10-27-1999 Council Agenda - Laserfiche WebLink

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binding lien upon such property. The special assessments for the Arcade Improvements have heretofore been authorized. The special assessments for the 1999 Improvements have not heretofore been authorized, and accordingly, for purposes of Minnesota Statutes, Section 475.55, Subdivision 3, the special assessments are hereby authorized. Subject to such adjustments as are required by conditions in existence at the time the assessments are levied, the assessments are hereby authorized and it is hereby determined that the 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 assessments at a rate per annum not greater than the maximum permitted by law and not less than 7.00% per annum: Bond Funded Collection Improvement Designation Amount Levy Years Years (i) Arcade Improvements (ii) 1999 Improvements $ 93,100 1999 -2006 2000 -2007 342,900 1999 -2008 2000 -2009 TOTAL: $436,000 At the time the assessments are in fact levied the City Council shall, based on the then - current estimated collections of the assessments, make any adjustments in any ad valorem taxes required to be levied in order to assure that the City continues to be in compliance with Minnesota Statutes, Section 475.61, Subdivision 1. 17. Coverage Test. The special assessments described in paragraph 16 above are pledged to the payment of the Bonds and interest thereon but shall be credited and may be applied as provided in paragraph 15 above; and said special assessments 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 (5 %) in excess of the amount needed to meet when due the principal and interest payments on the Bonds. 18. Defeasance. When all Bonds have been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this resolution to the registered holders of the Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with respect to any Bonds which are due on any date by irrevocably depositing with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Bond Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The City may also discharge its obligations with respect to any prepayable Bonds called for redemption on any date when they are prepayable according to 1093421.1 Page 104