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<br />. <br /> <br />. <br /> <br />. <br /> <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 Fund shall not be invested in obligations or deposits issued <br />by, guaranteed by or insured by the United States or any agency <br />or instrumentality thereof if and to the extent that such <br />investment would cause the Bonds or any Additional Bonds to be <br />"federally guaranteedfl within the meaning of Section 149(b) of <br />the federal Internal Revenue Code of 1986, as amended (the <br />" Code") . <br /> <br />17. 105% Debt Service Coveraqe. It is hereby determined <br />that the estimated collections of the revenues dedicated to the <br />Debt Service Account pursuant to paragraph 16(ii) of this <br />Resolution would produce at least 5% in excess of the amount <br />needed to meet, when due, the principal of and interest on the <br />Bonds. The City shall file a certified copy of this Resolution <br />with the County Auditor of Sherburne County and to obtain the <br />certificate of said office required by Minnesota Statutes, <br />Section 475.63. <br /> <br />18. General Obligation Pledqe. The full faith and credit <br />and taxing powers of the City are hereby pledged to the payment <br />of the principal of and interest on the Bonds, and in the event <br />of any current or anticipated deficiency of funds in the Debt <br />Service Account of amounts needed to make any such paYment, when <br />due, the Council shall levy ad valorem taxes on all taxable <br />property in the City in the amount of such deficiency. If the <br />balance in the Debt Service Account is ever insufficient to pay <br />all principal and interest then due on the Bonds and any other <br />bonds payable therefrom, the deficiency shall be promptly paid <br />out of any other funds of the City which are available for such <br />purpose, and such other funds may be reimbursed with or without <br />interest from the Debt Service Account when a sufficient balance <br />is available therein. <br /> <br />19. Prior Bonds: Security. Until retirement and full <br />paYment of the Prior Bonds, all provisions heretofore made for <br />the security thereof shall be observed by the City; provided, <br />however, that the Council hereby finds and determines that the <br />proceeds of the sale of the Bonds to be used to refund the <br />Refunded Bonds, together with other funds available and appropri- <br />ated to the Escrow Account for said purpose, will be sufficient, <br />together with the earnings on the investment of such funds in the <br />Escrow Account, to pay all principal of and interest on the <br />Refunded Bonds. <br /> <br />20. Redemption of Refunded Bonds. The Prior Bonds which <br />mature in 2002 and thereafter shall be redeemed and prepaid on <br />February 1, 2001, and the paying agent/registrar for the Prior <br />Bonds is hereby authorized and directed to cause notice of said <br />redemption to be given to the owners of the Prior Bonds in the <br />manner required by law and by the terms of the Prior Bonds. <br /> <br />1079939.1 <br /> <br />21 <br />