1981 Resolutions - Laserfiche WebLink

Home Browse Search

account as provided by law. Any sums from time to time held in the Debt Service Account (or any other. City account which will be used to pay principal or interest to become due on the certificates) in excess of amounts which under the applicable federal arbitrage regulations may be invested without regard as to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage regulations on such investments. 9. To provide moneys for payment of the principal and interest on the certificates there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of, other general property taxes in the City for the years and in the amounts as follows: Year of Tax Year of Tax Levy Collection Amount 1981 1982 $32,642 1982 1983 30,424 1983 1984 33,574 1.984 1985 36,225 1985 1986 38,404 The tax levies are such that if collected in full. they, together with other revenues herein pledged for the payment of said certificates; will produce at least five percent in excess of the amount needed to meet when due the principal and interest: payments on the certificates. Said tax levies shall be irr.epealable so long as any of the certificates are outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61(3). For the prompt and full payment of the principal and interest on said certificates, as the saute respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt Service Account is ever insufficient to pay all principal and interest then due on the certificates payable therefrom, the deficiency shall be promptly paid out. of any other funds of the City which are available for such purpose, and such other funds may be reimbursed without interest from the Debt Service .Account when a sufficient balance is available therein. 8