2000.11.06 RESO 2000-0043 - Laserfiche WebLink

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of the Bonds in an amount sufficient, together with other sums herein pledged, to pay the annual principal and interest payments on the Bonds; (5) any collections of all taxes which may hereafter be levied in the event that the Tax Increments and other sums herein pledged to the payment of the Bonds are insufficient therefor; (6) all funds remaining in the Payment Account after completion of the Project and payment of the costs thereof; (7) all investment earnings on funds held in the Debt Service Account; and (8) any and all other moneys which are properly available and are appropriate by the governing body of the City to the Debt Service Account. The Debt Service Account shall be used solely to pay the principal and interest and any premiums for redemption of the Bonds and any other general obligation bonds of the City hereafter issued by the City and made payable from said account as provided by law. 16. Tax Increments: Use of Tax Increments. The County Auditor of Washington County has certified the original net tax capacity of property in the Tax Increment District. The County Auditor shall determine in each year if the then -current net tax capacity of property in the Tax Increment District exceeds the original net tax capacity, and shall calculate, in the manner provided in Minnesota Statutes, Section 469.177, Subdivision 3, the captured net tax capacity (as defined therein) attributable to the Tax Increment District. The City hereby determines to retain 100% of the captured tax capacity for purposes of tax increment financing. The County Auditor shall, in each such year, compute the local tax rate to be extended against the captured net tax capacity in the manner provided in Minnesota Statutes, Section 469.177, Subdivision 3, and the tax generated thereby shall constitute the Tax Increments for the year in which it is received. The City hereby appropriates the Tax Increments to the Debt Service Account; which appropriation shall continue until all of the Bonds and any additional bonds payable from the Debt Service Account, are paid or discharged. The City hereby expressly reserves the right to use the Tax Increments to finance costs set forth in the Plan not financed hereby or to finance costs of other projects to be undertaken from time to time within the Development District in accordance with the Program and the Plan, as they may from -time to time be amended. 17. Reservation of Rights. Notwithstanding any provisions herein to the contrary, the City reserves the right to terminate, reduce, or apply to other lawful purposes the Tax Increments herein pledged to the payment of the Bonds and interest thereon to the extent and in the manner permitted by law. 18. Coverage. The Tax Increments herein pledged to the payment of the Bonds are such that if collected in full they, together with other revenues herein pledged for the payment of the Bonds, will produce at least five percent (5%) in excess of the amount needed to meet when due the principal and interest payments on the Bonds. 19. Future Tax Levies. On or before October 10 of each year, the Clerk - Treasurer shall certify to the County Auditor of Washington County the amount of Tax Increments and any other funds appropriated to and then held in the Debt Service Account and the estimated collections of Tax Increments to be received in the next succeeding year. In the 1221968.1 19