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<br /> <br />(b) In the event of any current or anticipated deficiency in Assessments and <br />axes, the City Council will levy additional ad valorem taxes in the amount of the current <br />r anticipated deficiency. <br /> <br />( c) The City will keep complete and accurate books and records showing: <br />eceipts and disbursements in connection with the Improvements, Assessments and Taxes <br />evied therefor and other funds appropriated for their payment, collections thereof and <br />isbursements therefrom, monies on hand and, the balance of unpaid Assessments. <br /> <br />(d) The City will cause its books and records to be audited at least annually <br />d will furnish copies of such audit reports to any interested person upon request. <br /> <br />.03. It is determined that at least 20% of the cost of the Improvements will be specially <br />assessed against benefited properties. For the purpose of paying the principal of and <br />interest on the Bonds, there is levied a direct annual irrepealable ad valorem tax (Taxes) <br />pon all of the taxable property in the City, which will be spread upon the tax rolls and <br />collected with and as part of other general taxes of the City. The taxes will be credited to <br />the Debt Service Fund above provided and will be in the years and amounts as follows <br />(year stated being year of levy for collection the following year): <br /> <br />Year l&yy <br /> <br />(See Attachment A) <br /> <br />4.04. It is hereby determined that the estimated collections of Assessments and the <br />foregoing Taxes will produce at least five percent in excess of the amount needed to meet <br />when due the principal and interest payments on the Bonds. The tax levy herein provided <br />is irrepealable until all of the Bonds are paid, provided that at the time the City makes its <br />annual tax levies the City Finance Director may certify to the Director of Property <br />Records and Revenue of Ramsey County the amount available in the Debt Service Fund <br />to pay principal and interest due during the ensuing year, and the Director of Property <br />Records and Revenue will thereupon reduce the levy collectible during such year by the <br />amount so certified. <br /> <br />4.05. The City Manager is authorized and directed to file a certified copy of this <br />resolution with the Director of Property Records and Revenue of Ramsey County and to <br />obtain the certificate required by Minnesota Statutes, Section 475.63. <br /> <br />SJB-252 7vl <br />NE 136- <br /> <br />I <br />I' <br />