RES 12-11 - Laserfiche WebLink

Home Browse Search

those advances out of the proceeds of the taxes levied by this resolution, when collected. There is • appropriated to the Debt Service Fund (i) capitalized interest financed from Bond proceeds, if any, (ii) any amount over the minimum purchase price paid by the Purchaser, to the extent designated for deposit in the Debt Service Fund in accordance with Section 2.02; (iii) the accrued interest, if any, paid by the Purchaser upon closing and delivery of the Bonds; and (iv) any other funds appropriated for the payment of principal or interest on the Bonds. (b) Construction Fund. The proceeds of the Bonds, less the appropriations made in paragraph (a), together with any other funds appropriated for the Improvement and Taxes collected during the construction of the Improvement will be deposited in a separate construction fund (which may contain separate accounts for each Improvement) (the "Construction Fund") to be used solely to defray expenses of the Improvement and the payment of principal and interest on the Bonds prior to the completion and payment of all costs of the Improvement. Any balance remaining in the Construction Fund after completion of the Improvement may be used to pay the cost in whole or in part of any other capital improvement instituted under the Act. When the Improvement is completed and the cost thereof paid, the Construction Fund is to be closed and subsequent collections of Taxes for the Improvement are to be deposited in the Debt Service Fund. 5.02. Pledge of Taxes. For the purpose of paying the principal of and interest on the Bonds, 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 tax will be credited to the Debt Service Fund above provided and is in the years and • amounts as follows (year stated being year of collection): Year L~ (See Exhibit B) 5.03. Certification to County Auditor as to Debt Service Fund Amount. It is determined that the estimated collection of the foregoing taxes, will produce at least five percent in excess of the amount needed to meet when due, the principal and interest payments on the Bonds. The tax levy herein provided will be irrepealable until the Bond is paid, provided that at the time the City makes its annual tax levies the City Finance Director may certify to the County Auditor of Sherburne County the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the County Auditor will thereupon reduce the levy collectible during such year by the amount so certified. 5.04. County Auditor's Certificate as to Registration. The City Administrator is authorized and directed to file a certified copy of this resolution with the County Auditor and to obtain the certificate required by Minnesota Statutes, Section 475.63. Section 6. Authentication of Transcript. 6.01. City Proceedings and Records. The officers of the City are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies • 398211v3 JSB EL185-15 12