Resolution 897 - Laserfiche WebLink

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;, , revenues derived from sewer and water charges, will be sufficient to pay when due principal of and interest on the bonds herein authorized and the bonds authorized by the 1967 Resolution and J . 1968 Resolution and a sum at least 5% in excess thereof, and no tax levy will be required for their payment; but the said bonds shall be general obligations of the Village, and the Village will levy a general ad valorem tax for the payment of the principal thereof and interest thereon whenever it may appear necessary in order to provide for the full and timely payment thereof. 7. The Village hereby covenants and agrees with the holders of the bonds and with the taxpayers of the Village that it will impose and collect charges of the nature authorized by said Section 444.075, Minnesota Statutes, and particularly Sub- division 3 thereof, at the times and in the amounts required to produce, together with any taxes or special assessments designated as a primary source of payment, net revenues adequate to pay all principal and interest when due on the bonds and any similar obligations heretoforear~ereafter issued under said Section 444.075 (or successor law) to the end that all such bonds and obligations shall be deemed to be payable wholly from the income of the water and sewer system whose revenues are so pledged, within the meaning of Minnesota Statutes, Sections 475.51 and 475.58, and that such covenant may be enforceable by appropriate action on the part of any such holder or taxpayer. 8. The Village Clerk is hereby authorized and directed to file in the office of the County Auditor of Ramsey County, a certified copy of this resolution together with such other information as the County Auditor may require, and to obtain from the County Auditor a certificate that the bonds have been entered upon his bond register. 9. The officers of the Village are hereby authorized and directed to prepare and furnish to the purchaser of the bonds and to the attorneys approving the same, certified copies of all proceedings and records of the Village relating to said bonds and to the financial affairs of the Village and to the power and authority of the Village to issue said bonds within their knowledge or as shown by the books and records under their custody and control, and such certified copies and certificates shall be deemed representations of the Village as to the facts stated therein. The motion for the adoption of the foregoing resolution was duly seconded by Councilman Rebelein and upon vote being taken thereon the following voted in favor thereof: Bromander, Moen, Nesser, Rebelein and Morris and the following voted against the same: None whereupon said resolution was declared duly passed and adopted.