1986-049 Council Resolution - Laserfiche WebLink

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• • • 2.07. The Clerk- Treasurer shall obtain a copy of the proposed approv- ing legal opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Profes- sional Association, Minneapolis, Minnesota, which shall be complete except as to dating thereof and shall cause the opinion to be printed on each Botd, together with a certificate to be signed by the facsimile signature of the Clerk- Treasurer in substantially the form set forth in the form of Bond. The Clerk- Treasurer is hereby authorized and directed to execute such certificate in the name of the City upon receipt of such opinion and to file the opinion in the City offices. Section 3. Security: Payment. 3.01. The Bonds shall be payable from the General Obligation Improve- ment Bonds, Series 1986A Debt Service Fund (Debt Service Fund) hereby created, and the proceeds of any, general taxes hereafter levied and special assessments (Assessments) to be levied for the improvements (Improvements) financed by. the Bonds are .hereby pledged to the Debt Service Fund; provid- ed, however, that special assessments heretofore levied and collected for the City's $750,000 General Obligation Improvement Bonds of 1982, dated October. 4, 1982 (1982 Bonds) and special assessments levied for the 1982 Bonds which are received during 1986 and 1987 shall continue to be pledged to the payment of the 1982 Bonds until such time as the General Obligation Improvement Bonds of 1982 Debt Service Fund contains funds sufficient to pay principal and interest when due on those 1982 Bonds which are not refunded by the Bonds, whereupon all further collections of special assess- ments shall be pledged and paid to the General Obligation Improvement Bonds, Series 1986A Debt Service Fund. 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 Clerk- Treasurer shall pay such principal or interest from the general fund of the City and such fund may be reimbursed for such advances out of proceeds of Assessments for the Improvements when collected. 3.02. It is hereby determined that the City will levy Assessments in the principal amount of at least 20% of the cost of the Improvements. It is hereby determined that the estimated collection of Assessments and Taxes for the payment of the Bonds will produce at least five percent in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds. The Clerk- Treasurer is directed to file a certified copy of this resolution with the County Auditor of Anoka County and obtain the certificate required by Minnesota Statutes, Section 475.63. 3.03. For the purpose of paying the principal of and interest on the Bonds, there is hereby levied upon all of the taxable property in the City a direct annual irrepealable ad valorem tax, which shall be spread upon the tax rolls and collected with and as part of other general taxes of the City. Such tax shall be credited to the Debt Service Fund and shall be in the years and amounts as follows (year stated being year of levy for collection the following year):