Laserfiche WebLink
shall be used consistent with Minnesota Statutes, Section 475.61, <br />Subdivision 4. <br />The moneys in the Debt Service Account shall be used <br />solely to pay the principal of and interest on the Bonds or any <br />other bonds hereafter issued and made payable from the Fund. No <br />portion of the proceeds of the Bonds shall be used directly or <br />indirectly to acquire higher yielding investments or to replace <br />funds which were used directly or indirectly to acquire higher <br />yielding investments, except (1) for a reasonable temporary <br />period until such proceeds are needed for the purpose for which <br />the Bonds -were issued, and (2) in addition to the above, in -an <br />amount not greater than the lesser of five percent M) of the <br />proceeds of the Bonds or $100,000. To this effect, any proceeds <br />of the Bonds and any sums from time to time held in the Fund (or <br />any other City account which will be sued to pay principal and <br />interest to become due on the Bonds) in excess of amounts which <br />under the applicable federal arbitrage regulations may be <br />invested without regard as to yield shall not be invested in <br />excess of the applicable yield restrictions imposed by the <br />arbitrage regulations on such investments after taking into <br />account any applicable "temporary periods" or "minor portion" <br />made available under the federal arbitrage regulations. In <br />addition, the proceeds of the Bonds and money in the Fund shall <br />not be invested in obligations or deposits issued by, guaranteed <br />by or insured by the United States or any agency or <br />instrumentality thereof if and to the extent that such investment <br />would cause the Bonds to be "federally guaranteed" within the <br />meaning of Section 149(b) of the federal Internal Revenue Code of <br />1986, as amended (the "Code"). <br />16. Prior Bonds: Security. Until retirement of the <br />Prior Bonds, all provisions theretofore made for the security <br />thereof shall be observed by the City and all of its officers and <br />agents. <br />17. ,SRecial Assessments. The City has heretofore <br />levied special assessments pursuant to the Prior Resolution, <br />which assessments were pledged to the payment of a portion of the <br />principal and interest on the Prior Bonds and all uncollected <br />special assessments are now pledged to the payment of a portion <br />of the principal and interest on the Bonds herein authorized. <br />18. Tax Levy• Coverage Test: Cancellation or certain <br />Tax Levies. To provide moneys for payment of the principal and <br />interest on the Bonds there is hereby levied upon all of the <br />taxable property in the City a direct annual ad valorem tax which <br />shall be spread upon the tax rolls and collected with and as part <br />of other general property taxes in the City for the years and in <br />the amounts as follows: <br />913727.01 19 <br />