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17. Defeasance. When all ]~onds have been discharged as provided in this paragraph, <br />all pledges, covenants and other rights granted by this resolution to the registered holders of the <br />Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with <br />respect to any Bonds which are due on any date by irrevocably depositing with the Bond <br />Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond <br />should not be paid when due, it may nevertheless be discharged by depositing with the Bond <br />Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such <br />deposit. The City may also discharge its obligations with respect to any prepayable Bonds called <br />for redemption on any date when they are prepayable according to their terms, by depositing <br />with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full, <br />provided that notice of redemption thereof has been duly given. The City may also at any time <br />discharge its obligations with respect to any Bonds, subject to the provisions of law now or <br />hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a <br />suitable banking institution qualified by law as an escrow agent for this purpose, cash or <br />securities described in Minnesota Statutes, Section 475.67, Subdivision 8, bearing interest <br />payable at such times and at such rates and maturing on such dates as shall be required, without <br />regard to sale and/or reinvestment, to pay all amounts to become due thereon to maturity. <br /> <br /> 18. General Obligation Pledge. For the prompt and full payment of the principal and <br />interest on the Bonds, as the same respectively become due, the full faith, credit and taxing <br />powers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt <br />Service Account is ever insufficient to pay all principal and interest then due on the Bonds and <br />any other bonds payable therefrom, the deficiency shall be promptly paid out of any other funds <br />of the City which are available for such purpose, and such other funds may be reimbursed with <br />or without interest fi'om the Debt Service Account when a sufficient balance is available therein. <br /> <br /> 19. Notice of Call for Redemption. The Administrator is hereby authorized and <br />directed to cause mailed notice of redemption prior to March 1, 2003 to the paying agent for the <br />Refunded Bonds and to all registered holders of the Refunded Bonds. The Notice of Redemption <br />shall be in substantially the form attached hereto as Exhibit A. <br /> <br /> 20. Prior Bonds; Security. Until retirement of the Prior Bonds, all provisions <br />theretofore made for the security thereof shall be observed by the City and all of its officers and <br />agents. <br /> <br /> 21. Certificate of Registration. The Administrator is hereby directed to file a certified <br />copy of this resolution with the County Auditor of Anoka County, Minnesota, together with such <br />other information as the County Auditor shall require and to obtain a certificate that the Bonds <br />have been entered in the County Auditor's Bond Register. <br /> <br /> 22. Records and Certificates. The officers of the City are hereby authorized and <br />directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the <br />issuance of the Bonds, certified copies of all proceedings and records of the City relating to the <br />Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates <br />and information as are required to show the facts relating to the legality and marketability of the <br />Bonds as the same appear from the books and records under their custody and control or as <br /> <br />1487836vl 16 <br /> <br /> <br />