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Bonds. The moneys in the Refunded. Bonds Escrow I+un4 will be used soleLy. for the -purposes herein set forth and for no other purpose, except that any surplus in the- Refunded Bonds Escrow Fund may be remitted tg the City, all in accordance with the Memorandum. of Instruction by and between the City and the -Refunded Bonds Escrow Agent. 4.03. Prior Debt Service Fund. The .Debt Service Fund heretofore creatod 'for the Refunded Bonds pursuant to the Prior Resolution shall be terminated on the Redemption Date, following the Redemption of the Refunded Bonds And :all moneys therein.:sliall hereby be transferred to the Refunded Bonds )Escrow Account: 4:04. Pledge of Tax Levv. To.provide moneys. -for -payment payment of the principal and interest on the Bonds maturing after the Redemption Date, there is hereby levied a direct annual irrepealable ad valorem tax upon all of the taxable.property in the City which will be:spread upon the tax rolls and collected with .and as -part of -other general taxes of the City.. The Taxes will be.crodited to. the Debt Service Fund above. provided and will be, in- the years -and amounts asset forth bn Bxhibit.C. The tax levies are such that if collected in `full they, together with estimated collections of investment.earnings (and until -the Redemption Date, all. amounts in thr* Escrow Fund), ad valorem taxes and other rdVenues*herein pledged for the payment of the. Bonds, will produce at least five percent in excess of the amount needed to meet when due the, principal *dd interest.payments on the Bonds. The tax levies will be- irrepealable so: long as any.of the Bonds am outstanding and* unpaid, provided that the City reserves the right to reduce the levies in -the inanner and to the exfe6t permitted by Section 475.61, subdivision.3 of the. -Act 4:a5. Candellation of Prior Levies after Redemption Do Following the payment in full of all outstanding. principal of and interest on the Refunded Bonds on the Redemption Date, the City Administratpr-Clerk.is.her6hy dirocted to certify such fact to and request the County Auditor. of Ramsey County, Minnesota to cancel any and all tax levies for taxes made. by the.Prior Resolution. 4.06. General Obligation Pledge. Epr the prompt. and full payment of the principal and interest on the Bonds, as the same respectively become due, th�a fall faith, credit and taxing.:powers of the City Will be and ait hereby irrevoaablypledged. If the, balance in the Escrow Fund oi' Oei bt .Service Fund is' ever insufficient io .pay alf principal and interest. theii due on the Bonds and any other bonds .payable therefrom, the deficiency -will be. promptly paid out. -of monies in the -general fund oif the City which.. are. Available for. such purpose, and such general fund may be reimbursed with -.or without interest from the Escrow Fund or. ,S.Debt erviOe Fund when a sufficient palance is available therein.. 4.07. Certificate of Coma Auditor as to Registration. The City Administrator -Clerk is authorized and directed to file -a rertifred copy of this resolution with the County Auditbr*and to obtain the certificate reyuired.by Section 475.E of.the-Act. Section 5: Refunding: Findings: Redemption of Refunded Bonds. 5.01.. Purpose of Refunding. The. Refunded Bonds consist of -tha-City's Series 2007A. Bonds. The 2017 through-2028 maturities of the: Serxes'2007A Bonds will. be called for redemption .on February 1., 2016, in the principal amount of'$730j000. It is hereby found and determined that based upon information presently available from the City's municipal advisor, the issuance of the Bonds, a portion of Which will *be used to redeem -and prepay the Refunded.Bonds, is consistent with covenants. made with the holders of the Rei inded Bonds. 4612550 GA`GE19.0-12 7