Laserfiche WebLink
Year of Tax Year of Tax <br />Levy Collection Amount <br />See Next Page <br />The taxes are such that if collected in full they, <br />together with estimated collections of special assessments and <br />other revenues herein pledged for the payment of the Bonds, will <br />produce at least five percent (5g) in excess of the amount needed <br />to meet when due the principal and interest payments on the <br />Bonds. The tax levies shall be irreparable so long as any of the <br />Bonds are outstanding and unpaid, provided that the City reserves <br />the right and power to reduce the levies in the manner -and to the <br />extent permitted by Minnesota Statutes, Section 475.61, <br />Subdivision 3. <br />Upon payment of the Prior 1988 Bonds, the uncollected <br />taxes levied in paragraph 18 of the Prior 1988 Resolution <br />authorizing the issuance of the Prior 1988 Bonds which are not <br />needed to pay the Prior 1988 Bonds as a result of the Refunding <br />shall be cancelled. <br />Upon payment of the Prior 1991 Bonds, the uncollected <br />taxes levied in paragraph 19 of the Prior 1991 Resolution <br />authorizing the issuance of the Prior 1991 Bonds which are not <br />needed to pay the Prior 1991 Bonds as a result of the Refunding <br />shall be cancelled. <br />19. Defeasance. When all Bonds have been discharged <br />as provided in this paragraph, all pledges, covenants and other <br />rights granted by this resolution to the registered holders of <br />the Bonds shall, to the extent permitted by law, cease. The City <br />may discharge its obligations with respect to any Bonds which are <br />due on any date by irrevocably depositing with the Bond Registrar <br />on or before that date a sum sufficient for the payment thereof <br />in full; or if any Bond should not be paid when due, it may <br />nevertheless be discharged by depositing with the Bond Registrar <br />a sum sufficient for the payment thereof in full with interest <br />accrued to the date of such deposit. The City may also at any <br />time discharge its obligations with respect to any Bonds, subject <br />to the provisions of law now or hereafter authorizing and <br />regulating such action, by depositing irrevocably in escrow, with <br />a suitable banking institution qualified by law as an escrow <br />agent for this purpose, cash or securities described in Minnesota <br />Statutes, Section 475.67, Subdivision 8, bearing interest payable <br />at such times and at such rates and maturing on such dates as <br />913727.01 20 <br />