RES 20-93 - Laserfiche WebLink

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reimbursed for those advances out of the proceeds of taxes when collected. There is appropriated to the Debt Service Fund (i) any amounts paid by the Purchaser over the minimum purchase price, to the extent designated for deposit in the Debt Service Fund in accordance with Section 2.03 hereof; (ii) collections of all taxes hereafter levied for the payment of the Bonds and interest thereon; (iii) ad valorem taxes collected for the payment of the Series 2010A Refunded Bonds pursuant to levies made in the resolution authorizing the Series 2010A Refunded Bonds (the "2010A Resolution"), which levies will not be cancelled except as permitted by Section 475.61, subdivision 3 of the Act; (iv) ad valorem taxes collected for the payment of the Series 2012A Refunded Bonds pursuant to levies made in the resolution authorizing the Series 2012A Refunded Bonds (the "2012A Resolution" and, together with the 2010A Resolution, the "Prior Resolutions"), which levies will not be cancelled except as permitted by Section 475.61, subdivision 3 of the Act; (v) all investment earnings on funds in the Debt Service Fund; and (vi) any and all other moneys which are properly available and are appropriated by the City Council to the Debt Service Fund. The amount of any surplus remaining in the Refunding Fund when the Bonds and interest thereon are paid will be used as provided in Section 475.61, subdivision 4 of the Act. 4.02. Refunding Fund. The proceeds of the Bonds, less the appropriations made in Section 4.01 hereof, will be deposited in a separate fund (the "Refunding Fund") in an amount sufficient, together with other available funds applied to such purpose, to redeem the Series 2010A Refunded Bonds and the Series 2012A Refunded Bonds on February 1, 2021 (the "Redemption Date"). The Refunding Fund shall be terminated following the redemption of the Refunded Bonds. Any balance remaining in the Refunding Fund after the redemption of the Refunded Bonds shall be deposited in the Debt Service Fund herein created. 4.02 Prior Debt Service Funds. The debt service funds heretofore established for the Refunded Bonds pursuant to the Prior Resolutions, shall be closed following the redemption of the Refunded Bonds on the Redemption Date and all monies therein shall be transferred to the Debt Service Fund, herein described. 4.03. Filing. The City Clerk is authorized and directed to file a certified copy of this resolution with the County Auditor/Treasurer 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. 4.04 Prior Resolution Pledges. The pledges and covenants of the City made by the Prior Resolutions relating to the ownership, protection of and other particulars governing the operation and financial management of the improvements financed by the Bonds and the Refunded Bonds are restated and confirmed in all respects. The provisions of the Prior Resolutions are hereby supplemented to the extent necessary to give full effect to the provisions of this resolution. 4.05 Tax Levy; Coverage Test, Cancellation of Certain Tax Levies. (a) For the purpose of paying the principal of and interest on the Bonds, there is hereby levied a direct annual irrepealable ad valorem tax 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. Such tax will be credited to the Debt Service Fund above provided and will be in the years and amounts set forth in EXHIBIT C attached hereto. EL185-66-684471.v2 7