RES 12-12 - Laserfiche WebLink

Home Browse Search

the Bonds and money in the Fund will not be invested in obligations or deposits issued by, • guaranteed by or insured by the United States or any agency or instrumentality thereof if and to the extent that such investment would cause the Bonds to be federally guaranteed within the meaning of Section 149(b) of the Internal Revenue Code of 1986, as amended (the "Code"). 4.04. General Obligation Pled. For the prompt and full payment of the principal and interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of the City will be and are hereby irrevocably pledged. If the balance in the Escrow Account or Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable therefrom, the deficiency will be promptly paid out of monies in the general fund of the City which are available for such purpose, and such general fund may be reimbursed with or without interest from the Escrow Account or Debt Service Account when a sufficient balance is available therein. To the extent that it shall ever by necessary to provide full and timely payment of the debt service on the Bonds, the City shall, pursuant to the authority therefore described in this paragraph, levy an ad valorem tax on all taxable property within the City sufficient for such purposes. 4.05. Pledge of Tax Levy. To provide moneys for payment of an interest on the Bonds there is hereby levied upon all taxable property in the City a direct annual irrepealable ad valorem tax (the "Taxes") upon all of the taxable property in the City, which will 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 Debt Service Fund above provided and will be in the years and amounts as follows (year stated being year of collection): • Year Levy (See EXHIBIT B) 4.06. Cancellation of Prior Lew . It is hereby determined that upon the deposit of moneys in the Escrow Account that an irrevocable appropriation to the debt service fund for the Refunded Bonds maturing after the Redemption Date will have been made within the meaning of Section 475.61, subdivision 3 of the Act and the Finance Director of the City is hereby authorized and directed to certify such fact to and request the County Auditor of Sherburne County to cancel any and all tax levies for taxes payable in 2013 and thereafter made by the resolution authorizing the issuance of the Refunded Bonds. 4.07. Filin .The City Administrator is authorized and directed to file a certified copy of this resolution with the County Auditor of Sherburne County and to obtain the certificate required by Section 475.63 of the Act and the tax levy required by law has been made. • 398249v2 JSB EL185-17 12