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<br />Escrow Account). The Debt Service Account shall be used <br />solely to pay the principal and interest on the Bonds and <br />any of the bonds heretofore or hereafter aU~lorized and <br />made payable from said account as provided by law. <br /> <br />. <br /> <br />Any sums from time to time held in the Debt Service <br />Account in excess of amounts which under the applicable federal <br />arbitrage regulations may be invested without regard as to <br />yield shall not be invested at a yield in excess of the <br />applicable yield restrictions imposed by said arbitrage <br />regulations on such investments after taking into account any <br />applicable "temporary periods" made available under the federal <br />arbitrage regulations. In addition, money in the Account shall <br />not be invested in obligations or deposits issued by, <br />guaranteed by or insured by the United States or any agency or <br />instrumentality thereof if and to the extent that such <br />investment would cause the Bonds to be "federally guaranteed" <br />within the meaning of Section l03(h) of the Internal Revenue <br />Code of 1954, as amended. <br /> <br />16. Until retirement of the Refunded Bonds, all <br />provisions theretofore made for the security thereof shall be <br />observed by the City and all of its officers and agents, <br />However, the City Council hereby finds, determines and certi- <br />fies to the County Auditor of Rasmey County that the proceeds <br />of the sale of the Bonds to be used to refund said Refunded <br />Bonds, together with other funds available and appropriated to <br />the Escrow Account for said purpose, will be sufficient, <br />together with the earnings on the investment of such funds in <br />said Escrow Account, to pay when due or called for redemption <br />as herein provided all of the principal of and interest and <br />premium, if any, on the Refunded Bonds. Accordingly, upon Bond <br />Closing the County Auditor of Ramsey County is hereby <br />authorized and directed to the extent and in the manner <br />permitted by law to cancel forthwith or if necessary from year <br />to year the taxes levied in the years 1992 through 1994 <br />pursuant to the Resolution of the City Council adopted on <br />March 25, 1985 for the payment of principal of and interest on <br />said General Obligation Improvement Bonds of 1985, and not <br />needed as a result of the establishment of the aforesaid Escrow <br />Account. <br /> <br />17. Securities purchased from the monies i~ the <br />Escrow Account shall be limited to securities set forth in <br />Minnesota Statutes, Section 475.67, Subdivision 8, and any <br />amendments or supplements thereto. Securities purchased from <br /> <br />. <br /> <br />16 <br />