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1 General obli ation Pledge .. For the prompt and <br /> payment of the principal of and interest on the Bonds as the <br /> full paw � <br /> same respectively become due, the full faith credit and taint <br /> powers of the City shall be and are hereby irrevocably pledged. <br /> If the balance in the Escrow Account or Debt Service Account is <br /> ever insufficient to pay all principal and interest then due on <br /> the Bonds payable therefrom, the deflcie promptly <br /> ! <br /> p is of the art which are available <br /> for paid out of any other accounts h purpose, and such other funds may be reimbursed without <br /> interest <br /> from the Escrow Account or Debt Service Account when a <br /> sufficient balance is available therein t <br /> 22 . urit ie ' Es r w Acrent. Securities purchased <br /> from �s none in the Escrow Account shall be 1�mited to securities <br /> set forth in Minnesota Statutes, Section 475 .67, Subdivision 81 <br /> amendments or supplements thereto. <br /> and any amend pp Securities purchased <br /> delrdelivery from the Escrow Account shall be purchased simultaneously w <br /> of the Bonds . The city council has investigated the facts and hereby finds and determines that the Escrow Agent is a <br /> suitable <br /> financial institution to act as escrow agent and is <br /> within the meaning of t <br /> qualified he provisions of Minnesota <br /> Statutes, Section 475 . 67, Subdivision S . <br /> d m tion of Prior Bonds . The prior Bonds which <br /> . �3 ' redeemed and prepaid on <br /> mature in 1999 and thereafter shall be red p. <br /> 1998 in accordance with the terms and conditions set <br /> August 11 � attached hereto as <br /> forth in the Notice of Call for.Redemption <br /> which terms and conditions are hereby approved and <br /> Exhibit Al id Notice of Call for <br /> incorporated herein bar reference. �a <br /> Redemption shall be given pursuant to the Escrow Agreement <br /> 24 . Escrow Agreement . On or prior to the delivery of <br /> Mayor and Manager shall, an <br /> the Bonds the Mai d are hereby authorized� � n Escrow <br /> d directed to, execute on behalf of the City a <br /> an <br /> Agreement. The Escrow Agreement is hereby app roved and adopted <br /> and made a part of this resolution, and the City covenants that <br /> it will promptly i <br /> enforce all provisions thereof n the event of <br /> default thereunder by the Escrow Agent . <br /> purchasp of SLQ.S or-.Onen Market Securities . The <br /> authorized and directed. to purchase on behalf of <br /> City �s hereby a late United States <br /> the Council and in its name the appropriate <br /> Treasury Securities, State and Local Government Series and/or o � h �� above,, f roan en market securities as provided in ara ra p p <br /> p t necessary, other the Bonds and, to the extent the proceeds of <br /> available funds, all in and, to the extent necessary, other <br /> all in accordance with the provisions of this <br /> available funds, <br /> r <br /> esolution and the Escrow Agreement and t o execute all such <br /> (including the appropriate subscription form) require <br /> documents �� � with the applicable U.S . <br /> to effect such purchase in accordance PP <br /> Treasury Regulations . <br /> 25 <br /> 9G6107.01 <br />