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1999_0125_packet
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1999_0125_packet
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reserves the right and power to reduce the levies in the manner <br /> and to the extent permitted by Minnesota Statutes, Section <br /> 475, 61, Subdivision 3 . <br /> 18 nof easangel. When all Bonds have been discharged <br /> as provided in this paragraph, all pledges, covenants <br /> and other rights granted by this resolution to the <br /> registered holders of the Bonds shall, to the extent <br /> permitted by law, cease. The City may discharge its <br /> obligations with respect to any Bonds which are due on <br /> any date by irrevocably depositing with the Bond <br /> Registrar on or before that Mate a sum sufficient for <br /> the payment thereof in full; or if any Bond should not <br /> be paid when due, it may nevertheless be discharged by <br /> depositing with the Bond registrar a sum sufficient for <br /> the payment thereof in full with interest accrued to <br /> the date of such deposit. The City may also discharge <br /> its obligations with respect to any prepayable Bonds <br /> called for redemption on any date when they are <br /> prepayable according to their terms, by depositing with <br /> the Bond registrar on or before that date a sum <br /> sufficient for the payment thereof in full, provided <br /> that notice of redemption thereof has been duly given. <br /> The city may also at any time discharge its obligations <br /> with respect to any Bonds, subject to the provisions of <br /> law now or hereafter authorizing and regulating such <br /> action, by depositing irrevocably in escrow, with a <br /> suitable banking institution qualified by law as an <br /> escrow agent for this purpose, cash or securities <br /> described in Minnesota Statutes, section 475. 67, <br /> Subdivision 8, bearing interest payable at such times <br /> and at such rates and maturing on such dates as shall <br /> be required, without regard to sale and/or <br /> reinvestment, to pay all amounts to become due thereon <br /> to maturity or, if notice of redemption as herein <br /> required has been duly provided for, to such earlier <br /> redemption date. <br /> 19, Comnliance Compliance With Reimburgement Bond Regulations. <br /> The provisions of this paragraph are intended to <br /> establish and provide for the city' s compliance with <br /> United Mates Treasury Regulations Section 1 . 150-2 (the <br /> "Reimbursement Regulations") applicable to the <br /> "reimbursement proceeds" of the Bonds, being those <br /> portions thereof which will be used by the City to <br /> reimburse itself for any expenditure which the city <br /> paid or will have paid prior to the closing Date (a <br /> "Reimbursement Expenditure") . <br /> The city hereby certifies and/or covenants as follows: <br /> (a) Not later than 60 days after the date of <br /> payment of a Reimbursement Expenditure, the <br /> City (or person designated to do so on behalf <br /> of the City) has made or will have made a <br /> written declaration of the City ' s official <br /> 1006009.1 24 <br />
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