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2002-061 Council Resolution
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2002-061 Council Resolution
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11/30/2015 4:28:12 PM
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11/30/2015 3:31:32 PM
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City Council
Council Document Type
Resolutions
Meeting Date
06/24/2002
Council Meeting Type
Regular
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construction fund after completion of the Improvements may be used to pay the cost in whole or <br />in part of any other improvement instituted under the Act. When the Improvements are <br />completed and the cost thereof paid, the construction account is to be closed and subsequent <br />collections of Assessments for the Improvements are to be deposited in the Debt Service Fund. <br />4.02. It is hereby determined that the Improvements will directly and indirectly benefit <br />abutting property, and the City hereby covenants with the holders from time to time of the Bonds <br />as follows: <br />(a) The City has caused or will cause the Assessments for the Improvements <br />to be promptly levied so that the first installment will be collectible not later than 2003 <br />and will take all steps necessary to assure prompt collection, and the levy of the <br />Assessments is hereby authorized. The City Council will cause to be taken with due <br />diligence all further actions that are required for the construction of each Improvement <br />financed wholly or partly from the proceeds of the Bonds, and will take all further actions <br />necessary for the final and valid levy of the Assessments and the appropriation of any <br />other funds needed to pay the Bonds and interest thereon when due. <br />(b) In the event of any current or anticipated deficiency in Assessments, the <br />City Council will levy ad valorem taxes in the amount of the current or anticipated <br />deficiency. <br />(c) The City will keep complete and accurate books and records showing: <br />receipts and disbursements in connection with the Improvements, Assessments levied <br />therefor and other funds appropriated for their payment, collections thereof and <br />disbursements therefrom, monies on hand and, the balance of unpaid Assessments. <br />(d) The City will cause its books and records to be audited at least annually <br />and will furnish copies of such audit reports to any interested person upon request. <br />4.03. It is hereby determined that the estimated collections of Assessments and interest <br />thereon for payment of principal and interest on the Bonds will produce at least five percent in <br />excess of the amount needed to meet when due, the principal and interest payments on the Bonds <br />and that no tax levy is needed at this time. <br />4.04. The City Administrator is authorized and directed to file a certified copy of this <br />resolution with the Manager of Property Records and Taxation of Anoka County and to obtain <br />the certificate required by Minnesota Statutes, Section 475.63. <br />DJG-215891v1 <br />LN140-78 <br />
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