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16 . Prior Bonds - Security. Until retirement of the <br /> Prior Bonds, all provisions theretofore made for the security <br /> thereof shall be observed by the City and all of its officers and <br /> agents . <br /> 17 . Tax Increments . The City hereby pledges and <br /> appropriates the Tax Increments to the Debt Service Account, <br /> � <br /> which pledge and appropriation shall continue until all of the <br /> Bonds, and any additional bonds payable from the Debt Service <br /> ccount� are paid or discharged. The City hereby expressly <br /> reserves the right to use the Tam Increments to finance costs set <br /> forth in the Plan not financed hereby or to finance costs of <br /> other projects to be unde7rtaken from time to time within the <br /> Development District in accordance with the Program and the Plan <br /> as may be from time to time amended. <br /> 18 . Coverage Te t . The city hereby finds, declares <br /> and determines that the Tax Increments, together with other funds <br /> herein p ledged for the payment of the Bonds, will, if collected <br /> when due, produce at least five percent (5%) in excess of the <br /> amount needed to meet when glue the principal and interest <br /> payments on the Bonds . <br /> 19 . Defeasance. When all Bonds have been discharged <br /> as P rovided in this paragraph, all pledges, covenants and other <br /> rights granted by this resolution to the registered holders of <br /> the Bonds shall, to the extent permitted by law, cease. The City <br /> may discharge its obligations with respect to any Bonds which are <br /> due on any date by irrevocably depositing with the Bond Registrar <br /> on or before that date a sum sufficient for the payment thereof <br /> in full; or if any Bond should not be paid when due, it may <br /> nevertheless be discharged by depositing with the Bond Registrar <br /> a sun sufficient for the payment thereof in full with interest <br /> accrued to the date of such deposit . The City may also discharge <br /> its obligations with respect to any prepayable Bonds called for <br /> redemption on any date when they are prepayable according to <br /> their terms, by depositing with the Bond Registrar on or before <br /> that date a sum sufficient for the payment thereof in full, <br /> provided that notice of redemption thereof has been duly given <br /> The City ma y also at any time discharge its obligations with <br /> respect to any Bonds, subject to the provisions of law now or <br /> hereafter authorizing and regulating such action, by depositing <br /> irrevocabl y in escrow, with a suitable banking institution <br /> alified by law as an escrow agent for this purpose, cash or <br /> securities described in Minnesota Statutes, Section 475 . 67, <br /> subdivision 8t bearing interest payable at such times and at such <br /> rates and maturing on such dates as shall be required, without <br /> regard to sale and/or reinvestment, to pay all amounts to become <br /> due thereon to maturity or, if notice of redemption as herein <br /> 906107.01 23 <br />