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i E~ i~ i i ' o balanc lof funds in the Debt Service Fund, equals 105% of the principal and interest due on the Bonds om time to time (the "Pledged Tax Increment") and (ii) general taxes hereinafter levied (the " ~xes). Notwithstanding anything to the contrary herein, Pledge Tax Increment includes only t increment as defined in Minnesota Statutes, Section 469.174, subd. 25, clause (1). If a payme of principal or interest on the Bonds becomes due when there is not sufficient money in the D l t Service Fund to pay the same, the City Finance Director is directed to pay such princi or interest from the general fund of the City, and the general fund will be reimbursed for tho advances out of the proceeds of Pledged Tax Increment and Taxes when received. The debts , ice fund for the Refunded Notes (as defined hereinafter) is terminated, and all monies therein e hereby transferred to the Debt Service Fund herein created. b) There is appropriated to the Debt Service Fund (i) capitalized interest funded from Bond oceeds in the amount of $ , (ii) any amount over the minimum purchase price 'id by the Purchaser, and (iii) the accrued interest paid by the Purchaser upon closing and delive of the Bonds. fi 1 ~c) Proceeds of the Bonds in the amount of $ are credited to the project Fund r the NW Quad (as defined in paragraph (f) of this Section), to be used to pay costs of issuan~ of the Bonds. I ~d) All proceeds of the Bonds, less the amounts credited to the Debt Service Fund under agraph (b) and credited to the project fund under paragraph (c) will be applied toward refund g of the Refunded Notes in accordance with Section 5 hereof. e) On or prior to the delivery of the Bonds, the Mayor and the City Manager are hereby author. ed and directed to execute on behalf of the City a Capitalized Interest Escrow agreement (the " crow Agreement") with Wells Fargo Bank, Minnesota (the "Escrow Agent") in subs ially the form now on file with the City. All essential terms and conditions of the Escrow Agree ent including payment by the City of reasonable charges for the services of the Escrow Agent ~ e hereby approved and adopted and made a part of this resolution, and the City covenants that it 11 promptly enforce all provisions thereof in the event of default thereunder by the Escrow Agent Proceeds of the Bonds deposited in the Debt Service Fund and allocated to capitalized interest i in accordance with paragraph (b) of this Section shall be deposited in with the Escrow Agent d invested in accordance with the terms of the Escrow Agreement. (f) Without regard to anything in this resolution to the contrary, (i) the pledge of Pledge Tax Increment hereunder is on a parity basis with the pledge of Pledged Tax Increment to the JCity's $20,450,000 General Obligation Tax Increment Bonds, Series 2006A; and (ii) Pledg Tax Increment shall be available (at the City's option on a parity, superior or subor mate basis) to pay principal of and interest on both the Bonds and any other obligations issued y the City to finance public development costs paid or incurred by the City in the geogr, hie area described in Minnesota Laws 1998, Ch. 389, Article 11, Section 24 (the "NW Quad' The City reserves the right to release all or any portion of Pledged Tax Increment from 310072v JB NE136-214 12 3e 3j i~ i, i~