Resolution 4901 - Laserfiche WebLink

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. . . (3) all collections of any ad valorem taxes hereafter levied for the payment of the Bonds; (4) all investment earnings on funds held in the Debt Service Account; and (5) any amounts received by the City upon termination of the Escrow Account. The foregoing funds are hereby pledged to the Debt Service Account, but only in such amounts and at such times as may be necessary, together with other available funds therein (and the same shall be used solely), to pay the principal of and interest on the Bonds, when due. 17. 105% Debt Service Coveraqe. It is hereby determined that the estimated collections of the revenues dedicated to the Debt Service Account pursuant to paragraph 16(ii) of this Resolution would produce at least 5% in excess of the amount needed to meet, when due, the principal of and interest on the Bonds. The Interim City Clerk-Administrator is hereby directed to file a certified copy of this Resolution with the Ramsey County Director of Property Taxation and to obtain the certificate of said official required by Minnesota Statutes, Section 475.63. 18. General Obliqation Pledqe. The full faith and credit and taxing powers of the City are hereby pledged to the payment of the principal of and interest on the Bonds, and in the event of any current or anticipated deficiency of funds in the Debt Service Account of amounts needed to make any such payment, when due, the Council shall levy ad valorem taxes on all taxable property in the City in the amount of such deficiency. If the balance in the Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds and any other bonds 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 with or without interest from the Debt Service Account when a sufficient balance is available therein. 19. Prior Bonds: Security. Until retirement and full payment of the Prior Bonds, all provisions heretofore made for the security thereof shall be observed by the City; provided, however, that the Council hereby finds and determines that the proceeds of the sale of the Bonds to be used to refund the Refunded Bonds, together with other funds available and appropri- ated to the Escrow Account for said purpose, will be sufficient, together with the earnings on the investment of such funds in the Escrow Account, to pay all principal of and interest on the Refunded Bonds. 20. Redemotion of Refunded Bonds. The 1989C Bonds which mature in 1998 and thereafter shall be redeemed and prepaid on February 1, 1997, and the 1989A Bonds which mature in 1999 and thereafter shall be redeemed and prepaid on February 1, 1998, and 311176.1 20