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< :~ . . 9. It is hereby determined that the Pledged Tax Incre- ments will be in the principal amount of at least 20% of the cost of the publ~c improvements financed by the Bonds. Based on current e.stimates of Pledged Tax Increments and Lease Payments, there is additionally required for prompt and full payment of debt service on the Bonds and there is hereby levied a direct, annual, irrepealable ad valorem tax levy against all taxable properties in the City, which tax levy shall be in the years and amounts as follows (year stated being year of levy for collection the following year): YEAR LEVY 1983 $ 0 1984 143,33~ 1985 193,673 1986 188,397 1987 209,213 1988 201,758 1989 193,988 It is hereby oetermined that the estimateo collection of pleoged Tax Increments, Lease Payments, and the foregoing ad valorem tax levy will proouce at least 5% in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds. The City Clerk-Treasurer is directed to file a certified copy of this Resolution with the Director of Property Taxation of Ramsey County, Minnesota, and to obtain the certificate required by Minnesota Statutes, Section 475.63. YEAR 1990 1991 1992 1993 1994 1995 LEVY $212,153 201,653 190,890 206,115 218,820 228,900 10. The tax levy herein provioed shall be irrepealable until all of the Bonds are paid, provided that the City Clerk-Treasurer may annually, prior to October lOth, certify to the Ramsey County Director of Property Taxation the amount available in the Debt Service Account to pay prin- cipal and interest due on the Bond during the ensuing year, and the Director of Property Taxation shall thereupon reduce the levy collectible during such year by the amount so cer- ti f ied . All collections rece i ved by the City of any ad valorem taxes levied or required to be levied by this ResO- lution shall be depos i ted in the Debt Service Account and shall, when and as received, be irrevocably pledged to the payment of the principal of and interest on the Bonds~ 11. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of proceed- ings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and to furnish such other certificates, affidavits, and transcripts as may be required to show facts within their knowledge or - 11 -