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taxable property of the City a direct,annual ad valorem tax,which shall be spread upon the tax <br /> rolls prepared in each of the following years and collected with other taxes in the following years <br /> and amounts as follows: <br /> Levy Collection <br /> Year Year Amount <br /> See attached tax levy <br /> The foregoing tax levies are such that if collected in full they will produce at least five percent <br /> (5%)in excess of the amount needed to pay when due the principal of and interest on the Bonds. <br /> This tax shall be irrevocably appropriated to the Bond Fund as long as any of the Bonds are <br /> outstanding and unpaid;provided that the City reserves the right and power to reduce the levies <br /> in the manner and to the extent permitted by Minnesota Statutes, Section 475.61. <br /> 4.05. Full Faith and Credit Pledged. The full faith and credit of the City are irrevocably <br /> pledged for the prompt and full payment of the principal of and the interest on the Bonds, and the <br /> Bonds shall be payable from the Bond Fund in accordance with the provisions and covenants <br /> contained in this resolution. It is estimated that the ad valorem taxes levied and to be levied for <br /> the payment of the Projects will be collected in amounts not less than five percent(5%)in excess <br /> of the annual principal and interest requirements of the Bonds. If the money on hand in the Bond <br /> 0 Fund should at-any time be insufficient for the payment of principal and interest then due,this <br /> City shall pay the principal and interest out of any fund of the City, and such other fund or funds <br /> shall be reimbursed therefor when sufficient money is available to the Bond Fund. If on <br /> February 1 in any year the sum of the balance in the Bond Fund plus the amount of taxes <br /> theretofore levied for the Projects and collectible through the end of the following calendar year <br /> is not sufficient to pay when due all principal and interest become due on all Bonds payable <br /> therefrom in said following calendar year,or the Bond Fund has incurred a deficiency in the <br /> manner provided in this Section 4.05, a direct, irrepealable, ad valorem tax shall be levied on all <br /> taxable property within the corporate limits of the City for the purpose of restoring such <br /> accumulated or anticipated deficiency in accordance with the provisions of this resolution. <br /> Section 5. Defeasance. When any Bond has been discharged as provided in this Section <br /> 5, all pledges,covenants and other rights granted by this resolution to the holders of such Bonds <br /> shall cease, and such Bonds shall no longer be deemed outstanding under this Resolution. The <br /> City may discharge its obligations with respect to any Bond which is due on any date by <br /> irrevocably depositing with the Registrar on or before that date a sum sufficient for the payment <br /> thereof in full;or, if any Bond should not be paid when due,the City may nevertheless discharge <br /> its obligations with respect thereto by depositing with the Registrar a sum sufficient for the <br /> payment thereof in full with interest accrued to the date of such deposit. The City may also <br /> discharge its obligations with respect to any prepayable Bond called for redemption on any date <br /> when it is prepayable according to their terms,by depositing with the Registrar on or before that <br /> date a sum sufficient for the payment thereof in full;provided that notice of the redemption <br /> thereof has been duly given as provided in Section 3.05. The City may also at any time <br /> Odischarge its obligations with respect to any Bonds, subject to the provisions of law now or <br /> -13- <br />