01-27-1993 Council Agenda - Laserfiche WebLink

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18. Coverage Test. The Tax Increments herein pledged to the payment of the Bond are such that if collected in full they, together with other revenues herein pledged for the payment of the Bond, will produce at least five percent (5 %) in excess of the amount needed to meet when due the principal and interest payments on the Bond. 19. Development Agreement; Interest on Bond Taxable. The City has entered into a Development Agreement with Randice Heights II Partnership, Inc., which provides, among others, financial support for the payment of the Bond. The City, in order to obtain such financial support, has not qualified the Bond as tax - exempt under the Internal Revenue Code of 1986, as amended. 20. Reservation of Rights. Notwithstanding any provisions herein to the contrary, the City reserves the right to terminate, reduce or apply to other lawful purpose the Tax Increments herein pledged to the payment of the Bond and interest thereon to the extent and in the manner permitted by law. 21. General Obligation Pledce. For the prompt and full payment of the principal and interest on the Bond, as the same respectively become due, the full faith, credit and taxing powers of the City shall be 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 Bond and any other 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 Debt Service Account when a sufficient balance is available therein. 22. Certificate of Registration. The Administrator 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 or she shall require, and to obtain the County Auditor's certificate that the Bond has been entered in the County Auditor's Bond Register. 23. Records and Certificates. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the issuance of the Bond, certified copies of all proceedings and records of the City relating to the Bond and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of the Bond as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore 232 8 Page 43 16