11/09/2009 Council Packet (2) - Laserfiche WebLink

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4.02. Filing. The Acting City Administrator is directed to file a certified copy of this resolution with the Manager of Property Records and Taxation of Anoka and obtain the certificate required by Minnesota Statutes, Section 475.63. 4.03. No Tax Levy Required. It is hereby determined that the estimated collections of Assessments and interest thereon for payment of principal and interest on the Note will produce at least five percent in excess of the amount needed to pay when due, the principal and interest payments on the Note and that no tax levy is needed at this time. 4.04. Covenants Regarding Assessments. It is hereby determined that the Project to be financed by the Note will directly and indirectly benefit the abutting property, and the City covenants with the holders from time to time of the Note as follows: (a) The City has caused or will cause the Assessments for the Project to be promptly levied so that the first installment will be collectible not later than 2011 and will take all steps necessary to assure prompt collection, and the levy of the Assessments is hereby authorized. The City Council will cause all further actions and proceedings relative to the making and financing of the Project financed hereby to be taken with due diligence that are required for the construction of each Improvement financed wholly or partly from the proceeds of the Note, and for the final and valid levy of the Assessments and the appropriation of any other funds needed to pay the Note and interest thereon when due. (b) In the event of any current or anticipation 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 Project, Assessments levied therefor and other funds appropriated for their payment, all collections thereof and disbursements therefrom, moneys 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. Section 5. Authentication of Transcript. 5.01. The officers of the City are hereby authorized and directed to prepare and furnish to the County and to the attorneys approving the Note, certified copies of proceedings and records of the City relating to the Note and to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and marketability of the Note and such instruments, including any heretofore furnished, will be deemed representations of the City as to the facts stated therein. • • •