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. 11. The special assessments are such that <br />' collected in full they,. together with other revenues <br />- ~ ~ pledged for the payment of the bonds, will produce a <br />five percent in excess of the amount needed to meet <br /> <br />• <br />• <br />the principal and interest payments on the bonds. <br />if <br />herein <br />t least <br />when due <br />12. For the prompt and full payment of the principal <br />and interest on the bonds, as the same respectively become due, <br />the full faith, credit and taxing powers of the City shall be <br />and are hereby irrevocably pledged. If the balance in the Debt <br />Service Account is ever insufficient to pay all principal and <br />interest then due on the bonds payable therefrom, the <br />deficiency shall be promptly paid out of any other funds of the <br />City which are available for such purpose, and such other funds <br />may be reimbursed with or without interest from the Debt <br />Service Account when a sufficient balance is available therein. <br />13. The City Clerk is hereby directed to file a <br />certified copy of this resolution with the County Auditor of <br />Ramsey County, Minnesota, together with such other information <br />as he shall require, and to obtain from the Auditor his <br />certificate that the bonds have been entered in the Auditor's <br />Bond Register. <br />14. The officers of the City are hereby authorized <br />and directed to prepare and furnish to the purchaser of the <br />bonds, and to the attorneys approving the legality of the <br />issuance thereof, certified copies of all proceedings and <br />records of the City relating to the bonds and to the financial <br />condition and affairs of the City, and such other affidavits, <br />certificates and information as are required to show the facts <br />relating to the legality and marketability of the bonds as the <br />same appear from t'ne books and records under their custody and <br />control or as othentise known to them, and all such certified <br />copies, certificates and affidavits, including any heretofore <br />furnished, shall be deemed representations of the City as to <br />the facts recited therein. <br />The motion for the adoption of the foregoing <br />resolution was duly seconded by member Eggert and <br />upon vote being taken thereon, the following voted in favor <br />thereof <br />Warkentien, Larson, Eggert, Ciernia <br />and the following voted against the same: None (Member Chestovich <br />being absent) <br />Whereupon said resolution was declared duly passed <br />and adopted. <br />ATTE <br />~~ <br />Dewan B. Barnes, Clerk Administrator <br />i <br />Willis C. A. Warkentien, Mayor <br />Special City_Council Meeting of October 5, 1982 <br /> <br />