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18. <br /> <br />19. <br /> <br />20. <br /> <br />21. <br /> <br />funds of the City which are available for such purpose, and such other funds may be <br />reimbursed with or without interest from the Debt Service Account when a sufficient <br />balance is available therein. To the extent that it shall ever be necessary to provide <br />full and timely payment of the debt service on the Bonds, the City shall, pursuant to <br />the authority therefor described in this paragraph, levy an ad valorem tax upon all <br />taxable property within the City of Elk River, Minnesota, sufficient for such <br />purposes. <br /> <br />Certificate of Registration. The City Clerk is hereby directed to file a certified copy <br />of this Resolution with the office of the Sherburne County Auditor and to obtain the <br />certificate of said official required by Minnesota Statutes, Section 475.63. <br /> <br />Records and Certificates. The officers of the City are hereby authorized and directed <br />to prepare and furnish to the Purchaser, and to the attorneys approving the legality <br />of the issuance of the Bonds, certified copies of all proceedings and records of the <br />City relating to the Bonds and to the financial condition and affairs of the City, and <br />such other affidavits, certificates and information as are required to show the facts <br />relating to the legality and marketability of the Bonds as the same appear from the <br />books and records under their custody and control or as otherwise known to them, <br />and all such certified copies, certificates and affidavits, including any heretofore <br />furnished, shall be deemed representations of the City as to the facts recited therein. <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 cease. The City may at any time discharge any or all of such obligation(s) with <br />respect to any Bond, subject to the provisions of law now or hereafter authorizing or <br />regulating such action, by depositing irrevocably in escrow, with a suitable institution <br />qualified by law as an escrow agent for this purpose, cash or securities which are <br />backed by the full faith and credit of the United States of America, bearing interest <br />payable at such times and at such rates and maturing on such dates and in such <br />amounts as shall be required and sufficient, subject to sale and/or reinvestment in like <br />securities, to pay said obligation(s), which may include any interest payment on such <br />Bond and/or principal amount due thereon at a stated maturity (or if irrevocable <br />provision shall have been made for permitted prior redemption of such principal <br />amount, at such earlier redemption date). <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 Elk River EDA, and a form thereof has been presented <br />to the Council for consideration. Said Agreement may be executed with such <br /> <br />1218143.1 <br /> <br />20 <br /> <br /> <br />