2011-092 Council Resolution - Laserfiche WebLink

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a payment of principal, interest or County fee on the Amended Note becomes not sufficient money in the Debt Service Fund to pay the same, the Finance such principal, interest or County fee from the general fund of the City, and the be reimbursed for those advances out of the proceeds of Assessments when coiected. 1 he uity may also, on a subordinate basis to the pledge of Assessments to the Debt Service Fund, apply Assessments to reimburse the City in the amount of $283,973.31, representing (a) capitalized interest funded by City funds in the amount of $30,988.31 as described above in this Section, (b) capitalized interest funded by City funds the amount of $175,280 pursuant to the Original Resolution, plus $2,000 administrative fee scheduled to be paid on August 1, 2011 but actually paid on February 1, 2011; and (c) interest paid on the Note from City funds in the amount of $75,705 on August 1, 2011 (caused by delay in special assessments due to unavailability of final cost information). 4.02. Filing. The 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 Amended 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 Amended 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 Amended Note will directly and indirectly benefit the abutting property, and the City covenants with the holders from time to time of the Amended 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 2012 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 Amended Note, and for the final and valid levy of the Assessments and the appropriation of any other funds needed to pay the Amended Note and interest and County fee 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. 383077v3 SJB LN140 -103 6 •