03/23/1992 Council Minutes - Laserfiche WebLink

Home Search

202 4.06. It is hereby determined that the Improvements 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 levied Assessments for the improvements and has taken all steps necessary to assure prompt collection thereof. The City Council has caused all actions and proceedings relative to the making and financing of the Improvements financed hereby to have been taken with due diligence that were required for the construction of each Improvement 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. (e) The City will keep complete and accurate books and records showing all receipts and disbursements in connection with the Improvements; 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. Section 5. Refunding: Findings: Payment of Refunded Bonds. 5.01. The Refunded Bonds are the General Obligation Temporary Improvement Bonds, Series 1989, of the City, dated July 1, 1989, of which $4,660,000 in principal amount is due on July 1, 1992. 5.02. It is hereby found and determined that the Proceeds together with other funds of the City will be sufficient to pay all of the principal of, interest on and redemption premium (if any) on the Refunded Bonds. 5.03. When all Bonds and all interest thereon, have been discharged as provided in this section, all pledges, covenants and other rights granted by this resolution to the holders of the Bonds shall cease, except that the pledge of the full faith and credit of the City for the prompt and full payment of the principal of and interest on the Bonds shall remain in full force and effect. The City may discharge all Bonds which are due on any date by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full. If any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. Section 6. Authentication of Transcript. 6.01. 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 SNG31693 LN140 -23 1 1