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(e) The Council will keep the water system insured at all times against loss by <br />fire, tornado and other risks customarily insured against with an insurer or insurers in <br />good standing, in such amounts as are customary for like plants, to protect the holders, <br />from time to time, of the Bonds and the City from any loss due to any such casualty and <br />will apply the proceeds of such insurance to make good any such loss. <br />(f) The City and each and all of its officers will punctually perform all duties <br />with reference to the water system as required by law. <br />(g) The City will impose and collect charges of the nature authorized by <br />Minnesota Statutes, Section 444.075 at the times and in the amounts required to produce, <br />net revenues adequate to pay all principal and interest when due on the Bonds and to <br />create and maintain such reserves securing said payments as may be provided in this <br />resolution. <br />(h) The City Council will levy general ad valorem taxes on all taxable property <br />in the City, when required to meet any deficiency in net revenues. <br />4.03. It is hereby determined that the estimated collection of net revenues for the <br />payment of principal and interest on the Bonds will produce at least five percent in excess of the <br />amount needed to meet, when due, the principal and interest payments on the Bonds and that no <br />tax levy is needed at this time. <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, will 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 />DJK108785 <br />LN140-52 <br />