CC RES 09-038 RESOLUTION CALLING A HEARING FOR THE ARBORS ALLEY ROADWAY AND UTLITY IMRPOVEMENT PROJECT

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• Bond Fund"), which the City agrees to maintain until the Storm Sewer Bonds have been paid in full. If the moneys in the Storm Sewer Bond Fund should at any time be insufficient to pay principal and interest due on the Storm Sewer Bonds, such amounts shall be paid from other moneys on hand in other funds of the City, which other funds shall be reimbursed therefor from subsequent receipts of Net Revenues appropriated to the Storm Sewer Bond Fund and, if necessary, from the proceeds of the taxes levied for the Storm Sewer Bond Fund. The City Finance Director shall deposit in the Storm Sewer Bond Fund the proceeds of all taxes levied and all other money which may at any time be received for or appropriated to the payment of the Storm Sewer Bonds and interest, including the Net Revenues herein pledged and appropriated to the Storm Sewer Bond Fund, all collections of any ad valorem taxes levied for the payment of the Storm Sewer Bonds, and all other moneys received for or appropriated to the payment of the Storm Sewer Bonds and interest thereon. The City hereby covenants and agrees with the holders from time to time of the Bonds that,so long as any of the Storm Sewer Bonds are outstanding, the City will impose and collect reasonable charges for the service, use and availability of the System to the City and its inhabitants according to schedules calculated to produce net revenues which, will be sufficient to pay all principal and interest when due on the Storm Sewer Bonds and all other obligations payable from the Net Revenues. Net Revenues, to the extent necessary, are hereby irrevocably pledged and appropriated to the payment of the principal of the Storm Sewer Bonds and interest thereon on a parity with the existing pledge of the Net Revenues to pay outstanding obligations of the City; provided that nothing herein shall preclude the City from hereafter making further pledges and appropriations of Net Revenues for the payment of additional obligations of the City • hereafter authorized if the City Council determines before the.authorization of such additional obligations that the estimated Net Revenues will be sufficient, together with any other sources pledged to or projected to be used, for the payment of the principal of and interest on the Storm, Sewer Bonds and paid therefrom and such additional obligations. Such further pledges and appropriations of said Net Revenues may be made superior or subordinate to or on a parity with the pledge and appropriation herein made, as to the application of Net Revenues received from time to time. 5.05. 2009A State-Aid Street Bond Fund. The State-Aid Street Bonds shall be payable from a separate General Obligation State-Aid Street Bonds, Series 2009A Bond Fund (the "State-Aid Street Bond Fund"), which the City agrees to maintain until the State-Aid Bonds have been paid in full. The City hereby appropriates to the State-Aid Street Bond Fund the accrued interest on the State-Aid Street Bonds and any amounts transferred to the State-Aid Street Bond Fund from the City's account in the Municipal State-Aid Street Fund of the State of Minnesota. The Finance Director shall follow the procedure set forth in Minnesota Statutes, Section 162.18, Subdivision 4, for obtaining such funds. If at any time the moneys in the State-Aid Street Bond Fund should be insufficient to pay all principal and interest due on the State-Aid Street Bonds, the Finance Director shall nevertheless pay the same from any moneys on hand in the general fund of the City, and the moneys so used shall be restored to the general fund from the moneys next received by the City from the Construction or Maintenance Account in the Municipal State- Aid Street Fund of the State of Minnesota, which are not required for the payment of additional principal and interest. • -15-