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<br />Year of <br />Tax Levy <br /> <br />Year of <br />Tax Collection <br /> <br />Amount <br /> <br />2007 <br />2008 <br /> <br />2008 <br />2009 <br /> <br />$116,113 <br />110,644 <br /> <br />The foregoing tax levies shall be irrepealable so long as the Certificate is outstanding and <br />unpaid, provided that the City reserves the right and power to reduce the levies in the manner and <br />to the extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3. <br /> <br />In addition, the City has heretofore levied in the year 2006 for collection in the year <br />2007, a direct ad valorem tax in the amount of $120,000, which shall be spread upon the tax rolls <br />and collected with and as part of other general property taxes in the City. <br /> <br />12. It is hereby determined that the funds available to the Debt Service Account <br />pursuant to this Resolution (including from the ad valorem tax levies herein and heretofore made <br />and other funds appropriated by the council for payment of debt service on the Certificate) will <br />be in amounts not less than five percent in excess of the amount needed to meet, when due, the <br />principal of and interest on the Certificate. <br /> <br />13. The Finance Director is directed to file a certified copy of this Resolution with the <br />County Auditor of Sherburne County, Minnesota, together with such other information as the <br />County Auditor shall require, and to obtain the County Auditor's Certificate that the Bonds have <br />been entered in the County Auditor's Bond Register and the tax levy required by law has been <br />made. <br /> <br />14. The officers of the City are hereby authorized and directed to prepare and furnish <br />upon request to the Purchaser and to the attorneys approving the Certificate, certified copies of <br />proceedings and records of the City relating to the Certificate and to the financial condition and <br />affairs of the City, and to furnish such other certificates, affidavits, and transcripts as may be <br />required to show facts within their knowledge or as shown by the books and records in their <br />custody and under their control relating to the validity and marketability of the Certificate, and <br />such instruments, including any heretofore furnished, shall be deemed representations of the City <br />as to the facts stated therein. <br /> <br />15. The City covenants and agrees with the Registered Owner from time to time of <br />the Certificate that the City will not take or permit to be taken by any of its officers, employees, <br />or agents any action which would cause the interest on the Certificate to become generally <br />subject to taxation under the Internal Revenue Code of 1986, as amended (the "Code"), and <br />regulations issued thereunder, as now existing or as hereafter amended or proposed and in effect <br />at the time of such action, and that the City will take, or it will cause to be taken, all affirmative <br />actions within its power which may be necessary to insure that such interest will not become <br />subject to income taxation under the Code. <br /> <br />Without limitation of the foregoing, the City shall not enter into any lease, use agreement, <br />management or operation contract or other agreement respecting the Equipment or any portion <br />thereof which would adversely affect the exemption from federal income tax of the interest on <br /> <br />2014559v1 <br /> <br />7 <br />