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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 149(b) of the Internal Revenue Code of 1986, as amended (the "Code"). 16. Prior Bonds; Securitv. Until retirement of the Prior Bonds, all provisions for the security thereof shall be observed by the City and all of its officers and agents. 17. Snecial Assessments. The City has heretofore levied special assessments pursuant to the Prior Resolution, which have been pledged to the payment of the principal and interest on the Prior Bonds. All uncollected special assessments are now pledged to the payment of principal of and interest on the Bonds. The balance of the special assessments shall be payable in equal, consecutive, annual installments with general taxes for the years shown below and with interest on the declining balance of all such installments as follows: Imvrovement Desi n� ation Uncollected Amount Collection Years See attached special assessment and tax levy schedule 18. Tax Lew; Coverage Test; Cancellation of Certain Tax Levies. To provide moneys for payment of the principal and interest on the Bonds there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of other general properiy taxes in the City for the years and in the amounts: Year of Tax Lew Year of Tax Collection Amount See attached special assessment and tax levy schedule The tax levies are such that if collected in full they, together with estimated collections of special assessments and other revenues herein pledged for the payment of the Bonds, 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 irrepealable so long as any of the Bonds are outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3. Upon payment of the Refunded Bonds, the taxes levied by the Prior Resolution in the years 2004 through 2011 for collection in the years 2005 through 2012 shall be canceled. 19. Continuing Disclosure. The City is the sole obligated person with respect to the Bonds. The City hereby agrees, in accordance with the provisions of Rule 15c2-12 (the "Rule"), promulgatedby the Securities and Exchange Commission (the "Commission")pursuant to the Securities Exchange Act of 1934, as amended, and a Continuing Disclosure Undertaking (the "Undertaking") hereinafter described: (a� Provide or cause to be provided to each nationally recognized municipal secunties mformation repository ("NRMSIR") and to the appropriate state information i��M � �