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general obligation tax increment bonds of the City hereafter issued by the City and made payable from said account as provided by law. Any sums from time to time held in the Debt Service Account in excess of amounts which under the applicable federal arbitrage regulations may be invested without regard as to yield shall not be invested at a yield in excess oi the applicable yield restrictions imposed by said arbitrage regulations on such investments after taking into account any applicable "temporary periods" made available under the federal arbitrage regulations. In addition, money in the Account shall not be invested in obligations or deposits issued by, guaranteed by or insured by the United States or any agency or instrumentality thereof if and to the extent that such investment would cause the Bonds to be "federally guaranteed" within the meaning of Section 103(h) of the Internal Revenue Code of 1954, as amended. 24. For the purpose of complying with the provisions of Minnesota Statutes, Section 273.75, Subdivision 5, the City has approved development agreements with developers for development or redevelopment of at least 75% of properties to be acquired by the City with the proceeds of the Series 1 Bonds issued hereunder, which agreements provide for recourse for the City should such development or redevelopment not be completed. 25. The City has requested the original assessed values (as defined in Minnesota Statutes, Section 273.73, Subdivision 7) of property in Tax Increment Districts No. 1 and 2, as modified and Tax Increment District No.4. The County Auditor has heretofore certified the original assessed value of Tax Increment District No.3. The County Auditor shall determine in each year if the then current assessed values of properties in the Tax Increment Districts exceeds the original assessed values, and shall calculate, in the manner provided in Minnesota Statutes, Section 273.76, SUbdivision 3, the captured assessed values (as defined therein) attributable to the Tax Increment Districts. The City has determined to retain 1UO% of the captured assessed values for purposes of tax increment financing. The County Auditor shall, in each such year, compute the mill rates to be extended against the captured assessed values in the manner provided in Minnesota Statutes, Section 273.76, Subdivision 3, and the tax generated thereby shall constitute the tax increments for the year in which it is received. The County Treasurer will remit to the City the tax increments so received until the cost of the Project, including 28