Laserfiche WebLink
• <br />The tax levies are such that if collected in full they, <br />together with other revenues herein pledged for the payment of <br />the Certificates, will produce at least five percent (50) in <br />excess of the amount needed to meet when due the principal and <br />interest payments on the Certificates. The tax levies shall be <br />irrepealable so long as any of the Certificates are outstanding <br />and unpaid, provided that the City reserves the right and power <br />to reduce the levies in the manner and to the extent permitted by <br />Minnesota Statutes, Section 475.61, Subdivision 3. <br />17. Defeasance. When all Certificates have been <br />discharged as provided in this paragraph, all pledges, covenants <br />and other rights granted by this resolution to the registered <br />holders of the Certificates shall, to the extent permitted by <br />law, cease. The City may discharge its obligations with respect <br />to any Certificates which are due on any date by irrevocably <br />depositing with the Certificate Registrar on or before that date <br />a sum sufficient for the payment thereof in full; or if any <br />Certificate should not be paid when due, it may nevertheless be <br />discharged by depositing with the Certificate Registrar a sum <br />sufficient for the payment thereof in full with interest accrued <br />to the date of such deposit. The City may also discharge its <br />obligations with respect to any prepayable Certificates called <br />for redemption on any date when they are prepayable according to <br />their terms, by depositing with the Certificate Registrar on or <br />before that date a sum sufficient for the payment thereof in <br />full, provided that notice of redemption thereof has been duly <br />given. The City may also at any time discharge its obligations <br />with respect to any Certificates, subject to the provisions of <br />law now or hereafter authorizing and regulating such action, by <br />depositing irrevocably in escrow, with a suitable banking <br />institution qualified by law as an escrow agent for this purpose, <br />cash or securities described in Minnesota Statutes, Section <br />475.67, Subdivision 8, bearing interest payable at such times and <br />at such rates and maturing on such dates as shall be required, <br />without regard to sale and /or reinvestment, to pay all amounts to <br />become due thereon to maturity or, if notice of redemption as <br />herein required has been duly provided for, to such earlier <br />redemption date. <br />18. Compliance With Reimbursement Bond Regulations. <br />The provisions of this paragraph are intended to establish and <br />provide for the City's compliance with United States Treasury <br />Regulations Section 1.150 -2 (the "Reimbursement Regulations ") <br />applicable to the "reimbursement proceeds" of the Certificates, <br />being those portions thereof which will be used by the City to <br />reimburse itself for any expenditure which the City paid or will <br />have paid prior to the Closing Date (a "Reimbursement <br />Expenditure "). <br />1146366.1 <br />18 <br />