1988-076 Council Resolution - Laserfiche WebLink

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faPlease insert social security or other identifying number of assignee • • 3.02. The City Clerk- Treasurer shall obtain a copy of the proposed approv- ing legal opinion of .LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association, Minneapolis, Minnesota, which shall be complete except as to dating thereof and shall cause the opinion to be printed on each Bond, 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 4. Payment: Security: Pledges and Covenants. 4.01. The Bonds shall be payable from the Improvement Bonds, Series 1988A Debt Service Fund (Debt Service Fund) hereby created, and special assessments (Assessments) to be levied for the improvements (Improvements) financed by the Bonds are hereby pledged to the 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 the general fund shall be reimbursed for such advances out of the proceeds of Assessments levied for the Improvements when collected. There is hereby appropriated to the Debt Service Fund all capitalized interest paid 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 and 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- Brovements 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) 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 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.