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23. <br /> <br />Defeasance. When any obligation of a Bond has been discharged as provided in this <br />paragraph, all pledges, covenants and other rights granted by this Resolution to the <br />registered owner of that Bond (with respect to the obligation thereof so defeased) <br />shall, to the extent permitted by law, cease. The City may at any time discharge any <br />or all of such obligation(s) with respect to any Bond, subject to the provisions of law <br />now or hereafter authorizing or regulating such action, by depositing irrevocably in <br />escrow, with a suitable institution qualified by law as an escrow agent for this <br />purpose, cash or securities which are backed by the full faith and credit of the United <br />States of America, bearing interest payable at such times and at such rates and <br />maturing on such dates and in such amounts as shall be required and sufficient, <br />subject to sale and/or reinvestment in like securities, to pay said obligation(s), which <br />may include any interest payment on such Bond and/or principal amount due thereon <br />at a stated maturity (or if irrevocable provision shall have been made for permitted <br />prior redemption of such principal amount, at such earlier redemption date). <br /> <br />24. <br /> <br />Compliance With Reimbursement Bond Regulations. With respect to the <br />Improvements, the City has complied and will continue to comply with the <br />"Reimbursement Regulations" provided in United States Treasury Regulations <br />Section 1.150-2, and any successor regulations as may be applicable. In particular, <br />except where the following may not be required by said Regulations (e.g., with <br />respect to certain "preliminary expenditures"), to the extent that any of the proceeds <br />of the Bonds will be used to reimburse the City for a cost of the Improvements <br />theretofore paid and temporarily financed by the City out of other City funds, prior <br />to the initial payment thereof(or within applicable time limits thereafter) the City has <br />made or will have made a duly qualifying statement of its official intent to bond for <br />such costs (and the City will also make the written "reimbursement allocation" <br />required by the Reimbursement Regulations); otherwise, the proceeds of the Bonds <br />are to be used for initial payment, and not for such reimbursement, of costs of the <br />Improvements. <br /> <br />25. <br /> <br />Tax Increment Pledge Agreement. The Council hereby approves and authorizes the <br />Mayor and City Administrator to execute that certain Tax Increment Pledge <br />Agreement, dated as of November 1, 2000, respecting the Bonds. Said Agreement <br />is between the City and the EDA, and a form thereof has been presented to the <br />Council for consideration. Said Agreement may be executed with such <br />modifications, if any, as such officers shall approve, as evidenced by their execution <br />and delivery thereof. <br /> <br />26. <br /> <br />Continuing Disclosure Undertaking. The Council hereby finds that the Bonds are <br />exempt from continuing disclosure requirements of Rule 15c2-12 of the Securities <br />and Exchange Commission, as recently amended and/or supplemented, because the <br />Bonds are issued in the aggregate principal amount of less than $1,000,000. <br />Consequently, the City is not covenanting to provide and will not provide annual <br /> <br />1217682.1 22 <br /> <br /> <br />