09/26/2005 Council Packet - Laserfiche WebLink

Home Search

• • • debt service fund for the Refunded Bonds will have been made within the meaning of Section 475.61, subdivision 3 of the Act and the City Administrator is hereby authorized and directed to certify such fact to and request the Manager of Property Records & Taxation to cancel any and all tax levies made by the resolution authorizing and approving the Refunded Bonds. 4.05. It is hereby determined that the estimated collection of the foregoing Taxes and Assessments 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 will be irrepealable until all of the Bonds are paid, provided that the City Administrator may annually, at the time the City makes its tax levies, certify to the Manager of Property Records & Taxation the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the Manager of Property Records & Taxation will thereupon reduce the levy collectible during such year by the amount so certified. 4.06. It is hereby determined that the Improvements financed by the Bonds will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of the Bonds as follows: (a) The City has levied Assessments for the Improvements and has taken all steps necessary to assure prompt collection thereof. The City Council has caused all actions and proceedings relative to the making and financing of the Improvements financed by the Refunded Bonds to have been taken with due diligence that were required for the construction of each Improvement financed wholly or partly from the proceeds of the Refunded Bonds, and for the final and valid levy of the Assessments and the appropriation of any other funds needed to pay the Bonds and interest thereon when due. (b) In the event of any current or anticipated deficiency in the Assessments, the City Council will levy ad valorem taxes in the amount of said current or anticipated deficiency. (c) The City will keep complete and accurate books and records showing all receipts and disbursements in connection with the Improvements; Assessments levied therefor and other funds appropriated for their payment; all 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. CAW- 268363v1 LN 140 -93