RES 20-93 - Laserfiche WebLink

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(b) The tax levies are such that if collected in full they 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 Finance Director may annually, at the time the City makes its tax levies, certify to the County Auditor/Treasurer of Sherburne County, Minnesota (the "County Auditor") the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the County Auditor will thereupon reduce the levy collectible during such year by the amount so certified in the manner and to the extent permitted by Section 475.61, subdivision 3 of the Act. (c) Upon payment in full of all outstanding principal of and interest on the Refunded Bonds on February 1, 2021, the taxes levied pursuant to the Prior Resolutions the City Clerk is hereby directed to certify such fact to and request the County Auditor to cancel any and all tax levies made by the Prior Resolution for collection in 2021 and thereafter. Section 5. Refunding; Findings, Redemption of Refunded Bonds. 5.01. Reduction of Debt Service Cost. The Series 2010A Refunded Bonds will be called for redemption on the Redemption Date in the amount of $1,350,000 and the Series 2012A Refunded Bonds will be called for redemption on the Redemption Date in the amount of $4,515,000. It is hereby found and determined that based upon information presently available from the City's municipal advisor, the issuance of the Bonds is consistent with covenants made with the holders thereof and is necessary and desirable for the reduction of debt service cost to the City. 5.02. Coverage on the Refunded Bonds. It is hereby found and determined that the proceeds of the Bonds, along with funds on hand at the City, will be sufficient to pay at maturity or redemption all of the principal of and accrued interest on the Refunded Bonds. 5.03. Notice of Call for Redem tion. The Refunded Bonds maturing on February 1, 2022 and thereafter will be redeemed and prepaid on February 1, 2021 in accordance with their terms and in accordance with the terms and conditions set forth in the forms of Notices of Call for Redemption attached hereto as EXHIBITS D and EXHIBIT E which terms and conditions are hereby approved and incorporated herein by reference. The Registrar for each of the Refunded Bonds is authorized and directed to send a copy of the respective Notice of Redemption to each registered holder of the Refunded Bonds. Section 6. Authentication of Transcri t. 6.01. City Proceedings and Records. The officers of the City are authorized and hereby 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 EL 185-66-684471.v2