2009-097 Council Resolution - Laserfiche WebLink

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• proceedings for the redemption of Note. The Note so called for redemption will cease to bear interest after the specified redemption date, provided that the funds for the redemption are on deposit with the place of payment at that time. 3.04. Execution and Delivery. The Note will be prepared under the direction of the Acting City Administrator and will be executed on behalf of the City by the signatures of the Mayor and the Acting City Administrator. In case any officer whose signature or a facsimile of whose signature appears on the Note will cease to be such officer before the delivery of the Note, such signature will nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery. When the Note has been so prepared and executed the Acting City Administrator will deliver the same to the County. Section 4. Payment: Security. 4.01. Debt Service Fund; Pledges. The Note will be payable from the General Obligation Improvement Note of 2009 Debt Service Fund (the "Debt Service Fund ") hereby created, and the proceeds of special assessments (the "Assessments ") levied or to be levied for the Project described in Section 1.01 are hereby pledged to the Debt Service Fund. There is also appropriated to the Debt Service Fund, from outside finding sources other than the City general fund (within the meaning of Section 8.04, subdivision 2 of the City Charter), capitalized interest in the amount of $175,280, representing the amount necessary to pay the Note interest payments due on August 1, 2010, February 1, 2011 and the County fee payable on August 1, 2010. For the prompt and full payment of the principal, interest and County fee on the Note, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. If a payment of principal, interest or County fee on the Note becomes due when there is not sufficient money in the Debt Service Fund to pay the same, the Finance Director will pay such principal, interest or County fee from the general fund of the City, and the general fund may be reimbursed for those advances out of the proceeds of Assessments when collected. 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, interest and County fee 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 359834v3 SJB LN140 -103 5