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. . to the payment of principal and interest on the Certificates, were levied in Resolution No. 89-71 of this Council, adopted December 11, 1989. For the purpose of producing sums which will not be less than five percent (5%) in excess of the principal of and interest on the Certificates when due, there is hereby levied upon all taxable property within the corporate limits of the City, a direct, annual, ad valorem tax to be levied in the years as set forth below, and in the amounts set forth opposite such years, to be collected in the respective succeeding collection years: Levy Year Collection Year Amount 1990 1991 1992 1993 1991 1992 1993 1994 $26,537 24,045 23,553 22,050 Said taxes shall be irrepealable so long as any of the Certificates are outstanding and unpaid; provided, that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes" S 475.61 and laws amendatory thereof. Section 6. Defeasance. When all of the Certificates issued have been discharged as provided in this Resolution, all pledges, covenants and other rights granted by this Resolution to the holders of the Certificates shall-cease. The City may at any time discharge its obligations with respect to any Certificates, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a bank qualified by law as an escrow agent for this purpose, cash or securities which are authorized by law to be so deposited, bearing interest payable at such time and at such rates and maturing on such dates as shall be required to pay all principal and interest to become due thereon to maturity. Section 7. County Aqditor Registration. The City Clerk is hereby authorized and directed to file a certified copy of this Resolution with the County Auditor of Sherburne County, together with such additional information as the County Auditor shall require, and to obtain from the County Auditor a certification that the Certificates have been duly entered upon his bond register and that the tax required for the paYment thereof has been levied and filed as required by law. Section 8. Autpentication of Transcript. The officers of the City and the County Auditor are hereby authorized and directed to prepare and furnish to the purchaser of the Certificates, and to the attorneys approving the legality thereof, certified copies of all proceedings and records relating to the Certificates and such other affidavits, . certificates and information as may be required to show the 6.