2010-042 Council Resolution - Laserfiche WebLink

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• • • 3.02. The Acting 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 and Utility Revenue Refunding Bonds, Series 2010A Debt Service Fund ( "Debt Service Fund ") hereby created. The City shall maintain an "Improvements Account" and a "Utility Revenue Account" in the Debt Service Fund. The net revenues ( "Net Revenues ") of the City water utility system and special assessments ( "Assessments ") levied for the improvements financed by a portion of the Refunded Bonds, together with ad valorem taxes levied hereunder, are hereby pledged to the respective accounts of Debt Service Fund as further described in this Section. Amounts in the Utility Revenue Account are irrevocably pledged to the Utility Revenue Refunding Bonds portion of the Bonds, and amounts in the Improvements Account are irrevocably pledged to the Improvement Refunding Bonds portion of the Bonds. There is appropriated to the Utility Revenue Account of the Debt Service Fund (i) $10,154 of the amount over the minimum purchase price paid by the Purchaser; and (ii) $272.22 of the accrued interest paid by the Purchaser upon closing and delivery of the Bonds. There is appropriated to the Improvements Account of the Debt Service Fund (iii) $8,826 of the amount over the minimum purchase price paid by the Purchaser, and (iv) $238.19 of accrued interest paid by the Purchaser upon closing and delivery of the Bonds. If the balance in either account established in the Debt Service Fund is at any time insufficient to pay all interest and principal then due on the respective portion of the Bonds payable therefrom, the Council covenants and agrees that it will each year levy an amount sufficient to take care of any accumulated or anticipated deficiency, which levy is not subject to any limitation as to rate or amount. (b) The City Finance Director shall timely deposit in the Utility Revenue Account the Net Revenues hereinafter collected in accordance with Section 4.02. If any payment of principal or interest on the Utility Revenue Refunding Bonds portion of the Bonds shall become due when there is not sufficient money in the Utility Revenue Account of the Debt Service Fund to pay the same, the Finance Director is directed to pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for such advances out of the proceeds of Net Revenues when collected. (c) The City Finance Director shall timely deposit in the Improvements Account all Assessments levied for the improvements financed by a portion of the Refunded Bonds. If any payment of principal or interest on the Improvement Refunding Bonds portion of the 367721v1 SJB LN140 -106 12