Laserfiche WebLink
20 <br />(a) so much of the net revenues of the City's storm sewer utility as shall be required to pay the <br />principal and interest on the portion of the Bonds issued to refund the bonds issued to refinance <br />improvements to the City's storm sewer utility; (b) money to be allocated from its account in the <br />Municipal State -Aid Street Fund of the State of Minnesota in such amount as shall be sufficient <br />to pay all principal of and interest on the portion of the Bonds issued to refund the bonds issued <br />to refinance improvements to various state -aid roads in the City, (c) has levied or agreed to levy <br />special assessments on property specially benefited by the portion of the Bonds issued to finance <br />street reconstruction projects in the City and ad valorem taxes on all taxable property in the City, <br />collectible in the years and amounts required to produce sums not less than 5% in excess of the <br />principal of and interest on such portion of the Bonds as such principal and interest respectively <br />become due, and has appropriated the same to the payment of such portion of the Bonds in the <br />manner specified in Minnesota Statutes, Section 429.091, Subdivision 4; (d) tax abatements to be <br />derived by the City from certain specified properties of the City; that if necessary to pay the <br />principal and interest on the tax abatement portion of the Bonds, and (e) if necessary for payment <br />of the principal and interest on this Bond, additional ad valorem taxes are required to be levied <br />upon all taxable property in the City, without limitation as to rate or amount; and that the <br />issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional or <br />statutory limitation of indebtedness. <br />This Bond shall not be valid or become obligatory for any purpose or be entitled to any <br />security or benefit under the Resolution until the Certificate of Authentication hereon shall have <br />been executed by the Bond Registrar by the manual signature of a person authorized to sign on <br />its behalf. <br />[The remainder of this page is intentionally left blank] <br />-5- <br />