2004-163 Council Resolution - Laserfiche WebLink

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• • • (e) The Council will keep the water utility system insured at all times against loss by fire, tornado and other risks customarily insured against with an insurer or insurers in good standing, in such amounts as are customary for like plants, to protect the holders, from time to time, of the Bonds and the City from any loss due to any such casualty and will apply the proceeds of such insurance to make good any such loss. (f) The City and each and all of its officers will punctually perform all duties with reference to the utility system as required by law. (g) The City will impose and collect charges of the nature authorized by Minnesota Statutes, Section 444.075 at the times and in the amounts required to produce, Net Revenues adequate to pay all principal and interest when due on the Utility Revenue Bonds portion of the Bonds and to create and maintain such reserves securing said payments as may be provided in this resolution. (h) The City Council will levy general ad valorem taxes on all taxable property in the City, when required to meet any deficiency in Net Revenues. 3.03. 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 to obtain the certificate required by Section 475.63 of the Act. 3.04. It is hereby determined that the estimated collection of the Assessments will produce at least five percent in excess of the amount needed to pay when due, the principal and interest payments on the Improvement Bonds portion of the Bonds, and that the estimated collection of Net Revenues will produce at least five percent in excess of the amount needed to pay when due the principal and interest payments on the Utility Revenue Bonds portion of the Bonds, and therefore no tax levy is needed at this time. Section 4. Authentication of Transcript. 4.01. The officers of the City are hereby 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. 4.02. The Mayor, City Administrator and Finance Director are hereby authorized and directed to certify that they have examined the Official Statement dated October 12, 2004, prepared and circulated in connection with the issuance and sale of the Bonds and that to the best SJB- 254637v1 LN 140 -88