Laserfiche WebLink
-2- <br /> (3) There is hereby created a special account in -the debt service fund <br /> which shall be used only for paying principal and interest on certifi- <br /> cates of indebtedness issued pursuant to this resolution. -Into this <br /> fund shall be paid all receipts from the taxes levied in this resolu- <br /> tion and any other money appropriated to the fund from any other source. <br /> If any principal or interest on the certificates becomes due when there <br /> is not sufficient money in the fund to pay it, the City Treasurer shall <br /> make up the deficit from the. General Fund- of the City and the General <br /> Fund shall be reimbursed for such advances from the proceeds of the <br /> taxes levied in this resolution and all other moneys received for or <br /> appropriated to the payment of principal and interest. <br /> (.4) The proceeds of the sale of :the -certificates authorized by this <br /> resolution shall be paid into the Capital Equipment Fund (#401) and <br /> from this .fund shal_1 be paid all expenses incurred for the pruchase of <br /> street and police. equipment to be. financed by .such proceeds. <br /> (5) To provide moneys for such payment, the City has levied upon all <br /> the taxable. property in th.e City an irrepealable, ad valorem tax which <br /> has been spread upon the tax .rolls and will be collected with and as <br /> a part of the other general property taxes in the City in 1983 in an <br /> amount such that if collected in full will produce an amount at least <br /> 5% in excess of the amount needed to meet when due the principal and <br /> interest payments. on the certificates . Such tax levy shall be irre- <br /> pealable until all of the principal and interest on such certificates <br /> are paid. <br /> (6) The City Clerk is hereby authorized and directed to file a <br /> certified copy of this resolution with the County Auditor of Hennepin <br /> and Ramsey Counties, together wish such information as he shall <br /> require, and to obtain from the county auditors a certificate that <br /> these certificates of indebtedness have been entered on his bond <br /> register and the tax. has been .levied as required by law. <br /> (7) The Mayor and -City Manager, as .the officers of the City charged <br /> with the responsibility for issuing the obligations pursuant to this <br /> resolution, are authorized and directed to execute and deliver the <br /> certificates to the purchaser, together -with a certificate executed by <br /> the Mayor and City Manager sufficient to meet the requirements of the <br /> Internal Revenue Code. Section 103 (c) and the rules. and regulations <br /> promulgated under that section. Such certificate shall state that the <br /> proceeds of the certificates of indebtedness will not be used in such <br /> a manner as. would. cause the certificates. to be arbitrage bonds. The <br /> certificate shall- further state that to the best of. the knowledge and <br /> belief of the certifying officers , there are no other facts , estimates , <br /> or circumstances that would materially change such expectation. <br /> Adopted this.LL day of rnaV 1983 . <br /> Y6-2 4&f2 <br /> Mayor <br /> • -A'1'T8ST: 44.11, <br /> Clerk <br /> Reviewed for administration: ' <br /> City Manager <br />