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Year of Tax Year of Tax <br />Levy Collection Amount <br /> <br />2002 2003 $63,147.25 <br />2003 2004 64,478.00 <br />2004 2005 64,260.00 <br />2005 2006 63,785.00 <br />2006 2007 64,015.00 <br /> <br /> The tax levies are such that if collected in full they, together with other revenues <br />herein pledged for the payment of the Certificates, will produce at least five percent (5%) in <br />excess of the amount needed to meet when due the principal and interest payments on the <br />Certificates. The tax levies shall be irrepealable so long as any of the Certificates are <br />outstanding and unpaid, provided that the City reserves the right and power to reduce the levies <br />in the manner and to the extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3. <br /> <br /> 17. Defeasance. When all Certificates have been discharged as provided in <br />this paragraph, all pledges, covenants and other rights granted by this resolution to the registered <br />holders of the Certificates shall, to the extent permitted by law, cease. The City may discharge <br />its obligations with respect to any Certificates which are due on any date by irrevocably <br />depositing with the Certificate Registrar on or before that date a sum sufficient for the payment <br />thereof in full; or if any Certificate should not be paid when due, it may nevertheless be <br />discharged by depositing with the Certificate Registrar a sum sufficient for the payment thereof <br />in full with interest accrued to the date of such deposit, The City may also discharge its <br />obligations with respect to any prepayable Certificates called for redemption on any date when <br />they are prepayable according to their terms, by depositing with the Certificate Registrar on or <br />before that date a sum sufficient for the payment thereof in full, provided that notice of <br />redemption thereof has been duly given. The City may also at any time discharge its obligations <br />with respect to any Certificates, subject to the provisions of law now or hereafter authorizing and <br />regulating such action, by depositing irrevocably in escrow, with a suitable banking institution <br />qualified by law as an escrow agent for this purpose, cash or securities described in Minnesota <br />Statutes, Section 475.67, Subdivision 8, bearing interest payable at such times and at such rates <br />and maturing on such dates as Shall be required, without regard to sale and/or reinvestment, to <br />pay all amounts to become due thereon to maturity or, if notice of redemption as herein required <br />has been duly provided for, to such earlier redemption date. <br /> <br /> 1'8. Compliance With Reimbursement Bond Regulations.. The provisions of <br />this paragraph are intended to establish and provide for the City's compliance 'with United States <br />Treasury Regulations Section 1.150-2 (the "Reimbursement Regulations") applicable to the <br />"reimbursement proceeds" of the Certificates, being those portions thereof which will be used by <br />the City to reimburse itself for any expenditure which the City paid or will have paid prior to the <br />Closing Date (a "Reimbursement Expenditure"). <br /> <br />The City hereby certifies and/or covenants as follows: <br /> <br /> (a) Not later than 60 days after the date of payment of a Reimbursement <br />Expenditure, the City (or person designated to do so on behalf of the City) has made or <br /> <br />1479134vl 15 <br /> <br /> <br />