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4908-6676-6901.2 <br />(a) The City has caused or will cause the Assessments for the Assessable <br />Improvements to be promptly levied so that the first installment will be collectible not later <br />than 2026 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 diligence <br />all further actions that are required for the construction of each Assessable 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 other <br />funds needed to pay the Bonds and interest thereon when due. <br />(b) In the event of any current or anticipated deficiency in Assessments and Taxes, <br />the City Council will levy additional ad valorem taxes in the amount of the current or <br />anticipated deficiency. <br /> <br />(c) The City will keep complete and accurate books and records showing: <br />receipts and disbursements in connection with the Assessable Improvements, Assessments <br />and Taxes levied therefor and other funds appropriated for their payment, collections thereof <br />and disbursements therefrom, monies on hand and, the balance of unpaid Assessments. <br /> <br />(d) The City will cause its books and records to be audited at least annually and <br />will furnish copies of such audit reports to any interested person upon request. <br /> <br />(e) At least 20% of the cost to the City of the Assessable Improvements described <br />herein has been or will be specially assessed against benefited properties. <br /> <br /> 4.05 Registration of Resolution. The City Finance Director is authorized and directed to <br />file a certified copy of this resolution with the County Auditor of Washington County and to obtain <br />the certificate required by Section 475.63 of the Act. <br /> <br />4.06. Debt Service Coverage. It is hereby determined that the estimated collection of the <br />foregoing Taxes levied under Section 4.03 and the Assessments herein pledged will produce at least <br />5% in excess of the amount needed to pay when due, the principal and interest payments on the Bonds. <br /> <br />4.07. General Obligation Pledge. For the prompt and full payment of the principal of and <br />interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of <br />the City will be and are hereby irrevocably pledged. If the balance in the Debt Service Fund is ever <br />insufficient to pay all principal and interest then due on the Bonds and any other bonds payable <br />therefrom, the deficiency will be promptly paid out of monies in the general fund of the City which <br />are available for such purpose, and such general fund may be reimbursed with or without interest <br />from the Debt Service Fund when a sufficient balance is available therein. <br />Section 5. Authentication of Transcript. <br /> <br />5.01. City Proceedings and Records. The officers of the City are hereby authorized and <br />directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified <br />copies of proceedings and records of the City relating to the Bonds and to the financial condition <br />and affairs of the City, and such other certificates, affidavits and transcripts as may be required to <br />show the facts within their knowledge or as shown by the books and records in their custody and