1986-049 Council Resolution - Laserfiche WebLink

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• Year Levy Year L v► • 1986 -0- 1991 $1,689 1987 $29,801 1992 839 1988 34,838 1993 -0- 1989 35,639 1994 -0- 1990 2,508 1995 -0- It is further determined that upon the deposit of funds (as hereinafter provided) in the General Obligation Improvement Bonds of 1982 Debt Service Fund, that an irrevocable appropriation to the debt service fund for the 1982 Bonds shall have been made within the meaning of Section 475.61, Subdivision 3 of the Act, and the City Clerk- Treasurer is hereby authorized and directed to certify such fact to and request the County Auditor to cancel any and all tax levies made by the resolutions awarding the sale of and issuing the 1982 Bonds. 3.04. The tax levy herein provided shall be irrepealable until all of the Bonds are paid, provided that the City Clerk- Treasurer may annually, prior to October 10th, certify to the County Auditor the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the County Auditor shall thereupon reduce the levy collectible during such year by the amount so certified. 3.05. It is hereby determined that the Improvements to be financed by the Bonds will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of the Bonds as follows: (a) The City will cause the Assessments for the Improve- ments to be promptly levied so that the first installment will be collectible not later than 1987 and will take all steps necessary to assure prompt collection, and the levy of the Assessments is hereby authorized. The City Council shall cause all further actions and proceedings relative to the making and financing of the Improvements 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 Bonds, and for the final and valid levy of special assessments and the appro- priation of any other funds needed to pay the Bonds and interest thereon when due. (b) In the event of any current or anticipated 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 Improvements, the taxes and Assessments levied therefor and other funds appropriated for their payment, and all collections thereof and disbursements therefrom, moneys on hand and balance of unpaid Assessments.