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and -to the extent of such payments, shall reduce the pledge of tax increments available from Tax Increment Financing District No. 5 pursuant to this subparagraph; and (c) To the extent that the foregoing amounts of capi tali zed interest and tax increments available from Tax Increment Financing Distr ict No. 5 are insufficient to make full and timely payment of the pr incipal of and interest on the Bond, there is hereby pledged to the Debt Service Fund the tax increments derived from Tax Increment Financing District No. 4 which have not heretofore been pledged to other purposes by the City, but only to the extent the same are needed for debt service on the Bond, as provided in this paragraph. Pursuant to Minnesota Statutes, Section 273.77(d), the pro- ceeds of long-term bonds or addi tional temporary bonds. not yet sold shall be treated as revenues pledged to the payment of the Bond and shall reduce the tax otherwise required by Minnesota Statutes, Section 475.65 to be levied prior to the deli very of the Bond. The Ci ty Council hereby determines that the foregoing revenues pledged to the payment of the principal of and interest on the Bond will produce at least five percent in excess of the amount needed to meet, when due, the principal of and interest on the Bond and that no ad valorem tax levy is necessary for the Bond at this time. The City Clerk-Treasurer is directed to file a certi- fied copy of this resolution with the Director of Property Taxation of Ramsey County, Minnesota, and to obtain the certificate required by Minnesota Statutes, Section 475.63. 10. The full faith and credit and taxing powers of the Ci ty are hereby pledged to the payment of the pr incipal of and interest on the Bond, and in the event of any current or anticipated deficiency of funds in the Debt Service Account of amounts needed to pay principal and interest on the Bond when due, the Ci ty Council shall levy ad valorem taxes on all taxable property in the City in the amount of such defi- ciency. 11. When all pr incipal installments of the Bond have been discharged as provided in this Section, all pledges, covenants, and other rights granted by this Resolution to the Registered Holder of the Bond shall cease, and the Bond shall no longer be deemed to be outstanding under this Reso- lution. The City may discharge its obligations with respect to the Bond by deposi ting an amount which on the date of such deposit is sufficient to meet, when"due (or prepayable, provided all steps required precedent to such prepayment have been duly taken), all remaining payments of principal of or interest on the Bond. - 8 -