CC MINUTES 05221975 - Laserfiche WebLink

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v C 5. Said certificates shall be prepared under the direction of the City Clerk, and when so prepared, shall be executed in behalf of the City by the signature of the Mayor, attested by the City Clerk, and sealed with the corporate seal of the City, and the interest coupons shall be executed and authenticated by the printed, engraved or lithographed facsimile signatures of the Mayor and Clerk; provided that if the purchaser of the oblic-ations consents thereto, the certificates may be prepared as typewritten instruments without coupons , payable in the same amounts and dates and with interest payable thereon. at the same rates and dates as otherwise provided herein, and the form of certificate set forth in paragraph 4 hereof _,gay be modified accordingly. When said certificates have been so executed and authenticated, they shall be delivered by the City Treasurer to the purchaser_ on receipt of the purchase price heretofore agreed upon, and said purchaser shall not be required to see to the application thereof . 6. A separate sinking fund for said certificates is hereby created, to be designated as the "1975 Certificates of y . Indebtedness Fund" , and shall be kept by the Treasurer apart from all other funds of the City and used for no purpose ot'_:er than payment of principal and interest on said certificates ; provided, that if any payment of principal or interest shall • become due when there is not sufficient money in said fund therefor, the Treasurer shall pay the same irom the general fund of the City, and said general fand shall be reimbursed for such ° advances out of the proceeds of the taxes hereinafter levie, . Into said sinking fund shall bL paid the proceeds of the tar=s hereinafter levied pursuant to th_s resolution and all other- moneys received for or appropriated to the payment of said certificates and interest thereon. 7. For the prompt and full payment of the principal of and interest on said certificates as the same respective=y become duo, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged . To proviC e moneys for the payment thereof , there is hereby levied upon all the taxable property in the City a direct, annual tax, which shall be spread upon the tax rolls and collected with and as a part of other general property taxes in the City, in the years and amounts as follows: Lc+vy Year Collection ,Year Amount 1975 1976 $12,579°00 1976 1977 11,445,00 1977 1978 10,983,00 • Said tax shall be irrepealable; provided, that the City reserves the right and power to reduce the levies in the n;anner and? =o the extent permitted by 19innesota Statutes, Section 475 . 61 . 8. The City Clerk is hereby authorized and directed? to file with the County Auditors of liennepin and Ramsey Countic°- a certified copy of this resolution , together with such other -n'Lor- mation as the County Auditors may require , and to obtain frc-7 said