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Tax Increments or of any general ad valorem taxes levied pursuant to paragraph 9 hereof, when collected. 9. The full faith, credit, and taxing powers of the City are hereby pledged to the payment of the principal 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. 10. It is hereby determined that the estimated collec- tions of Lease Revenues and Tax Increments will produce at least 5% in excess of the amount needed to meet, when due, the principal and interest payments on the Bond and that no general ad valorem tax levy is needed at this time. The City Clerk-Treasurer is directed to file a certified copy of this resolution wi th the County Audi tor and to obtain the certificate from said official required by Minnesota Stat- utes, Section 475.63. 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 depositing 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. l2. When the Bond has been paid or otherwise discharged as provided in paragraph II above, any remaining funds in the Debt Service Account shall be transferred to the Tax Increment Financing Distr ict No. 4 Account where they may then be used for any lawful purpose consistent wi th the Development Program and Tax Increment Financing Plan. 13. The City covenants and agrees with the Registered Holder of the Bond herein authorized that it will not take, or permit to be taken, by any of its officers, employees, or agents, any action which would cause the interest on the Bond to become subject to taxation under the united States Internal Revenue Code of 1954, as amended (the "Code"); and that it will take, or it will cause its officers, employees, or agents to take, all affirmative actions within its powers which may be necessary to insure that such interest will not become subj ect to taxation under the Code. The Code, as used herein, includes all regulations, amended regulations, - 9 -