants and agrees with, the Owners from time to time <br />of the Bonds as follows: <br /> <br /> (a) The City will complete and continue its ownership <br />and operation.of the Liquor Store as a revenue producing <br />facility and~convenience, in the manner authorized and <br />subject to the restrictions imposed by Minnesota Statutes, <br />the laws of the State of Minnesota, including Minnesota <br />Statutes, Section 340A.601, relating to elections on the <br />licensing of intoxicating liquors. The City will maintain <br /> <br />355470.1 9 <br /> <br /> <br />