Resolution 2022 - Laserfiche WebLink

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~ , . , - . and water facilities of the City and for connections therewith, after payment of the normal, reasonable and current costs of operating and maintaining the facilities, all as provided and contemplated in Section 444.075, Minnesota Statutes, and such net revenues so derived and all moneys and investments in the Sewage and Water Facility Bonds Fund are hereby pledged to the payment of the principal of and interest on the bonds hereby authorized and the similar obligations heretofore and any similar obligations hereafter issued under said Section 444.075 (or successor law); provided that any net revenues so derived and deposited in said Sewage and Water Facility Bonds Fund not needed to pay principal or interest due or to become due within the succeeding twelve months may be used for sewer or water facility improvements, replacements, extensions and repairs not paid or to be paid for as a part of normal, reasonable and current costs of operation and maintenance or for any other, lawful purpose if the City Council shall estimate and determine that moneys and investments remaining in said Fund and net revenues from collections of such charges in succeeding years will be in amounts and available at times sufficient to provide for all remaining installments of principal and interest and a sum at least 5% in excess thereof. It is hereby estimated, found and determined that the said net 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, 1968 Resolution and 1970 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 City, and the City will levy a general ad valorem tax for the payment of the principal thereof and interest thereon whenever it may appear neces- sary in order to provide for the full and timely payment thereof. 8. The City hereby covenants and agrees with the holders of the bonds and with the taxpayers of the City that it will impose and collect charges of the nature authorized by said Section 444.075, Minnesota Statutes, and particularly Subdivision 3 thereof, at the times and in the amounts required to produce, together with any taxes or special assessments designed as a primary source of payment, net revenues adequate to pay all principal and interest when due on the bonds and any similar obligations hereto- fore or hereafter 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 tax payer. 9. The proceeds of the bonds authorized hereby shall be held and applied to the payment on April 1, 1978 of the principal of and interest on the City's outstanding Temporary Water Improve- ment Bonds of 1975, dated April 1, 1975. All special assessments collected or to be collected with respect to Improvement No. 75-2 and not required for the payment of the Temporary Water Improve- ment Bonds of 1975 shall be deposited in the Sewage and Water Facilities Bonds Fund and used solely for the payment of the principal of and interest on the bonds payable from such fund. 10. The City Manager and Clerk-Treasurer are authorized and directed to prepare and furnish to the purchaser and to the attorneys approving the issue, certified copies of all proceedings and records relating to the issuance of said General Obligation Water Revenue Bonds of 1978, and to the right, power and authority of the City and its officers to issue the same, and said certified -5-