Agenda Packets - 1989/02/27 - Laserfiche WebLink

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aid all costs and expenses of the Issuer's Development ®the cost of any cons o thonkio tracts author! era ino let and which there shell be pMinnesota re District No. 3, including all other costs incurred and to be incurred, Statutes, Sections 475.65, 469.176, subdivision 4, and Minnesota Statutes, Sections 469.123 to 469.134. ledg ted Debt Service Account. There is hereby p ed and there shall st receive iccr ed for the Bonds, (b) tax increment of andante�est on to the De vice (a) all unused discount and rmciuel interest receive UP' delivery of and payment aid from a soaurmenttof the Bonds, District in amounts suf[icient from time 4o time to pay the Bonds then due (0r From timsly due and a mP Y P a] taxes from time to time levied for the P Y to a rincip , increment), (c) any other sources available end pledged and revenues derived from any proceeds of the Bonds in the amount and interest on the Bonds, 0. P Drier to the collection of tax prrmium, if any, a -nterest on the Donds - public of $3121000 to be used to pay t to a debt service on the Bonds, end (e and other revenues sufficienAeco nt after completion of the p In Inc Cor••= . nicrriet No. 3 and all funds remaining um,be improvements to be undertaken by the City rvice d interest re the Bonds end any payment of the costs thereof. The nDeeb, fenny$ Account herein created made payable used solely to pay principal of, cr- other general obligation tax increment bonds hereafter issued a funds s in rcount, except that upon disc use any remain ng and such from said Debt Serviae provided above. already ^utstanding or additional Bonds, the Issuer ma; n. io reimburse the Issuer p of principal and the Deb: Service ACcc for the payment on ell of the taxable property :n the 5.02. To provide additional moneyson the tax rolls and interest on the Honds there is hereby levied up up • a _ .ci property toes In said Issuer for the issuer n ,.....c. _nnuel ad valorcomn axawh^eh shall e spread collected with and as part of, ur years and in the amounts as fol'.ows: Amount Lam- Year collection Year [See Attsched] Said tax levies arc such that if collected in full, they, togetfter amounts her with estimated will produce at least five percent (5%) it collections of tax increment from the District and h and interest peymeets pledged to the payment of the Bondsbe on hand and s able from funds which shall of and excess of the amount for nterestd to eply when due the principal on the Bonds (except flap of the irrevocably deposited to the d bt Serviceax vies shall betirrevocable so Ionof an t and payment for the Bonds)8nd npaid, provided that the Issuer reserves thei6besota Bonds are outstanding determines that the power to reduce the levies in the manner and to the led re amountte t t gethe wtth States Section 475.61, subdivision 3. The Issuer hereby ount to ate excess ns of tax will roduce at least five p ments on the estimated cone ificollected in full,inen p an otherpledged and Interest pay the above levy, which are on head and of the amount needed to meet when d� teeeb a from funds, of and Bonds (except for interest and princip P Ynt as owers of the issuer irrevocably deposited to t ThD bt Servi andeeredit andf taxi gap of del va n i of for the prompt and full payment of the p P payment for the Hoods). are hereby irrevocably pledged enere� obligation indebtedness as may be and interest on the Bonds and such other g