2010-042 Council Resolution - Laserfiche WebLink

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• • • (f) The City and each and all of its officers will punctually perform all duties with reference to the utility system as required by law. (g) The City will impose and collect charges of the nature authorized by Minnesota Statutes, Section 444.075 at the times and in the amounts required to produce, Net Revenues adequate to pay all principal and interest when due on the Utility Revenue Refunding Bonds portion of the Bonds and to create and maintain such reserves securing said payments as may be provided in this resolution. (h) The City Council will levy general ad valorem taxes on all taxable property in the City, when required to meet any deficiency in Net Revenues. 4.03. The Acting City Administrator is directed to file a certified copy of this resolution with the Manager of Property Records and Taxation of Anoka County and to obtain the certificate required by Section 475.63 of the Act. 4.04. It is hereby determined that the estimated collection of the Assessments will produce at least five percent in excess of the amount needed to pay when due, the principal and interest payments on the Improvement Refunding Bonds portion of the Bonds, and that the estimated collection of Net Revenues will produce at least five percent in excess of the amount needed to pay when due the principal and interest payments on the Utility Revenue Refunding Bonds portion of the Bonds, and therefore no tax levy is needed at this time. Section 5. Refunding; Findings; Redemption of Refunded Bonds. 5.01. The Refunded Bonds are the General Obligation Improvement and Utility Revenue Bonds, Series 2004A, of the City, dated November 15, 2004, of which $965,000 in principal amount is callable on July 1, 2010. It is hereby found and determined that based upon information presently available from the City's financial advisers, the issuance of the Bonds is consistent with covenants made with the holders thereof and is necessary and desirable for the reduction of debt service cost to the municipality. 5.02. It is hereby found and determined that the Proceeds will be sufficient to prepay all of the principal of, interest on and redemption premium (if any) on the Refunded Bonds. 5.03. The Refunded Bonds maturing on February 1, 2011 and thereafter will be redeemed and prepaid on July 1, 2010. The Refunded Bonds will be redeemed and prepaid in accordance with their terms and in accordance with the terms and conditions set forth in the forms of Notice of Call for Redemption attached hereto as Exhibit B which terms and conditions are hereby approved and incorporated herein by reference. The Registrar for the Refunded Bonds is authorized and directed to send a copy of the Notice of Redemption to each registered holder of the Refunded Bonds. 367721v1 SJB LN140 -106 14