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Subd. 7. Certification of Levies: The City Administrator is directed to file a certified copy <br />of this Section in the office of the County Auditor of Ramsey County, and prior to the delivery of <br />each series of improvement bonds payable from the Improvement Bond Rede pfio. Fund, the <br />City Administrator shall also file with the County Auditor a certified copy of the resolution <br />authorizing such bonds and levying a tax for the payment thereof, together with full information <br />regarding the bonds for which the tax levy required by law has made, and no further action by <br />the Municipality shall be required to authorize the extension, assessment and collection of said <br />tax, but the Auditor shall annually assess and extend upon the tax rolls the amounts specified in <br />such resolution for each year, unless the amount has been reduced as authorized in subdivision 5 <br />hereof. <br />Subd. 8. Pledge of Credit: The full faith and credit of the Municipality shall be and are <br />hereby pledged for the prompt and full payment of the principal of and interest on all <br />improvement bonds made payable from the improvement Bond Redemption Fund, and the <br />Council shall pay such principal and interest out of any fund of the Municipality if ever the <br />amount credited to the Redemption Fund is insufficient for such purpose and shall each year levy <br />a sufficient amount to meet any accumulated or anticipated deficiency in that fund, which levy <br />shall not be subject to any statutory or Charter tax limitations. The provisions of Minnesota <br />Statutes, sections 475.61 and 475.74 are hereby acknowledged to be and are affirmed as <br />covenants of the Municipality with the holders of all such bonds, from time to time, outstanding. <br />Subd. 9. Preparation, Sale, Execution and Delivery: <br />a. Improvement bonds to be made payable from the improvement Band Redemption <br />Fund may be prepared for execution in form, as provided for in Minnesota Statutes, <br />section 475.55, with suitable variations as to date of issue, maturity, interest payment <br />dates, redemption privilege, serial designation and number and other details. <br />b. The amounts, maturity, interest rates and other terms of each issue of improvement <br />bonds made payable from the T.,,,.,.,.yement Bond Rederaption Fund shall be established <br />by the Council, by resolution, and such bonds shall be issued and sold upon such terms as <br />are deemed by the Council, from time to time, to be reasonable and in the best interest of <br />the Municipality and owners of property subject to special assessment. <br />C. Upon the sale of each issue, the bonds shall be prepared for execution under the <br />direction of the City Administrator and shall be executed as provided for in Minnesota <br />Statutes, section 475, and the Corporate Seal of the Municipality shall be affixed to each <br />bond. <br />d. When executed, the bonds shall be delivered by the Finance Director/Treasurer to <br />the purchaser thereof upon payment of the agreed purchase price, and the purchaser shall <br />not be obligated to see to the application of the bond proceeds. <br />Subd. 10. Authentication of Transcript: The officers of the Municipality and the County <br />Auditor of Ramsey County shall prepare and furnish to the purchaser of each series of such <br />bonds certified copies of all proceedings and records relating to the authorization thereof and <br />523066v1 DTA MU210-54 7 <br />