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cost savings (the "Reduction") is at least 3:00% of the debt service on the. Refunded Bonds. The :Reduction, a#ter the iiiclusion of all authorized expenses of refunding in the computation of the effective .interest rate. oo the Bonds, is adequate to, authorize the issuance of the Bonds as provided by Section 475.67, subdivisions 12. and 13 of the Act. 5;03. Procds Pledged to the Escrow Fund. As. of the date of delivery of and payment for the Bonds, proceeds ofthe Bonds are hereby pledged and appropriated and. will be deposited in the Escrow Fund as follows! i} $10.,5t)3.11 for the purpose of paying interest .on the Bonds to and including Date the principal Februaryl;, 2016; and (ii) $7.30,000 for the. purpose..of redeeming on the Redemption amount.ofthe Series 2007A Bonds maturing after the Redemption Date. 5.04. Securities to Fund. Escrow Fund. Securities purchased, if any, from ,the moneys in the Escrow Fund will be -limited to securities specified in Section 475.671, subdivision 8 of the Act. Ehlers & Associates, Ino., and/or U.S. Bank National Association, as agent for the City, is hereby authorized and* directed to purchase for and on behalf of the City and in its name, appropriate .securities to fund the Escrow Fund. Upon the issuance and delivery of the. Bonds, the securities so purchased will be deposited with the Escrow Agent and held pursuant to the terms of the Memorandum of Tnstriiction (as defined herein) and this resolution. 5.05. Notice Call for Redeni tion. The Refunded Bonds. maturing on February 1, 2:011', and thereafter will be redeemed and prepaid on the Redemption Date in :accordance with its terms and in accordance with the terms and cotadztions set forth in the form of Notice of Call for Redemption attached hereto as EXHIBIT D, which terms and conditions are hereby approved and incorporated by reference. The registrar for. the Refunded Bonds -is authorized and directed tq send a copy of the Notice of Call for Redemption to the registered holder of the Refunded Bonds. 5.06. Memorandum of Instruction. On or prior to the. delivery of the Bonds, the Mayor and. the City Clerk are hereby authorized and directed to execute On. behalf of the. City a Memorandum of Understanding with the Escrow Agent in substantially the fori i now on file with the City Clerk.. All essential terms and conditions of the Memorandum of Understanding including payment of reasonable charges for the services .of the Escrow Agent; are hereby approved and adopted and made partof this Resolution. Section 6. Authentication of T nsc �)t. 6.0. 1. 'City Proceeds t&s and: Records.. The officers of the City are authorized. and directed to prepare and furnish is the Purchaser and to. the attorneys approving the. Bonds, certified copies of proceedings and records of the �Cityrelating-to *the Bonds and to the financial condition and -affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the- facts within.. their knowledge -.or as shown by the books and records in their custody and under their bontrol, relating to the validity and marketability of the Bonds; and such instruments, including any heretofore furnished, may be. deemed representations of the City as to the facts stated therein. 6.02. Certification as to Official Statement. The Mayor and City Administrator -Clerk are hereby authorized and. directed to certify that they have .examined the and. Statement prepared. and circulated in connection with the issuance and sale of the Bonds an&that to the.. best of their knowledge and beiiefthe Official Statement is a complete. -and accurate representation of the facts and representations made therein at -of the date of the Official Statement. 6.03. OtMr Certificates: The Mayor, City Administrator -Clerk, and.City Treasurer are hereby authorized and directed to furnish to the Purchaser at the closing such certificates as are required as a :eonditio' n of sale. Unless litigation shall have been commenced and be pending questioning the :Bonds or 461255vGA-V GE190-12 i.