06-24-13 Council Packet - Laserfiche WebLink

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426203v1 SJB LN140 -110 6 may be used to pay the cost in whole or in part of any other improvement instituted under the Act under the direction of the City Council . When the Improvements are complet ed and the cost thereof paid, the Construction Fund is to be closed and subsequent collections of Assessments and Taxes for the Improvements are to be deposited in the Debt Service Fund. 4.0 3 . City Covenants . It is hereby determined that the Improvement s will directly and indirectly benefit abutting property, and the City hereby covenants with the holders from time to time of the Bonds as follows: (a) The City has caused or will cause the Assessments for the Improvements to be promptly levied so that the first installment will be collectible not later than 201 4 and will take all steps necessary to assure prompt collection, and the levy of the Assessments is hereby authorized. The City Council will cause to be taken with due diligence all further actio ns that are required for the construction of each Improvement financed wholly or partly from the proceeds of the Bonds, and will take all further actions necessary for the final and valid levy of the Assessments and the appropriation of any other funds nee ded to pay the Bonds and interest thereon when due. (b) In the event of any current or anticipated deficiency in Assessments and Taxes , the City Council will levy additional ad valorem taxes in the amount of the current or anticipated deficiency. (c) The City will keep complete and accurate books and records showing receipts and disbursements in connection with the Improvements, Assessments and Taxes levied therefor and other funds appropriated for their payment, collections thereof and disbursements therefrom, monies on hand and, the balance of unpaid Assessments. (d) The City will cause its books and records to be audited at least annually and will furnish copies of such audit reports to any interested person upon request. (e) At least 20% of t he cost of the assessable Improvements described herein will be specially assessed against benefited properties. 4.0 4 . Pledge of Tax Levy . For the purpose of paying the principal of and interest on the Bonds, there is levied a direct annual irrepealab le ad valorem tax upon all of the taxable property in the City, which will be spread upon the tax rolls and collected with and as part of other general taxes of the City. The T axes will be credited to the Debt Service Fund above provided and will be in th e years and amounts attached hereto as EXHIBIT C. 4.0 5 . Certification to Manager of Property Records and Taxation as to Debt Service Fund Amount . It is hereby determined that the estimated collections of Assessments and the foregoing Taxes will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Bonds. The tax levy herein provided is irrepealable until all of the Bonds are paid, provided that at the time the City makes its annual tax l evies the Finance Director may certify to the Manager of Property Records and Taxation of Anoka County , Minnesota (the “Manager of Property Records and Taxation”) the amount available in the Debt Service Fund to pay principal and interest due during the en suing year, and the Manager of Property Records and Taxation will thereupon reduce the levy collectible during such year by the amount so certified. 4.0 6 . Certificate of Manager of Property Records and Taxation as to Registration . The City Administrator is authorized and directed to file a certified copy of this resolution with the Manager of Property Records and Taxation and to obtain the certificate required by Section 475.63 of the Act .