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City account which will be used to pay principal and interest to become due on the Bonds) in excess of amounts which under the applicable federal arbitrage regulations may be invested without regard as to yield will not be invested at a yield in excess of the applicable yield restrictions imposed by the arbitrage regulations on such investments after taking into account any applicable temporary periods or minor portion made available under the federal arbitrage regulations. In addition, the proceeds of the Bonds and money in the Debt Service Fund will not be invested in obligations or deposits issued by, guaranteed by or insured by the United States or any agency or instrumentality thereof if and to the extent that such investment would cause the Bonds to be federally guaranteed within the meaning of Section 149(b) of the Internal Revenue Code of 1986, as amended (the "Code"). 4.05. General Obligation Pledgee. For the prompt and full payment of the principal and interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of the City will be and are hereby irrevocably pledged. If the balance in the Escrow Account or Debt Service Fund is ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable therefrom, the deficiency will be promptly paid out of monies in the general fund of the City which are available for such purpose, and such general fund may be reimbursed with or without interest from the Escrow Account or Debt Service Fund when a sufficient balance is available therein. To the extent that it shall ever by necessary to provide full and timely payment of the debt service on the Bonds, the City shall, pursuant to the authority described in this paragraph, levy an ad valorem tax on all taxable property within the City sufficient for such purposes. 4.06. Cancellation of Prior Levies. It is hereby determined that upon the deposit of Proceeds in the Escrow Account (as such terms are defined in Section 5 hereof), an irrevocable appropriation to the debt service fund for the Refunded Bonds maturing after February 1, 2017 will have been made within the meaning of Section 475.61, subdivision 3 of the Act and the City Manager is hereby authorized and directed to certify such fact to and request the County Auditor/Treasurer to cancel any and all tax levies related to the Refunded Bonds for taxes payable in 2017 and thereafter made by the Prior Resolution. 4.07. Pledge of Tax LevX. For the purpose of paying the principal of and interest on the Bonds, there is hereby levied, to the extent determined necessary by the Pricing Committee, a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, which will be spread upon the tax rolls and collected with and as part of other general taxes of the City (the "Taxes"). The Taxes will be credited to the Debt Service Fund and will be in the years and amounts as set for in the certificate of the Pricing Committee in order to produce, together with Available Tax Increments, at least 5% in excess of the amount needed to meet when due the principal and interest payments on the Bonds. 4.08. Filing. The City Manager is authorized and directed to file a certified copy of the Resolution, together with the Certificate of Pricing Committee, with the Director of Property Records and Revenue of Ramsey County and to obtain the certificate required by Section 475.63 of the Act. 4.09. Director of Property Records and Revenue's Certificate as to Registration. The City Manager is authorized and directed to file a certified copy of this resolution with the Director of 470595v1 JSB NE136-257 8