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.02. The City Manager is directed to obtain a copy of the proposed approving legal opinio of Kennedy & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except to dating thereof and to cause the opinion to be printed on or accompany each Bond. ection 4. Payment: Security: Pledges and Covenants. Series pledge Distric balanc Bonds contr Statute be com City F City, Tax In .01. (a) The Bonds are payable from the General Obligation Tax Increment Bonds, 06A Debt Service Fund (the "Debt Service Fund") hereby created. The City hereby to the Debt Service Fund the tax increments derived from Tax Increment Financing No. 31 (the "TIF District") and received by the City, in an amount that, together the of funds in the Debt Service Fund, equals 1 05% of the principal and interest due on the rom time to time (the "Pledged Tax Increment"). Notwithstanding anything to the herein, Pledge Tax Increment includes only tax increment as defined in Minnesota Section 469.174, subd. 25, clause (1). If a payment of principal or interest on the Bonds due when there is not sufficient money in the Debt Service Fund to pay the same, the ance Director is directed to pay such principal or interest from the general fund of the the general fund will be reimbursed for those advances out of the proceeds of Pledged ement when received. b) There is appropriated to the Debt Service Fund (i) capitalized interest funded from Bond oceeds in the amount of $3,348,311.03, (ii) any amount over the minimum purchase pnce . d by the Purchaser, to the extent designated for deposit in the Debt Service Fund in accord ce with Section 1.02; and (iii) the accrued interest paid by the Purchaser upon closing and de' ery of the Bonds. c) Without regard to anything in this resolution to the contrary, Pledged Tax Increment shall b available (at the City's option on a parity, superior or subordinate basis) to pay principal of and . terest on both the Bonds and any other obligations issued by the City to finance public develo ent costs paid or incurred by the City in the geographic area described in Minnesota Laws 98, Ch. 389, Article 11, Section 24 (the "NW Quad"). The City reserves the right to releas all or any portion of Pledged Tax Increment from the pledge under this resolution (inclu . g without limitation the release of Pledged Tax Increment from any specific parcel within e TIF District) to the extent permitted by law, provided that in no event may the City reduce e pledge such that Pledged Tax Increment is reasonably expected to pay less than 20 perce of principal and interest on the Bonds. d) All proceeds of the Bonds, less the amounts credited to the Debt Service Fund agraph (b) are credited to the project fund for the NW Quad, to be used to pay costs of and public development costs described in the authorizing resolution. ,02. It is determined that the estimated collection of Pledged Tax Increment for t of principal and interest on the Bonds will produce at least five percent in excess of the needed to meet, when due, the principal and interest payments on the Bonds and that no is needed at this time. 12