RES 08-01 - Laserfiche WebLink

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• Year of Tax Levy Year of Tax Levy Amount 2008-2013 2009-2014 See Attached Tax Levy Schedule 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 five percent 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. 17. General Obligation Pledge. 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 have been irrevocably pledged by the Ordinance. If the balance in the 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 shall be promptly paid out of any other funds of the Authority which are available for such purpose, and such other funds may be reimbursed with or without interest from the Debt Service Account when a sufficient balance is available therein. 18. 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 110 Bond Register, and that the tax levy required by law has been made. 19. Records and Certificates. The officers of the Authority are hereby authorized and directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the issuance of the Bonds, certified copies of all proceedings and records of the Authority relating to the Bonds and to the financial condition and affairs of the Authority, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of the Bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the Authority as to the facts recited therein. 20. Tax-Exempt Status of the Bonds;Rebate. The Authority shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income under Section 103 of the Code of the interest on the Bonds,including without limitation (a) requirements relating to temporary periods for investments; (b) limitations on amounts invested at a yield greater than the yield on the Bonds; and (c) the rebate of excess investment earnings to the United States. • The Authority expects to satisfy the twenty-four month expenditure exemption for gross proceeds of the Bonds as provided in Section 1.148-7(c)of the Regulations. The President and 2114906v1 13