Resolution - #85-032 - 02/27/1985

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4.06. On or prior to the delivery of the Refunding Bonds, the Mayor and the City Clerk-Treasurer are hereby authorized and directed to execute on behalf of the City an escrow agreement (Escrow Agree- ment) with the Agent in substantially the form now on file with the City Clerk-Treasurer. All essential terms and conditions of the Escrow Agreement are hereby approved and adopted and made a part of this resolution, and the City covenants that it will promptly enforce all provisions thereof in the event of default thereunder by the Agent. 4.07. When all Refunding Bonds have been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this resolution to the holders of the Refunding Bonds shall cease, except that the pledge of the full faith and credit of the City for the prompt and full pa)~ent of the principal of and interest on the Refunding Bonds shall remain in full force and effect. The City may discharge all Refunding Bonds which are due on any date by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full; if any Refunding Bond should not be paid when due, it may nevertheless be discharged by depositing with the Regis- trar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The City may also at any time discharge and defease the Refunding Bonds in their entirety by comply- ing with the provisions of Section 475.67, Subdivisions 4 to 11 of the Act, except that the funds deposited in escrow in accordance with said provisions may (to the extent permitted by law) but need not be, in whole or in part, proceeds of refunding bonds as therein provided without the consent of any Bondholders. Section 5. Authentication of Transcript. 5.01. The officers of the City are hereby authorized and direct- ed to prepare and furnish to the Purchaser and to the attorneys approving the legality of the issuance of the Refunding Bonds, cer- tified copies of all proceedings and records of the C~ty relating to the Refunding Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise kno~.m to them, and all such certified copies, certificates and affidavits, including any hereto- fore furnished, shall be deemed representations of the City as to the facts stated therein. The Mayor and Clerk-Treasurer are hereby authorized and directed to certify that they have examined the Offi- cial Statement dated February 15, ].985, prepared and circulated in connection with the issuance and sale of the Refunding Bonds and that to the best of their knowledge and belief the Official Statement is a complete and accurate representation of the facts and representations made therein as of the date thereof.