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1996-101 Council Resolution-Series 1996A
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1996-101 Council Resolution-Series 1996A
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City Council
Council Document Type
Resolutions
Meeting Date
09/09/1996
Council Meeting Type
Regular
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(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 and 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 together with certain area connection <br />charges hereby irrevocably appropriated to the Debt Service Fund, will produce at least five <br />percent in excess of the amount needed to meet when due, the principal and interest payments <br />on the Bonds and that no tax levy is needed at this time. <br />4.04. The City Clerk -Treasurer is authorized and directed to file a certified copy of this <br />resolution with the Manager of Property Records and Taxation and to obtain the certificate <br />required by Minnesota Statutes, Section 475.63. <br />Section 5. Authentication of Transcript. <br />5.01. The officers of the City are authorized and directed to prepare and furnish to the <br />Purchaser and to the attorneys approving the Bonds, certified copies of proceedings and records <br />of the City relating to the Bonds and to the financial condition and affairs of the City, and such <br />other certificates, affidavits and transcripts as may be required to show the facts within their <br />knowledge or as shown by the books and records in their custody and under their control, relating <br />to the validity and marketability of the Bonds, and such instruments, including any heretofore <br />furnished, may be deemed representations of the City as to the facts stated therein. <br />5.02. The Mayor and City Clerk -Treasurer are authorized and directed to certify that they <br />have examined the Official Statement prepared and circulated in connection with the issuance and <br />sale of the Bonds and that to the best of their knowledge and belief the Official Statement is a <br />complete and accurate representation of the facts and representations made therein as of the date <br />of the Official Statement. <br />Section 6. Tax Covenant. <br />6.01. The City covenants and agrees with the holders from time to time of the Bonds <br />that it will not take or permit to be taken by any of its officers, employees or agents any action <br />which would cause the interest on the Bonds to become subject to taxation under the Internal <br />Revenue Code of 1986, as amended (the Code), and the Treasury Regulations promulgated <br />DJK108714 <br />LN140-52 <br />
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