2004-163 Council Resolution - Laserfiche WebLink

Home Search

• • • Date of Registration Signature of Registered Owner Officer of the Registrar Cede & Co. February , 2004 Federal ID #13- 2555119 2.07. The City Administrator will obtain a copy of the proposed approving legal opinion of Kennedy & Graven, Chartered, Minneapolis, Minnesota, which will be complete except as to dating thereof and will cause the opinion to be printed on or accompany each Bond. Section 3. Funds and Accounts; Security; Payment. 3.01. (a) The Bonds are payable from the General Obligation Improvement and Utility Revenue Bonds, Series 2004A Debt Service Fund (Debt Service Fund) hereby created, and the net revenues (Net Revenues) of the City water utility system and special assessments (Assessments) levied for the Assessed Improvements, together with ad valorem taxes levied hereunder, are hereby pledged to the respective accounts of Debt Service Fund as further described in this Section. The City shall maintain an "Improvements Account" (Improvements Account), and a "Utility Revenue Account" (Utility Revenue Account) in the Debt Service Fund. Amounts in the Utility Revenue Account are irrevocably pledged to the Utility Revenue Bonds portion of the Bonds, and amounts in the Improvements Account are irrevocably pledged to the Improvement Bonds portion of the Bonds. There is appropriated to the Utility Revenue Account of the Debt Service Fund 53.4% of (i) any amount over the minimum purchase price paid by the Purchaser and (ii) the accrued interest paid by the Purchaser upon closing and delivery of the Bonds. There is appropriated to the Improvements Account of the Debt Service Fund 46.6% of (iii) any amount of the minimum purchase price paid by the Purchaser, and (iv) the accrued interest paid by the Purchaser upon closing and delivery of the Bonds. If the balance in either account established in the Debt Service Fund is at any time insufficient to pay all interest and principal then due on the respective portion of the Bonds payable therefrom, the Council covenants and agrees that it will each year levy an amount sufficient to take care of any accumulated or anticipated deficiency, which levy is not subject to any limitation as to rate or amount. (b) The City Finance Director shall timely deposit in the Utility Revenue Account the Net Revenues hereinafter collected in accordance with Section 3.02. If any payment of principal or interest on the Utility Revenue Bonds portion of the Bonds shall become due when there is not sufficient money in the Utility Revenue Account of the Debt Service Fund to pay the same, the Finance Director is directed to pay such principal or SJB- 254637vI LNI40 -88