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minimum purchase price of the Bonds paid by the Purchaser and (iii) the accrued interest <br />paid by the Purchaser upon closing and delivery of the Bonds. <br />4.02. It is determined that estimated collection of Assessments and interest thereon for <br />the payment of principal and interest on the Bonds will produce at least five percent in excess of <br />the amount needed to meet when due, the principal and interest payments on the Bonds and that <br />no tax levy is needed at this tune. <br />4.03. The County Auditor is directed to file a certified copy of this resolution with the <br />County Auditor of Washington County and to obtain the certificate required by Section 475.63 of <br />the Act.) <br />4.04. It is hereby determined that the Improvements financed by the Bonds will directly <br />and indirectly benefit the abutting property, and the City hereby covenants with the holders from <br />time to time of the Bonds as follows: <br />(a) The City has levied Assessments for the improvements and has <br />taken all steps necessary to assure prompt collection thereof. The City Council has <br />caused all. actions and proceedings relative to the making and financing of the <br />Improvements financed hereby to have been taken with due diligence that were required <br />for the construction of each Improvement financed wholly or partly from the proceeds of <br />the Bonds, and for the final and valid levy of the Assessments and the appropriation of <br />any other funds needed to pay the Bonds and interest thereon when due. <br />(b) In the event of any current or anticipated deficiency in the <br />Assessments, the City Council will levy ad valorem taxes in the amount of said current or <br />anticipated deficiency. <br />(c) The City will keep complete and accurate books and records <br />showing all receipts and disbursements in connection with the Improvements; <br />Assessments levied therefor and other funds appropriated for their payment; all <br />collections thereof and disbursements therefrom; monies on hand; and the balance of <br />unpaid Assessments. <br />(d) The City will cause its books and records to be audited at least <br />annually and will furnish copies of such audit reports to any interested person upon <br />request. <br />DJG212553v 1 <br />LA515 -2 <br />