1985-024 Council Resolution - Laserfiche WebLink

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17. To further provide moneys for the prompt and full payment of principal and interest on the temporary improvement bonds herein authorized for sale, the City shall issue and sell definitive improvement bonds, at or prior to the maturity date of said temporary bonds issued hereunder, in such amounts as are needed to pay the principal and interest then due on said temporary improvement bonds after the application of the assessments collected, and the appropriation of such other municipal funds as are properly available for such purpose. The Council hereby finds, determines and declares that the estimated collections of special assessments to be received before the maturity date of said temporary improvement bonds and the proceeds of the definitive bonds to be issued at or before the maturity date of the Bonds herein authorized, and other revenues pledged for the payment of said temporary improvement bonds and the interest thereon will equal at least 5% in excess of the principal and interest requirements of said temporary improvement bonds as the same become due. 18. For the prompt and full payment of the principal and interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds payable therefrom, the deficiency shall be promptly paid out of any other funds of the City which are available for such purpose, and such other funds may be reimbursed with or without interest from the Debt Service Account when a sufficient balance is available therein. 19. The Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Anoka County, Minnesota, together with such other information as he shall require, and to obtain from the Auditor his certificate that the Bonds have been entered in the Auditor's Bond Register. 20. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser of the Bonds, and to the attorneys approving the legality of the issuance thereof, certified copies of all proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of the Bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 1.7