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5313747v2 14 imposed by the arbitrage regulations on such investments after taking into account any applicable "temporary periods" or "minor portio n" made available under the federal arbitrage regulations. In addition, the proc eeds of the Bonds and money in the Fund 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 investme nt would cause the Bonds to be "federally guaranteed" within the meaning of Section 149(b) of the federal Internal Revenue Code of 1986, as amended (the "Code"). 16. Tax Levy; Coverage Test; Cancellation of Certain Tax Levies. To provide moneys for payment of the principal and interest on the Bonds there is he reby levied upon all of the taxable property in the City a direct annual ad valorem tax wh ich shall be spread upon the tax rolls and collected with and as part of other gene ral property taxes in the C ity for the years and in the amounts as follows: Years of Tax Levy Years of Tax Collection Amount 20__-20__ 20__-20__ See attached schedule The tax levies are such that if collected in fu ll they, together with estimated collections of any other revenues herein pledged for the paymen t of the Bonds and sums held in the Escrow Account, will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Bonds. The tax levies shall be irre pealable so long as any of the Bonds are outstanding and unpaid, provided th at the City reserves the right and power to reduce the levies in the manner and to the ex tent permitted by Minnesota Statutes, Section 475.61, Subdivision 3. Upon payment of the Prior Bonds, the uncollect ed taxes levied in the Prior Resolution authorizing the issuance of the Prior Bonds whic h are not needed to pay the Prior Bonds as a result of the Refunding shall be canceled. 17. General Obligation Pledge. For the prompt and full payment of the principal of and interest on the Bonds as the same respectiv ely become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. If the balance in the Escrow Account or Debt Service Account is ever insufficient to pay all pr incipal and interest then due on the Bonds payable therefrom, the deficiency shall be promptly paid out of any other accounts of the City which are available for such purpose, and such other funds may be reimbursed without interest from the Escrow Account or Debt Servi ce Account when a sufficient balance is available therein. 18. Securities; Escrow Agent. Securities purchased from moneys in the Escrow Account shall be limited to securities se t forth in Minnesota Statutes, Section 475.67, Subdivision 8, and any amendments or supplemen ts thereto. Securities purchased from the Escrow Account shall be purchased simultaneously with the delivery of the Bonds. The City Council has investigated the facts and hereby find s and determines that the Escrow Agent is a suitable financial institution to act as escrow agent.