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;. . 5.08. E8oro~lDent. cD or p1'io1' to the delivery of the Jtefu:nd.1nl Bo~ the Mayor and the er are hereby author1sed and diNcted to execute OD MbalÎ of the City an .8croW ~nt (Escrow Aveement) witb the Escrow Aaent In substantially the form now on m. with the Manapr. AD ...ent1a1 terma and oolLc!ltiona of the Escrow Aar~t. including payment by the City of 1'e88onab1e charges tor the aervicea of the Escrow Apnt. are hereby approveci &:Ad adopted and mad. a part of this 1'G801UtioD, aDd the City ooveJ18.nW that it will promptly enforce aU p1'Ovia101L8 theNOi' in the event of default thereunder by the Escrow Apnt. '5,09. Defeasance. When aU Bonds and aU wterest thereon, have been cUschar~ed as pl'ov1dedin this pan.¡raph, all p1edceø, oovermnts and other r1chta panted by thil resolution to the hold81'l of the Bonda ahaU oeue, except that the pled¡e of the fun faith and oN<lit of the City tor the prompt and full payment of the principal of and mte1'8lt on the Bondi 8haU remain in fuU force and effect. The City _y dJaohar¡e all Bonds whicll are due on any elate by depoalt.h1e with the R.ptl'U' on or before that date a sum .utt1cJent tor the payment thereof in fuD; If any Bond ahould. not be paid when due, It may neverthel... be diøcbarpd by depositina witb a auitable Escrow Apnt a Iwn auftic1ent tor the payment thereof In fuU with interest accrued to the date at øuch depoøit. The City may 81180 at any time d1øcharp and 4efease the Boncla h1 the1r entirety by oompJy1nc With tbe prov1s1ona of Sectio:n ·U6 .87 of MinDeaota Statutes, exoept that the funds deposited in ..crow m ac~rdanoe with aaid provll1ou may (to the extent perDdtted by law) but nMd not be, in whole or in paJ't, proceeds ot bonda as therein providéd without the CODAnt Df any Bondholders. Seotfon 8. Authentication of TransorfDt. 6.01. The officers of the City 'are autborized end c:tireoted to pMpare anc! furnish to the Purchaser and. to the attorneys approving the Bonds, oertit1ed copt8. of proo.adm¡s and record. of the City relatm¡ to the Bonds and. to the financial eoncUtlon and. affairs of the City, and suoh other certificates, affidavits anå tranacrfpts as may be required to show the facti within thefr knOwledge or as sbown by the books and records m their custody and under tbe1J' control, relating to the va11dity and III&1'ketability of the Bonds and IUch instrument.. lDoluding any heMtofore furnished, shall be d.eemed. representations at the City as to the facta .tated therein. 8.02. The Mayor and City ~pr are bereby autbol'1zed and cUreoted to oertfty that they have examh:l.ed the Official Statement prepared and aiI-ou]ated in connection with the iuuanoe and aa1e of the BO:Qda and that to the but ot their knowled.KÐ and beUof the Official Statement Sa a oomplete Uld aoouNt. rep"8entation of the faots and npMHntaUona made therein as of the date of the Official Statement. Seotlon 7. Iwe Cov,,-"'''pt. '1.01. The City covenants and apes with the holders trom time to time or the BODds that it wU1 not take 01' permit to be taken by any of ita oftioers. employees or ag.nt. any aotlon which would cauae the interest on the Bond. to beoome subject to taxation UDder the Internal Revenue Code of 1886, all amended (the Code), and u. Treaaury .er;ulations p1'OIIIUlpted thereunder, in effeot at the t1me of such aotkms, aDd that it will take or oau.e1ta offioera, employeea 01' apntll to take, all altlnDad... aoUOIl w1thiD ita power that may be n8ceaaary to ensure that BUcb æt.~t wD1 DOt become lIubjeC!t to taxation under the Code and applicable TrealN1"11te¡uJationa, .. presently ex1st1n~ 01' aa hereafter amended and mad. appUoable to the Bond... t:IIU'J'JI _00-13 14