1988-075 Council Resolution - Laserfiche WebLink

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• • • Assessments for the Improvements when collected. There is hereby appropriated to the Debt Service Fund all capitalized interest funded from Bond proceeds, excess over the minimum purchase price paid by the Purchaser and accrued interest paid at closing and delivery of the Bonds. 4.02. 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 has caused or will cause the Assessments for the Im- provements to be promptly levied so that the first installment will be collectible not later than 1990 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 Improve- ment financed wholly or partly from the proceeds of the Bonds, and for the final and valid levy of the Assessments and the appropriation of any other funds needed to pay the Bonds and interest thereon when due. (b) Im the event of any current or anticipation 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 Improve- ments, Assessments levied therefor and other funds appropriated for their payment, all collections thereof and disbursements therefrom, moneys on hand and, the balance of unpaid Assessments. (d) The City will cause its books and records to be audited at least annually and will furnish copies of such audit reports to any interested person upon request. 4.03. It is hereby determined that the estimated collections of Assess- ments and interest thereon for payment of principal and interest on 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 and that no tax levy is needed at this time. 4.04. The City Clerk- Treasurer is directed to file a certified copy of this resolution with the County Auditor, and obtain the certificate required by Minnesota Statutes, Section 475.63. 4.05. In accordance with its statutory duties under Minnesota Statutes, Section 429.091, Subdivision 5, the City covenants and agrees with the holders of the Bonds that if the Bonds cannot be paid at maturity from the proceeds of the Assessments or from other funds appropriated by the City Council, the Bonds shall be paid from the proceeds of definitive or additional temporary bonds which shall be issued and sold prior to the maturity date of the Bonds.