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Date of Registration Registered Owner Signature of Officer of Registrar Cede & Co. Federal ID #13-2555119 3.02. The City Finance Director-Clerk is directed to obtain a copy of the proposed approving legal opinion of Kermedy & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and to cause the opinion to be printed on or accompany each Bond. Section 4. Payment: Security; Pledges and Covenants. 4.01. The Bonds are payable from the General Obligation Tax Increment Bonds, Series 2001B Debt Service Fund (Debt Service Fund) hereby created, and the City hereby pledges to the Debt Service Fund the Available Tax Increments as defined in this section in the amount necessary to pay when due the principal of and interest on the Bonds. The term "Available Tax Increments" means tax increments derived from Tax Increment Financing District (TIF District) Nos. 4 through 18 and 25 through 29, subject to any limitations under Minnesota Statutes, Section 469.174 to 469.179 (TIF Act) as to the amount of tax increment expenditures permissible outside the boundaries of such districts, and any limitations as to the expenditure of tax increments from such districts for the purposes financed by the proceeds of the Bonds. The pledge of Available Tax Increments to the Bonds is subordinate to the pledge of Available Tax Increments (or portions thereof) to: the City's General Obligation Tax Increment Bonds, Series 1997C; the City's General Obligation Taxable Tax Increment Bonds, Series 1997D; and any outstanding contracts payable from Available Tax Increments. The Council may from time to time by resolution direct the Finance Director-Clerk as to the relative portion of debt service payments on the Bonds that is to be charged to each TIF District, but in the absence of such direction the determination may be made by the Finance Director-Clerk subject to the limitations described in this paragraph. If a payment of principal or interest on the Bonds becomes due when there is not sufficient money in the Debt Service Fund to pay the same, the City Finance Director-Clerk is directed to pay such principal or interest from the general fund of the City, and 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) capitalized interest funded from Bond proceeds, if any, (ii) any amount over the minimum purchase price paid by the Purchaser, and (iii) 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-Clerk 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 SJB-1922 I 7vl NE136-166