Resolution 1512 - Laserfiche WebLink

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. (Form of Clerk's Certificate) I, the duly qualified and acting City Clerk of the City of New Brighton, hereby certify that except for the date line the fore- going is a compared, true and complete copy of the legal opinion of Messrs. Faegre & Benson, of Minneapolis, Minnesota, which was delivered to me upon delivery of the bonds and is now on file in my office. (Facsimile) City Clerk City of New Brighton, Minnesota 5. The City Manager is directed to cause said bonds to be prepared and the Mayor and Manager are authorized and directed to execute the same, one by manual and one by facsimile signature on each Bond, and affix the City seal (or a facsimile thereof) thereto and to cause the interest coupons to be execu~ed and authenticated by the printed facsimile signatures of said officers. A copy of the approving legal opinion of Messrs. Faegre & Benson, Minneapolis, Minnesota, shall be printed on the reverse side of each bond and shall be certified by the facsimile signature of the City Clerk. Upon receipt of the legal opinion and payment for the bonds, the Manager, Treasurer and Clerk shall deliver the bonds to the pur- chaser and the purchaser shall not be obligated to see to the proper application of the purchase price. 6. There is hereby created a special fund, to be known as Permanent Improvement Bonds of 1975 Fund, and the principal and in- terest on the bonds herein authorized shall be paid from said fundi provided, however, that if the principal or interest upon the said bonds shall become due and payable and there are insufficient moneys to pay principal and interest, the City Treasurer shall be authorized and directed to pay said principal and interest from the general fund and thereafter to reimburse said general fund from the taxes levied hereby and from collections of special assessments for the improvements identified in the form of bond above provided. The proceeds of the bonds herein authorized shall be deposited in the Temporary Improvement Bonds of 1972 Fund to the extent required to pay principal of and interest on the $600,000 Temporary Improvement Bonds of 1972, dated May 1, 1972, to the extent that collections of special assessments for Improvements Nos. 72-3, 72-4, 72-5, 72-6, 72-10, 72-11, and 72-12, are insufficient for such purpose. The remaining proceeds of the bonds shall be used to pay any additional costs of the said improvements not met from the Temporary Improvement Bonds of 1972 or collections of special assessments. Any special assessments on account of any said improvements heretofore collected and not required for payment of the expenses of such improvements, any special assess- ments on account of said improvements hereafter collected, and the ad valorem taxes levied by paragraph 7 hereof shall be paid into said Permanent Improvement Bonds of 1975 Fund. 7. It is hereby found and determined that the estimated collection of special assessments pledged for the payment of said bonds will, with the taxes hereby levied, produce at least five percent in excess of the amount needed to meet, when due, the princi- pal and interest payments on the Bonds. For the purpose of providing funds for the City's share of the costs of the said Improvements and paying principal of and interest on the said Bonds, general ad valorem taxes are hereby levied on all taxable property in the City in the amounts and collectible in the years as follows: