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i~ { S~ ij the pl ge under this resolution (including without limitation the release of Pledged Tax Incre ent from any specific parcel within the TIF District) to the extent permitted by law, provid that in no event may the City reduce the pledge such that Pledged Tax Increment is reason ly expected to pay less than 20 percent of principal and interest on the Bonds. 02. Plebe of Tax Levy. For the purpose of paying the principal of and interest on the Bonds here is levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the ity, which will be spread upon the tax rolls and collected with and as part of other general taxes the City. The Taxes will be credited to the Debt Service Fund above provided and will be in years and amounts as follows (year stated being year of collection): 0 Year Levy ! (See Exhibit B) ga '1.03. Certification to Director of Property Records and Revenue as to Debt Service Fund Amou . It is hereby determined that the estimated collections of Tax Increments and the forego g Taxes will produce at least five percent in excess of the amount needed to meet when due i principal and interest payments on the Bonds. The tax levy herein provided is irrepe able until all of the Bonds are paid, provided that at the time the City makes its annual tax levies e City Manager may certify to the Director of Property Records and Revenues the amours available in the Debt Service Fund to pay principal and interest due during the ensuing year, d the Director of Property Records and Revenue will thereupon reduce the levy collec i le during such year by the amount so certified. ji 1.04. The City Manager is directed to file a certified copy of this Resolution with the Direct of Property Records and Revenue of Ramsey County and obtain the certificate required by Mi:riesota Statutes, Section 475.63. << a~ Section 5. Refunding; Findings= Redemption of Refunded Notes. 5.01. The Refunded Notes are the General Obligation Taxable Tax Increment Notes, Series6 00613 of the City, dated December 15, 2006, of which $11,951,940.29 in principal amour is callable on June 15, 2007. It is hereby found and determined that based upon information. presently available from the City's financial advisers, the issuance of the Bonds is consi nt with covenants made with the holders thereof and is necessary and desirable for the reduc n of debt service cost to the municipality. e 15.02. It is hereby found and determined that the net proceeds of the Bonds will be suffic'i nt to prepay all of the principal of, interest on and redemption premium (if any) on the Re ed Notes. { s I 310072v 6713 NE] 36-214 13 'E I