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County to levy an ad valorem tax in an amount as is necessary, together with the aforementioned <br />funds then held in the Debt Service Account and said estimated collections of Tax Increments to <br />pay the principal and interest on the Bonds to become due during said period. <br /> <br /> (d) Reservation of Rights. Notwithstanding any provisions herein to the contrary, the <br />City reserves the right to terminate, reduce, or apply to other lawful purposes the Tax Increments <br />herein pledged to the payment of the Bonds and interest thereon to the extent and in the manner <br />permitted by law. <br /> <br /> 17. Defeasance. When all Bonds 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 or, if <br />notice of redemption as herein required has been duly provided for, to such earlier redemption <br />date. <br /> <br /> 18. Continuing Disclosure. The City is the sole obligated person with respect to the <br />Bonds. The City hereby agrees, in accordance with the provisions of Rule 15c2-12 (the "Rule"), <br />promulgated by the Securities and Exchange Commission (the "Commission") pursuant to the <br />Securities Exchange Act of 1934, as amended, and a Continuing Disclosure Undertaking (the <br />"Undertaking") hereinafter described to: <br /> <br /> (a) Provide or cause to be provided to each nationally recognized municipal securities <br />information repository ("NRMSIR") and to the appropriate state information depository ("SID"), <br />if any, for the State of Minnesota, in each case as designated by the Commission in accordance <br />with the Rule, certain annual financial information and operating data in accordance with the <br />Undertaking. The City reserves the right to modify from time to time the terms of the <br />Undertaking as provided therein. <br /> <br /> (b) Provide or cause to be provided, in a timely manner, to (i) each NRMSIR or to the <br />Municipal Securities Rulemaking Board ("MSRB") and (ii) the SD, notice of the occurrence of <br />certain material events with respect to the Bonds in accordance with the Undertaking. <br /> <br />15 <br /> <br /> <br />