Laserfiche WebLink
<br />,. <br /> <br />. - <br /> <br />It is hereby determined that the estimated collection of <br />special assessments for the payment of the Bonds and the <br />foregoing ad valorem tax levy will produce at least 5% in <br />excess of the amount needed to meet, when due, the principal <br />and interest payments on the Bonds. The Ci ty Clerk-Trea- <br />surer is directed to file a certified copy of this Reso- <br />lution wi th the Director of Property Taxation of Ramsey <br />County, Minnesota, and to obtain the certificate required by <br />Minnesota Statutes, Section 475.63. <br /> <br />10. It is hereby determined that the Improvements to be <br />financed by the Bonds will directly and indirectly benefit <br />the abutting or other property, and the Ci ty hereby cove- <br />nants wi th the holders from time to time of the Bonds as <br />follows: <br /> <br />(a) The City has duly ordered the making of the <br />Improvements as contemplated in Minnesota Statutes, <br />Section 429.031, will cause the assessments for the <br />Improvements to be promptly levied so that the first <br />installment will be collectible not later than 1985, and <br />will take all steps necessary to assure prompt collec- <br />tion. The City Council shall with due diligence take or <br />cause to be taken all further actions which may be <br />necessary for the making, constructing, and financing of <br />the Improvements financed by the Bonds, for the final <br />and valid levy of special assessments against property <br />benefited by the Improvements, and for the appropriation <br />of any other funds needed to pay the Bonds and interest <br />thereon when due. <br /> <br />(b) The full faith and credit and taxing powers of <br />the City are hereby pledged to the payment of the prin- <br />cipal of and interest on the Bonds, and in the event of <br />any current or anticipated deficiency in any funds <br />pledged or appropriated for payment of the principal of <br />and interest on the Bonds, the City Council will levy ad <br />valorem taxes in the amount of said current or antici- <br />pated deficiency: <br /> <br />(c) The City will keep complete and accurate books <br />and records relating to the Improvements showing all <br />receipts and disbursements of grants, pledged funds, <br />taxes, assessments, other funds appropriated for payment <br />of the Bonds, and the balance of unpaid assessments. <br /> <br />(d) The City will cause its books and records to <br />be audited at least annually and will furnish copies of <br />such audi t reports to any interested person upon re- <br />quest. <br /> <br />- 11 - <br />