16-023 - Laserfiche WebLink

Home Browse Search

. . . sufficient money in the Note Subaccount of the Debt Service Fund to pay the same, the City Finance Director is directed to pay such principal or interest: first by transferring the amount needed from the Reserve Subaccount, and second from the Municipal Development Fund or any other fund of the City; and the Reserve Subaccount or other relevant fund will be reimbursed for those advances out of the proceeds of Pledged Tax Increment or Taxes when received. (b) There is appropriated to Note Subaccount of the Debt Service Fund $1,603,164.74, from the Municipal Development Fund or other available City funds, representing the amount necessary to pay principal of and interest on the Notes when due on June 15, 2007 and December 15,2007. (c) There is appropriated to the Reserve Subaccount of the Debt Service Fund $801,582.37, from the Municipal Development Fund or other available City funds, representing the amount necessary to pay one semi-annul installment of principal and interest on the Notes. (d) Without regard to anything in this resolution to the contrary, Pledged Tax Increment shall be available (at the City's option on a parity, superior or subordinate basis) to pay principal of and interest on both the Notes and any other obligations issued by the City to finance public development costs paid or incurred by the City in the geographic area described in Minnesota Laws 1998, Ch. 389, Article 11, Section 24 (the "NW Quad"). The City reserves the right to release all or any portion of Pledged Tax Increment from the pledge under this resolution (including without limitation the release of Pledged Tax Increment from any specific parcel within either TIF District) to the extent permitted by law, provided that in no event may the City reduce the pledge such that Pledged Tax Increment is reasonably expected to pay less than 20 percent of principal and interest on the Notes. 4.02, It is determined that at least 20 percent of the cost of the Midwest Asphalt Property financed by the Notes will be paid with Pledged Tax Increment. For the purpose of paying the balance of the principal of and interest on the Notes, there is levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, to be spread upon the tax rolls and collected with and as part of other general taxes of the City. The Taxes will be credited to the Note Subaccount of the Debt Service Fund above provided and is in the years and amounts as follows (year stated being year oflevy for collection the following year): Year Levy (See Attachment A) 4.03. It is determined that the estimated collection of the foregoing Taxes, together with Pledged Tax Increment, will produce at least five percent in excess ofthe amount needed to meet when due, the principal and interest payments on the Notes. The tax levy herein provided will be irrepealable until all of the Notes are paid, provided that at the time the City makes its annual tax levies the Finance Director may certify to the Director of Property Records of Ramsey County 302227v3 518 NE136-163 11