1990-059 Council Resolution - Laserfiche WebLink

Home Search

(b) In the event of a current or anticipated deficiency in the Assessments, the City Council will levy ad valorem taxes in the amount of the deficiency. (c) The City will keep complete and accurate books and records showing: receipts and disbursements in connection with the Improvements, Assessments levied therefor and other funds appropriated for their payment, 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. 4.03. It is determined that the estimated collections of Assessments and interest thereon for payment of principal and interest on the Bonds will produce at least five percent in excess of the amount needed to meet when due, the principal and interest payments on the Bonds and that no tax levy is needed at this time. 4.04. The City Clerk -Treasurer is directed to file a certified copy of this resolution with the County Auditor of Anoka County, and to obtain the certificate required by Minnesota Statutes, Section 475.63. 4.05. In accordance with its statutory duties under Minnesota Statutes, Section 429.091, Subdivision 5, the City covenants and agrees with the holders of the Bonds that if the Bonds cannot be paid at maturity from the proceeds of the Assessments or from other funds appropriated by the City Council, the Bonds will be paid from the proceeds of definitive or additional temporary bonds that will be issued and sold prior to the maturity date of the Bonds. Section 5. Authentication of Transcript. 5.01. 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 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, may be deemed representations of the City as to the facts stated therein. 5.02. The Mayor, City Clerk -Treasurer and City Administrator are authorized and directed to certify that they have examined the Official Statement prepared and circulated in connection with the issuance and sale of the Bonds and that to the best of their knowledge and belief the Official Statement is a complete and accurate representation of the facts and representations made therein as of the date of the Official Statement. Section 6. Tax Covenant. 6.01. The City covenants and agrees with the holders from time to time of the Bonds that it will not take or permit to be taken by any of its officers, employees or agents any action which would cause the interest on the Bonds to become subject to taxation under the Internal Revenue Code of 1986, as amended (the Code), and the Treasury Regulations