2006-117 Council Resolution - Laserfiche WebLink

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• • • 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 Tax Abatement Bonds, Series 2006C Debt Service Fund (the "Debt Service Fund ") hereby created. The "Abatements" collected by the City from the "Abatement Parcels ", as such terms are defined in Resolution No. 06- 40 approved by the City Council on March 13, 2006 (the "Abatement Resolution "), are hereby pledged to the Debt Service Fund and amounts in this fund are irrevocably pledged to the Bonds. (b) The City Finance Director shall timely deposit in the Debt Service Fund the Abatements for the payment of principal and interest on the Bonds in accordance with the terms of the Abatement Resolution. If any payment of principal or interest on the Bonds shall become due when there is not sufficient money in 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 the Abatements and Taxes (defined hereinafter) when collected. 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. There is appropriated to the Debt Service Fund (i) capitalized interest in the amount of $ from proceeds of the Bonds, (ii) any amount over the minimum purchase price paid by the Purchaser, and (iii) the accrued interest paid by the Purchaser upon closing and delivery of the Bonds, if any. (c) Proceeds of the Bonds in the amount of $ will be applied to pay costs of issuance of the Bonds. (d) Proceeds of the Bonds in the amount of $ will be deposited in a separate construction fund pursuant to a Disbursing Agreement dated June 1, 2006 (the "Disbursing Agreement) between the City, the YMCA, the Lender (as defined in Section 1.05 hereof), and Attorneys Title Guaranty Fund, as disbursing agent (the "Disbursing Agent "), together with proceeds of the City's $3,500,000 Revenue Note (YMCA Project) Series 2006C and $500,000 Revenue Note (YMCA Project) Series 2006B (together, the "Revenue Notes "), and together with certain funds provided by the YMCA. Proceeds of the Bonds so deposited will be disbursed for payment of costs of the Project (as defined in the Disbursing Agreement) in accordance with the terms of the Disbursing Agreement. Any balance of Bond proceeds remaining in the construction fund held by the Disbursing Agent after completion of the Project will be returned by the Disbursing Agent to the City, which amounts (if any) will be credited to the Debt Service Fund. 4.02. The 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. 4.03. Pledge of Tax Levy. It is determined that the principal amount of the Bonds does not exceed the estimated sum of the Abatements for the years authorized under the Abatement Resolution. For the purpose of paying a portion of the interest on the Bonds, there is levied a direct annual irrepealable ad valorem tax (Taxes) upon all of the taxable property in the City, 11