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<br />follows (yea: stated being year of levy for collection the <br />following year): <br /> <br />Year <br /> <br />Levy <br /> <br />Year Levy <br />1988 $48,744 <br />1989 48,038 <br />1990 72,454 <br />1991 72,456 <br /> <br />1984 <br />1985 <br />1986 <br />1987 <br /> <br />$48,600 <br />48,632 <br />48,500 <br />48,204 <br /> <br />The foregoing Tax Levies shall be irrepealable until all <br />obligations of the Bond are paid, provided that the City <br />Clerk-Treasurer may annually, prior to October 10, certify <br />to the Ramsey County Director of Property Taxation the <br />amount available in the Debt Service Fund to pay principal <br />and interest due on the Bond dur ing the ensuing year, and <br />the Director of Property Taxation shall thereupon reduce the <br />levy collectible during such year by the amount so certi- <br />fied. <br /> <br />11. It is hereby determined that the estimated collec- <br />tions of Tax Levies, together with the capitalized interest <br />deposited in the Debt Service Fund and earnings on amounts <br />held therein, will produce at least 5% in excess of the <br />amount needed to meet, when due, the principal of and <br />interest on the Bond. The City Clerk-Treasurer is directed <br />to file a certified copy of this Resolution with the County <br />Auditor of Ramsey County, Minnesota, and to obtain the <br />certificate required by Minnesota Statutes, Section 475.63. <br /> <br />12. When the Bond has been discharged as provided in <br />this paragraph, all pledges, covenants, and other rights <br />granted by this Resolution to the holder (s) of such Bond <br />shall cease, and such Bond shall no longer be deemed to be <br />outstanding under this Resolution. The City may discharge <br />its obligations with respect to the Bond by depositing with <br />a suitable fiduciary (the "Fiduciary") on or before that <br />date a sum sufficient for the payment thereof in full: or, <br />if the Bond should not be paid when due, it may nevertheless <br />be discharged by deposi ting wi th the Fiduciary a sum suf- <br />ficient for the payment thereof in full with interest <br />accrued to the date of such deposi t. The Ci ty may also <br />discharge its obligations wi th respect to any prepayable <br />principal of the Bond by depositing with the Fiduciary on or <br />before the duly declared date of prepayment an amount equal <br />to he principal and interest then due, provided that notice <br />of, such prepayment has been duly given according to law. <br />The City may also at any time discharge its obligations with <br />respect to the Bond, subject to the provisions of the law <br />now or hereafter authorizing and regulating such action, by <br />depositing irrevocably in escrow, with a bank qualified by <br />law as an escrow agent for this purpose, cash or securities <br />