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Year ~ (See Attachment B ) (b) The tax levies are such that if collected in full, they, together with estimated collections of investment earnings (and until the Redemption Date, all amounts in the Escrow Account) and other revenues herein pledged for the payment of 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. The tax levies shall be irrepealable so long as any of the Refunded Bonds and the Bonds are outstanding and unpaid, provided that the City reserves the right to reduce the levies in the manner and to the extent permitted by Section 475.61, Subdivision 3 of Minnesota Statutes, as amended. 4.05. Filine:. The City Clerk-Treasurer is authorized and directed to file a certified copy of this resolution with the County Auditor of Ramsey County and to obtain the certificate required by Section 475.63 of the Act. Section 5. Refundin(!: Findin(!s: Redemption of Refunded Bonds. 5.01. As of the date of delivery of and payment for the Bonds the proceeds of the Bonds, in the amount of $1.606.503.11 plus accrued interest on the Bonds less necessary expenses of the issuance of the Bonds (Proceeds), together with other funds (Funds) in the amount of $ -0- are hereby pledged and appropriated and shall be deposited in the Escrow Account. 5.02. It is hereby found and determined that the Proceeds and Funds available and appropriated to the Escrow Account will be sufficient, together with the permitted earnings on the investment of the Escrow Account, to pay at maturity or redemption all of the principal of and redemption premium (if any) on the Refunded Bonds. 5.03. Securities purchased from the monies in the Escrow Account shall be limited to securities specified in Section 475.67, Subdivision 8 of the Act. Securities purchased for the Escrow Account shall be purchased simultaneously with the delivery of and payment for the Bonds. The Mayor and City Clerk-Treasurer are authorized and directed to purchase such securities. 5.04. The Refunded Bonds maturing on February 1, 1996 and thereafter shall be redeemed and prepaid on the Redemption Date. The Refunded Bonds shall be redeemed and prepaid in accordance with their terms and in accordance with the terms and conditions set forth in the form of Notice of Call for Redemption attached hereto as Attachment A which terms and conditions are hereby approved and incorporated herein by reference. 5.05. Escrow A2:I'eement. On or prior to the delivery of the Refunding Bonds, the Mayor and the City Clerk-Treasurer are hereby authorized and directed to execute on behalf of the City an escrow agreement (Escrow Agreement) with the Escrow Agent in substantially the form now on file with the City Clerk-Treasurer. All essential terms and conditions of the Escrow Agreement including payment by the SJB41102 NE136-97