CCRes_85-23 - Laserfiche WebLink

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18. On or before October 10 of each year, the Clerk-Treasurer shall certify to the County Auditor of Ramsey • County the amount of Tax Increments and any other funds appropriated to and then held in the Debt Service Account and the estimated collections of Tax Increments to be received in the next succeeding year. In the event that it is anticipated that the aggregate of said sums will not be sufficient to pay the principal and interest on the Bonds to become due in the first calendar year thereafter and the first six months of the succeeding calendar year, the City council shall pass a resolution requesting the County Auditor of Ramsey County to levy an ad valorem tax in an amount as is necessary, together with the aforementioned funds then held in the Debt Service Account and said estimated collections of Tax Increments to pay the principal and interest on the Bonds to become due during said period. 19. For the purpose of complying with the provisions of Minnesota Statutes, Section 273.75, Subdivision 5, the City has entered into the Development Agreement for the development for housing purposes of at least 90 percent of the Tax Increment District property to be acquired by the City with the proceeds of the Bonds, which Development Agreement provides for recourse for the City should such development not be completed. 20. The Tax Increments are such that if collected in full they, together with estimated collections of 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 Ronds. 21. For the prompt and full payment of the principal and interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers o.f the City shall he and are hereby irrevocably pledged. If the balance in the Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds payable therefrom, the deficiency shall be promptly paid out of any other funds of the City which are available for such purpose, and such other funds may be reimbursed with or without interest from the nebt Service Account when a sufficient balance is available therein. 22. The Clerk-Treasurer is hereby directed to file a certified copy of this resolution with the County Auditor of Ramsey County, Minnesota, together with such other information as he shall require, and to obtain from the Auditor his certificate that the Bonds have been entered in the Auditor's Bond Register. 18 •