2007-096 Council Resolution - Laserfiche WebLink

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• • • thereof paid, the Project Fund is to be closed and any balance therein will be deposited in the Debt Service Fund. 4.04. Pledge of Tax Levy. It is determined that at least 20% of the principal and interest on the Bonds will be payable from Available Tax Increment. For the purpose of paying the principal of and interest on the Bonds, there is levied a direct annual irrepealable ad valorem tax ( "Taxes ") upon all of the taxable property in the City, which will be spread upon the tax rolls and collected with and as part of other general taxes of the City. The taxes will be credited to the Debt Service Fund above provided and will be in the years and amounts as follows (year stated being year of collection): Year Levy (See EXHIBIT B) 4.05. Certification to County Auditor as to Debt Service Fund Amount. It is hereby determined that the estimated collections of Available Tax Increment and the foregoing Taxes 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 tax levy herein provided is irrepealable until all of the Bonds are paid, provided that at the time the City makes its annual tax levies the City Finance Director may certify to the Manager of Property Records and Taxation of Anoka County the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the Manager of Property Records and Taxation will thereupon reduce the levy collectible during such year by the amount so certified. 4.06. County Auditor Certificate as to Registration. 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 obtain the certificate required by Minnesota Statutes, Section 475.63. Section 5. Authentication of Transcript. 5.01. City Proceedings and Records. The officers of the City are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and marketability of the Bonds, and such instruments, including any heretofore furnished, will be deemed representations of the City as to the facts stated therein. 5.02. Certification as to Official Statement. The Mayor, City Administrator, and the Finance Director are authorized and directed to certify that they have examined the Official Statement prepared and circulated in connection with the issuance and sale of the Bonds and that 312428v1 SJB LNI40 -100