02-12-2014 Additions - Laserfiche WebLink

Home Browse Search

City, in an amount, together with other funds which may herein or hereafter from time to time be irrevocably appropriated to the System Improvements Debt Service Subaccount, sufficient to meet the requirements of Minnesota Statutes, Section 475.61 for the payment of the principal and interest of the System Revenue Portion of the Bonds; (B) a pro rata share of any amount paid for the Bonds in excess of the minimum bid; (C) a pro rata share of all funds remaining in the Construction Account after completion of the Project; (D) any collections of all taxes which may hereafter be levied in the event that the net revenues of the System and other funds herein pledged to the payment of the principal and interest on the System Revenue Portion of the Bonds are insufficient therefore; (E) all investment earnings on funds held in the System Improvements Debt Service Subaccount; and (F) any and all other moneys which are properly available and are appropriated by the governing body of the City to the System Improvements Debt Service Subaccount. The System Improvements Debt Service Subaccount shall be used solely to pay the principal and interest and any premiums for redemption of the System Revenue Portion of the Bonds. No portion of the proceeds of the Bonds shall be used directly or indirectly to acquire higher yielding investments or to replace funds which were used directly or indirectly to acquire higher yielding investments, except (1) for a reasonable temporary period until such proceeds are needed for the purpose for which the Bonds were issued and (2) in addition to the above in an amount not greater than the lesser of five percent of the proceeds of the Bonds or $100,000. To this effect, any proceeds of the Bonds and any sums from time to time held in the Construction Account, Operation and Maintenance Accounts or Debt Service Account (or any other City account which will be used to pay principal or interest to become due on the bonds payable therefrom) in excess of amounts which under then applicable federal arbitrage regulations may be invested without regard to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage regulations on such investments after taking into account any applicable "temporary periods" or "minor portion" made available under the federal arbitrage regulations. Money in the Fund shall not be invested in obligations or deposits issued by, guaranteed by or insured by the United States or any agency or instrumentality thereof if and to the extent that such investment would cause the Bonds to be "federally guaranteed" within the meaning of Section 149(b) of the Internal Revenue Code of 1986, as amended (the "Code "). 16. Covenants Relating to the Capital Improvement Plan Portion of the Bonds. (a) Tax Levy. To provide moneys for payment of the principal and interest on the Capital Improvement Plan Portion of the Bonds there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of other general property taxes in the City for the years and in the amounts as follows: Levy Years Collection Years See Attached Schedule (b) Coverage Test. In addition, the City has heretofore levied, in the year 2013 for collection in the year 2014, a direct ad valorem tax in the amount of $ , which shall Amount 17 5962970vi