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the federal Internal Revenue Code of 1986, as amended (the "Code" ) . 17. 105% Debt Service Coverage. It is hereby determined that the estimated collections of the revenues dedicated to the Debt Service Account pursuant to paragraph 16(ii) of this Resolution would produce at least 5% in excess of the amount needed to meet, when due, the principal of and interest on the Bonds. The City shall file a certified copy of this Resolution with the County Auditor of Sherburne County and obtain the certificate of said office required by Minnesota Statutes, Section 475.63. 18. General Obligation Pledq~. The full faith and credit and taxing powers of the City are hereby pledged to the payment of the principal of and interest on the Bonds, and in the event of any current or anticipated deficiency of funds in the Debt Service Account of amounts needed to make any such payment, when due, the Council shall levy ad valorem taxes on all taxable property in the City in the amount of such deficiency. If the balance in the Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable therefrom, the deficiency shall be promptly paid out of any other funds of the City which are available for such purpose, and such other funds may be reimbursed with or without interest from the Debt Service Account when a sufficient balance is available therein. 19. Prior Bonds; Security. Until retirement and full payment of the Prior Bonds, all provisions heretofore made for the security thereof shall be observed by the City; provided, however, that the Council hereby finds and determines that the proceeds of the sale of the Bonds to be used to refund the Refunded Bonds, together with other funds available and appropri- ated to the Refunding Account for said purpose, will be sufficient, together with the earnings on the investment of such funds in the Refunding Account, to pay all principal of and interest on the Refunded Bonds. 20. Redemption of Refunded Bonds. The Prior Bonds which mature in 2002 and thereafter shall be redeemed and prepaid on February 1, 2001, and the paying agent/registrar for the Prior Bonds is hereby authorized and directed to cause notice of said redemption to be given to the owners of the Prior Bonds in the manner required by law and by the terms of the Prior Bonds. 21. Records and Certificates. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the issuance of the Bonds, certified copies of all proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the Bonds as the same appear from the books and records under their custody and control or as otherwise known to 1218477.1 21