Laserfiche WebLink
<br />~ .. . t <br /> <br />. <br />. <br /> <br />the payment of the pr incipal of and interest on the Bond, <br />when due. I f any such payment of principal or interest <br />shall become due when there are not sufficient funds in the <br />Debt Service Account to pay the same, the City Finance <br />Director shall pay such principal or interest from the <br />general fund or other available funds of the City, and such <br />funds shall be reimbursed for such advances from the pro- <br />ceeds of the Lease Revenues or Tax Increments or of any <br />general ad valorem taxes levied pursuant to paragraph 9 <br />hereof, when collected. <br /> <br />\ <br /> <br />9. The full faith and credit and taxing powers of the <br />City are hereby pledged to the payment of the principal of <br />and interest on the Bond, and in the event of any current or <br />anticipated deficiency of funds in the Debt Service Account <br />of amounts needed to pay principal and interest on the Bond <br />when due, the City Council shall levy ad valorem taxes on <br />all taxable property in the City in the amount of such defi- <br />ciency. <br /> <br />10. It is hereby determined that the estimated collec- <br />tions of Lease Revenues and the Available Tax Increments <br />pledged by this Resolution to the payment of the pr incipal <br />of and interest on the Bond will produce at least 5% in <br />excess of the amount needed to meet, when due, the principal <br />and interest payments on the Bond and that no general ad <br />valorem tax levy is needed at this time. The City Clerk- <br />Treasurer is directed to file a certified copy of this <br />resolution with the County Auditor and to obtain the certi- <br />ficate from said official required by Minnesota Statutes, <br />Section 475.63. <br /> <br />11. When all principal installments of the Bond have <br />been discharged as provided in this Section, all pledges, <br />covenants, and other rights granted by this Resolution to <br />the Registered Holder of the Bond shall cease, and the Bond <br />shall no longer be deemed to be outstanding under this Reso- <br />lution. The City may discharge its obligations with respect <br />to the Bond by deposi ting an amount which on the date of <br />such deposit is sufficient to meet, when due (or prepayable, <br />provided all steps required precedent to such prepayment <br />have been duly taken), all remaining payments of principal <br />of or interest on the Bond. <br /> <br />12. When the Bond has been paid or otherwise discharged <br />as provided in paragraph 11 above, any remaining funds in <br />the Debt Service Account shall be transferred to the Tax <br />Increment Financing District No. 4 Account where they may <br />then be used for any lawful purpose cons i stent "..i th the <br />Development Program and Tax Increment Financing Plan. <br /> <br />- 9 - <br />