Resolution 2006-015 - Laserfiche WebLink

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Section 4. Pledge of Taxing Powers. For the prompt and full payment of the principal of and interest on the Obligations as such payments respectively become due, the full faith, credit and unlimited taxing powers of the City shall be and are hereby irrevocably pledged.. In order to produce aggregate amounts not less than 5% in excess of the amount needed to meet when due the principal. and interest payments on the Obligations, ad valorem taxes are hereby levied on all taxable property in the City. The taxes are to be levied and collected in the following years and amounts: Levy Years Collection Years Amount See attached Levy Computation The taxes shall be irrepealable as long as any of the Obligations are outstanding and unpaid, provided that the City reserves the right and power to reduce the tax Ievies in accordance with the provisions of Minnesota Statutes, Section 475.51. Section 5. Defeasance. When all of the Obligations have been discharged as provided in this section, all pledges, covenants and other rights granted by this Resolution to the registered owners of the Obligations shall cease. The City may discharge its obligations with respect to any Obligations which are due on any date by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full; or, if any Obligation should not be paid when due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest accrued from the due date to the date of such deposit. The City may also at any time discharge its obligations with respect to any Obligations, subject to the provisions of law now or hereafter authorizing and regulating such _ action, by depositing it evocably in escrow, with a bank qualified by to act as an escrow agent for this purpose, cash or securities which are authorized by law to be so deposited, bearing interest payable at such time and at such rates and maturing or callable at the holder's option on such dates as shall be required to pay all principal and interest to become due thereon to maturity or, if notice of redemption as herein required has been irrevocably provided for, to an earlier designated redemption date. Section 6. Certification of Proceedings. 6.01. Registration of Obligations and Levy of Taxes. The City Manager is hereby authorized and directed to file a certified copy of this resolution with the County Auditor of Washington County and obtain a certificate that the Obligations have been duly entered upon the Auditor's bond register and the tax required by law has been levied. 6.02. Authentication of Transcript. The officers of the City and the County Auditor are hereby authorized and directed to prepare and furnish to the Purchaser and to Dorsey & Whitney LLP, Bond Counsel, certified copies of all proceedings and records relating to the Obligations and such other affidavits, certificates and information as may be required to show the facts relating to the legality and marketability of the Obligations, as the same appear from the books and records in their custody and control or as otherwise known to them, and all such certified copies, affidavits and certificates, including any heretofore furnished, shall be deemed representations of the City as to the correctness of all statements contained therein. II