RES 14-39 - Laserfiche WebLink

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(f) The City and each and all of its officers will punctually perform all duties with reference to the sewer plant and system as required by law. (g) The City will impose and collect charges of the nature authorized by Minnesota Statutes, Section 444.075 at the times and in the amounts required to produce, net revenues adequate to pay all principal and interest when due on the Bonds and to create and maintain such reserves securing said payments as may be provided in this resolution. (h) The City Council will levy general ad valorem taxes on all taxable property in the City,when required to meet any deficiency in net revenues. 4.04. Net Revenue Pledge. It is hereby determined that the estimated collection of Net Revenues from the sewer system for the payment of principal of and interest on the Bonds will produce at least five percent in excess of the arnount needed to meet, when due, the principal and interest payments on the Bonds and that no tax levy is needed at this time. 4.05, Certificate of CounZ, Auditor as to Registratjon. The City Clerk is authorized and directed to file a certified copy of this resolution with the County Auditor of Sherburne County, Minnesota,and to obtain the certificate required by Section 475.63 of the Act. Section 5. Authentication of TransciiZ. 5.01. Cite Proccedin-s 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 of proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and marketability of the Bonds, and such instruments,including any heretofore furnished,will be deemed representations of the City as to the facts stated therein, 5-01 Certification as to Official Statement. The Mayor, City Clerk and Finance Director of the City are authorized and directed to certify that they have examined the Official Statement prepared and circulated in connection with the issuance and sale of the Bonds and that to the best of their knowledge and belief the Official Statement is a complete and accurate representation of the facts and representations made therein as of the (late of the Official Statement. 5.03. Other Certificates, The Mayor, City Clerk and Finance Director are hereby authorized and directed to furnish to the Purchaser at the closing such certificates as are required as a condition of sale. Unless litigation shall have been commenced and be pending questioning the Bonds or the organization of the City or incumbency of its officers, at the closing the Mayor and the City Clerk shall also execute and deliver to the Purchaser a suitable certificate as to absence of material litigation, and the Clerk shall also execute and deliver a certificate as to payment for and delivery of the Bonds. Section 6. Tax Covenant, 445655v4 JSB ELI 95-27 7