2003-211 Council Resolution - Laserfiche WebLink

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Year Levy Year Levy 2004 $23,668.15 2009 $23,523.77 2005 22,828.15 2010 21,917.27 2006 21,843.77 2011 20,247.76 2007 20,741.26 2012 23,781.00 2008 19,533.77 4.05. It is determined that the estimated collections of Assessments and foregoing Taxes will produce at least five percent in excess of the amount needed to meet when due, the principal and interest payments on the Bonds. The tax levy herein provided is irrepealable until all of the Bonds are paid, provided that at the time the City makes its annual tax levies the City Administrator may certify to the County Auditor the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the County Auditor will thereupon reduce the levy collectible during such year by the amount so certified. 4.06. It is hereby determined that the Improvements to be financed by the Bonds will directly and indirectly benefit the abutting property, and the City 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 Improvements to be promptly levied so that the first installment will be collectible not later than 2004 and will take all steps necessary to assure prompt collection, and the levy of the Assessments is hereby authorized. The City Council will 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 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 anticipation deficiency in the Assessments and Taxes, the City Council will levy additional 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 Improvements, Assessments and Taxes 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. SJB-240611v1 LN 140-84