09/26/2005 Council Packet - Laserfiche WebLink

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3.02. The City Administrator is authorized and directed to obtain a copy of the proposed approving legal opinion of Kennedy & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and cause the opinion to be printed on or accompany each Bond. Section 4. Payment; Security; Pledges and Covenants. 4.01. (a) The Bonds are payable from the General Obligation Improvement Refunding Bonds, Series 2005B Debt Service Fund (the "Debt Service Fund ") hereby created, and the proceeds of ad valorem taxes hereinafter levied (the "Taxes ") and special assessments (the "Assessments ") levied for improvements (the "Improvements ") financed by the Refunded Bonds (as hereinafter defined) are hereby pledged to the Debt Service Fund. (b) The debt service fund, if any, heretofore established for the Refunded Bonds is terminated, and all monies therein are hereby transferred to the Debt Service Fund herein created. If a payment of principal or interest on the Bonds becomes due when there is not sufficient money in the Debt Service Fund to pay the same, the City Finance Director will pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for those advances out of the proceeds of the Taxes levied by this resolution, and Assessments when collected. (c) There is hereby appropriated to the Debt Service Fund (i) any amount over the minimum purchase price of the Bonds paid by the Purchaser and (ii) the accrued interest paid by the Purchaser upon closing and delivery of the Bonds. 4.02. It is determined that at least 20% of the cost of the Improvements has been specially assessed against benefited property. For the purpose of paying the principal of and interest on the Bonds, there is hereby levied a direct annual irrepealable 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. Such tax will be credited to the Debt Service Fund above provided and will be in the years and amounts as follows (year stated being year of levy for collection the following year): Year Levy (See Attachment A) 4.03. The City Clerk is directed to file a certified copy of this resolution with the Manager of Property Records & Taxation of Anoka and to obtain the certificate required by Section 475.63 of the Act. 4.04. It is hereby determined that upon the receipt of proceeds of the Bonds (the "Proceeds ") for payment of the Refunded Bonds that an irrevocable appropriation to the CAW- 268363v1 LN 140 -93