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(b) In the event of any current or anticipated deficiency in the Assessments, the City Council will levy ad valorem taxes in the amount of said current or anticipated deficiency. (c) The City will keep complete and accurate books and records showing all receipts and disbursements in connection with the Improvements; Assessments levied therefor and other funds appropriated for their payment; all collections thereof and disbursements therefrom; monies on hand; and the balance of unpaid Assessments. (d) The City will cause its books and records to be audited at least annually and will furnish copies of such audit reports to any interested person upon request. Section 5. Refunding: Findin~s: Redemption of Refunded Bonds. 5.01. The Refunded Bonds are the General Obligation Improvement Bonds of 1987, of the City, dated July 1, 1987, of which $240,000 in principal amount is callable on August 1, 1998. It is hereby found and determined that based upon information presently available from the City's financial advisers, the issuance of the Bonds is consistent with covenants made with the holders thereof and is necessary and desirable for the reduction of debt service cost to the municipality . 5.02. It is hereby found and determined that the Proceeds will be sufficient to prepay all of the principal of, interest on and redemption premium (if any) on the Refunded Bonds. 5.03. The Refunded Bonds maturing on August 1, 1999 and thereafter will be redeemed and prepaid on Allgust 1, 1998. The Refunded Bonds will be redeemed and prepaid in accordaIlce with their terms and in accordance with the terms and conditions set forth in the forms of Notice of Call for Redemption attached hereto as Attachment B which terms and conditions are hereby approved and incorporated herein by reference. The City is hereby authorized and directed to forthwith publish the Notice of Call for Redemption in a publication qualified under Section 475.54 of Minnesota Statutes and to send written notices of call to the paying agent for the Refunded Bonds, provided that published notice alone will be effective. 5.04. When all Bonds and all interest thereon, have been discharged as provided in this section, all pledges, covenants and other rights granted by this resolution to the holders of the Bonds will cease, except that the pledge of the full faith and credit of the City for the prompt and full payment of the principal of and interest on the Bonds will remain in full force and effect. The City may discharge all Bonds which are due on any date by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full. If any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. Section 6. Authentication of Transcript. 6.01. The officers of the City are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such DJK144652 CE15S-14