1999-061 Council Resolution - Laserfiche WebLink

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the City will pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for those advances out of the proceeds of the Taxes levied pursuant to this resolution and Assessments when collected. 4.02. It is determined that estimated collection of Assessments and interest thereon for the 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. 4.03. 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 Section 475.63 of the Act. 4.04. It is hereby determined that the Improvements financed by the Bonds will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of the Bonds as follows: (a) The City has levied Assessments for the improvements and has taken all steps necessary to assure prompt collection thereof. The City Council has caused all actions and proceedings relative to the making and financing of the Improvements financed hereby to have been taken with due diligence that were 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 anticipated deficiency in the Assessments, the City Council will levy 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 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. 4.05. Prior Resolution Pledges. The pledges and covenants of the City made by the resolution awarding the sale of the Refunded Bonds (the "Prior Resolution") relating to the levy and collection of Special Assessments against property specially benefitted by the Improvements financed by the Bonds and the Refunded Bonds are restated and confirmed in all respects. The BMB-167650 LN 140-68