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<br />(b) In the event of any current or anticipated deficiency in Assessments and <br />Taxes, the City Council will levy additional ad valorem taxes in the amount of the current <br />or anticipated deficiency. <br /> <br />(c) The City will keep complete and accurate books and records showing: <br />receipts and disbursements in connection with the Improvements, Assessments and Taxes <br />levied therefor and other funds appropriated for their payment, collections thereof and <br />disbursements 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 />and will furnish copies of such audit reports to any interested person upon request. <br /> <br />4.03. It is determined that at least 20% of the cost of the Improvements will be specially <br />assessed against benefitted properties. For the purpose of paying the principal of and interest on <br />the Bonds, there is levied a direct annual irrepealable ad valorem tax (Taxes) upon all of the <br />taxable property in the City, which will be spread upon the tax rolls and collected with and as <br />part of other general taxes of the City. The taxes will be credited to the Debt Service Fund above <br />provided and will be in the years and amounts as follows (year stated being year of levy for <br />collection the following year): <br /> <br />Year Levy <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 when <br />due the principal and interest payments on the Bonds. The tax levy herein provided is <br />irrepealable until all of the Bonds are paid, provided that at the time the City makes its annual tax <br />levies the City Finance Director/Clerk may certify to the Director of Property Records and <br />Revenue the amount available in the Debt Service Fund to pay principal and interest due during <br />the ensuing year, and the Director of Property Records and Revenue will thereupon reduce the <br />levy collectible during such year by the amount so certified. <br /> <br />4.05. The City Finance Director/Clerk is authorized and directed to fIle a certified copy <br />of this resolution with the Director of Property Records and Revenue and to obtain the certificate <br />required by Minnesota Statutes, Section 475.63. <br /> <br />DJK-164783 <br />NE136-149 <br />