RES 13-01 - Laserfiche WebLink

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Year Levy • (See EXHIBIT A) 21. Cancellation of Prior Levy. 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 Executive Director of the Authority 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 2018 and thereafter made by the resolution authorizing the issuance of the Refunded Bonds. The tax levies are such that if collected in full they, together with and any other revenues herein pledged for the payment of the Bonds, will produce at least 5% in excess of the amount needed to meet when due the principal and interest payments on the Bonds. The tax levies shall be irrepealable so long as any of the Bonds are outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3. 22. Certificate of Registration and Tax Levy. The Executive Director is hereby directed to file a certified copy of this resolution with the County Auditor of Sherburne County, Minnesota, together with such other information as the County Auditor shall require, and to obtain the County Auditor's certificate that the Bonds have been entered in the County Auditor's Bond Register, and that the tax levy required by law has been made. • 23. Deposit of Funds. As of the date of delivery of and payment for the Bonds, proceeds of the Bonds, plus accrued interest on the Bonds, less necessary expenses of the issuance of the Bonds (the"Proceeds"), are hereby pledged and appropriated and will be deposited in the Escrow Account. Proceeds of the Bonds in excess of the amount needed to fund the Escrow Account and pay costs of issuance are appropriated to the Debt Service Account in accordance with Section 16(ii). 24. Payment of Bonds and Refunded Bonds. It is hereby found and determined that money available and appropriated to the Escrow Account will be sufficient, together with the permitted earnings on the investment of the Escrow Account, to pay principal of and interest on the Bonds through the Redemption Date, and to pay at maturity or redemption all of the principal of and redemption premium (if any) on the Refunded Bonds maturing after the Redemption Date. 25. Permitted Investments. Securities purchased from the monies in the Escrow Account will be limited to securities specified in Section 475.67, Subdivision 8 of the Act. The Escrow Agent, as agent for the Authority is hereby authorized and directed to purchase for and on behalf of the Authority and in its name, appropriate securities to fund the Escrow Account. Upon the issuance and delivery of the Bonds, the securities so purchased will be deposited with the Escrow Agent and held pursuant to the terms of the Escrow Agreement and the Resolution. • 16 414396v3 JSB EL185-21