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'II I " , , ection 4. Payment: Security. .01. The Bonds are payable from the Taxable General Obligation Tax Increment onds, Series 2004B Debt Service Fund (Debt Service Fund) hereby created, and the ity hereby pledges to the Debt Service Fund the Available Tax Increments as defined in his section in the amount necessary to pay when due the principal of and interest on the onds. The term "Available Tax Increments" means tax increments derived from Tax ncrement Financing District (TIF District) No 15 (the "Pre-l 990 District"), together with 5 percent (on an annual basis) of the tax increments derived from TIF District Nos. 19, 0, and 25 through 29 (together the "Post-1990 Districts"); provided that the pledge of ax increment from the Post-1990 Districts is further subject to discharge upon ecertification of such TIF Districts in accordance with Minnesota Statutes, Section 69.1763, subd. 4(b). The pledge of Available Tax Increments to the Bonds is ubordinate to the pledge of Available Tax Increments (or portions thereof) to: the City's eneral Obligation Tax Increment Bonds, Series 1997C; the City's General Obligation axable Tax Increment Bonds, Series 19970; and any outstanding contracts payable om Available Tax Increments. The pledge of Available Tax Increment to the Bonds is n parity with the pledge of Available Tax Increments (or portions thereat) to the City's eneral Obligation Tax Increment Bonds, Series 2001B and General Obligation Taxable ax Increment Bond, Series 200 I C. The Council may from time to time by resolution irect the Finance Director as to the relative portion of debt service payments on the onds that is to be charged to each TIF District, but in the absence of such direction the etennination may be made by the Finance Director subject to the limitations described 'n this paragraph. If a payment of principal or interest on the Bonds becomes due when ere is not sufficient money in the Debt Service Fund to pay the same, the City Finance irector is directed to pay such principal or interest from the general fund of the City, d the general fund will be reimbursed for those advances out of the proceeds of Available Tax Increments when received. There is appropriated to the Debt Service Fund (i) any amount over the minimum purchase price paid by the Purchaser, and (ii) the accrued interest paid by the Purchaser upon closing and delivery of the Bonds. 4.02. It is determined that the estimated collection of Available Tax Increments for payment of principal and interest on the Bonds will produce at least five percent in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds and that no tax levy is needed at this time. 4.03. The City Finance Director is directed to file a certified copy of this Resolution with the Director of Property Records and Revenue and obtain the certificate required by Minnesota Statutes, Section 475.63. 4.04. The City may pledge Available Tax Increments to any other general obligations or revenue obligations on a superior, parity or subordinate basis with the pledge to the Bonds under this resolution. Notwithstanding anything to the contrary herein, the City reserves the right to reduce, modify or terminate the pledge of Available Tax Increments (including without limitation the release of Available Tax Increments from any specific SJB-25 Ov 1 NE136- 4 II ',II 'd