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3.02. ~he City Ma~a~er is authorized and directed to obtain a copy of the proposed aPJ?rov~ng legal oplmon of Holmes & Graven, Chartered, Minneapolis, Minnesota, wh!ch IS to be complete except as to dating thereof and cause the opinion to be p;mted on each Bond, to!,ether with a certificate to be signed by the facsimile sIgnature of the Manager In substantially the form set forth in the form of Bond T~e Manager is, authorized and directed to execute the certüicate in the name of th¿ CIty upon receIpt of the opinion and to file the opinion in the City offices. Section 4. Payment: Security: Pledges and Covenants. 4.01. (a) The Bonds are payable from the General Obligation Refunding Improvement Bonds, Series 1994 Debt Service Fund (Debt Service Fund) hereby created, and the proceeds of ad valorem taxes hereinafter levied (Tax- es) and special assessments (Assessments) levied for improvements (Improvements) financed by the Bonds and the Refunded Bonds as defined in the resolution providing for the issuance and sale of the Bonds are hereby pledged to the Debt Service Fund. (b) The debt service fund (but not the construction funds, if any) heretofore established for the Refunded Bonds is terminated, and all monies therein are hereby transferred to the Debt Service Fund herein created; provided, however, that the Finance Director is hereby authorized and directed to transfer from the Debt Service Fund those amounts determined by actuarial calculation at the time of delivery of the Bonds to be necessary to properly fund the Escrow Account established by Section 5 of this resolution. If any payment of principal or interest on the Bonds becomes due when there is not sufficient money in the Debt Service Fund to pay the same, the Finance Director must pay such principal or interest from the general fund of the City, and the general fund shall be reimbursed for such advances out of the proceeds of the Taxes levied by this resolution, and Assessments when collected. 4.02. It is determined that at least 20% of the cost of the Improvements has been specially assessed against benefitted property. For the purpose of paying the principal of and interest on the Bonds, there is hereby levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, which shall be spread upon the tax rolls and collected with and as part of other general taxes of the City. Such tax shall be credited to the Debt Service Fund above provided and shall be in the years and amounts as follows (year stated being year of levy for collection the following year) : (See Attachment A) 4.03. The Manager is directed to file a certified copy of this resolution with the County Auditor and to obtain the certificate required by Minnesota Statutes, Section 475.63. 4.04. It is hereby determined that upon the deposit of Proceeds and Funds (as hereinafter defined) in the Escrow Account (as hereinafter defined) that an irrevocable appropriation to the debt service fund for the Refunded Bonds shall have been made within the meaning of Section 475.61, Subdivision 3 of Minnesota Statutes, as amended, and the Manager is hereby authorized and directed to certify such fact D.71t63776 118200-13 10