Resolution 0454 - Laserfiche WebLink

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Said tax shall be irrepealable as long as any of said bonds are outstanding and unpaid; provided that in accordance with provisions of Section 475.61 Minnesota Statutes, the Village Clerk and Treasurer shall annually, on or before October 10 of each year as long as any of the bonds herein authorized are outstanding, report to the Council the amount on hand in the Water System General Obligation Revenue Bond Fund hereinabove established, and the Council shall thereupon reduce the tax hereinabove levied for that year by an amount equal to the fund then on hand in said Bond Fund, and shall direct the Clerk to certify such reduction to the County Auditor, so that only the balance of the tax levied for that year will be collected. 8. The Village Clerk is hereby authorized and directed to file with the County Auditor of Ramsey County a certified copy of this resolution, together with such other information as the County Auditor may require, and to obtain from said County Auditor a certificate that the tax required by law for the payment of said bonds has been levied, and th t the bonds have been entered upon his bond register. 9. When all bonds of this issue and all coupons appertianing thereto have been discharged as provided in this section, all pledges, covenants and other rights granted by this resolution to the holders of the bonds shall cease. The Village may discharge all bonds and coupons of this issue which are due on any date by depositing with the paying agent on or before that date a sum sufficient for the payment thereof in full; or if any bond or coupon should not be paid when due, it may nevertheless be discharged by depositing with the paying agent a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The Village may also discharge all prepayable bonds of this issue which are called for redemption on any date when they are prepayable according to their terms, by depositing with the paying agent on or before that date an amount equal to the principal, interest and redemption premium which are then due, provided that notice of such redemption has been duly given as provided in this resolution. The Village may also at any time discharge this issue of bonds in its entirety, subject to the provisions of law now or hereafter authorizing and regulating such action, by call- ing all prepayable bonds for redemption on the next date when they nay be repaid in accordance with their terms, by giving the notice for such redemption, and by de- positing irrevocably in escrow, with a bank qualified by law as an escrow agent for this purpose, cash or securities which are general obligations of the United States or securities of United States agencies which are authorized by law to be so deposited, bearing interest payable at such times and at such rates and maturing on such dates as shall be required to pay all principal, interest and redemption premiums to become due on all bonds of the issue on and before said redemption date. 10. The officers of the Village and the County Auditor of Ramsey County are hereby authorized and directed to prepare and furnish to the purchaser of said bonds, and to the attorneys approving the legality of the issuaa e thereof, certi- fied copies of all proceedings and records of the Village relating to said bonds and to the financial condition and affairs of the Village, and such other affi- davits, certificates and information as may be required to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore fur- nished, shall be deemed representations of the Village as to the facts recited therein. -9-