10-27-1999 Council Agenda - Laserfiche WebLink

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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. Accordingly, no taxes upon all taxable property in the City are required to be levied for the payment of the Bonds prior to their issuance as permitted by Minnesota Statutes, Section 469.060. 21. Authorization to Execute Tax Increment Pledge Agreement. The Tax Increment Pledge Agreement is hereby approved in substantially the form now on file in the office of the City; and the Mayor and City Administrator of the City are authorized to execute the same in the name of and on behalf of the City. In the event of the disability or the resignation or other absence of the Mayor or City Administrator of the City, such other officers of the City who may act in their behalf shall without further act or authorization of the City do all things and execute all instruments and documents required. to be done or to be executed by such absent or disabled officials. The approval hereby given to the Tax Increment Pledge Agreement includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City Attorney and by the City officials authorized herein to execute the Tax Increment Pledge Agreement prior to its execution; and said City officials are hereby authorized to approve said changes on behalf of the City. 22. Concurring Resolution of the Authority. The Authority will adopt a resolution authorizing execution of the Tax Increment Pledge Agreement. The City shall take such action as it determines is necessary to assure that the covenants of the Authority in the Tax Increment Pledge Agreement are fully and promptly performed; provided that in the exercise of any rights with respect thereto, the City shall be subject to the same standards and to the same rights applicable to the Authority under the covenants as if the City were the Authority. 23. 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 their terms, by depositing with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full, 1094077.1 Page 131