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. (b) Upon issuance of the Refundinq Bonds, the sinking fund account heretofore established for said Improvement Bonds, Series 1, dated November 1, 1970, shall be redesignated the Debt Service Fund of the General Obligation Bonds Account, and all unexpended taxes collec- table in 1977 and special assessments hereto- fore levied and pledged to the sinking fund account of said Improvement Bonds and any other unexpended monies pledged to said sinking fund account pursuant to the Resolution of the City Council adopted November 16, 1970 authorizing the issuance of said Improvement Bonds, plus all accr~ed interest and premium (if any) received upon\delivery of the Refunding Bonds, less any funds in said sinking fund account appropriated to the Payment Fund as herein provided, are hereby irrevocably pledged and appropriated to the Debt Service Fund for the payment of the principal and interest on the Refundinq Bonds, and, to the extent not discharged out of the Payment Fund, said Improvement Bonds, Series 1, dated November 1, 1970. . 10. Until retirement of the Refunded Bonds, all provisions theretofore made for the security thereof shall be observed by the City and all of its officers and agents. However, the City Council hereby finds, determines and certi- fies to the County Auditor of Ramsey County that the proceeds of the sale of the Refunding Bonds to be used to refund said Refunded.,Bonds, together with other funds available and appro- priated to the Payment Fund for said purpose, will be sufficient to pay when called for redemption as herein provided all of the principal of and interest and premium on the Refunded Bonds. Accordingly, upon issuance of the Refunding Bonds, the County . Auditor of Ramsey County is hereby authorized and directed to the extent and in the manner permitted by law to cancel forth- with or if necessary from year to year the taxes levied in the years 1977 through 1987 under the Resolution of the City Council adopted on November 16, 1970 for the payment of principal of and interest on said Improvement Bonds, Series 1 and not needed as a result of the establishment of the aforesaid Payment Fund and the levy of taxes hereinafter made for the payment of the Refunding Bonds and interest thereon and the balance of said Improvement Bonds, Series 1 not refunded hereunder. 11. To provide monies for the payment of principal and interest on the Refunding Bonds and the balance of said Improvement Bonds, Series 1, dated November 1, 1970, not -8-