8.1 SR 04-19-2021 - Laserfiche WebLink

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of the Debt Service Fund above provided and will be in the years and amounts as set forth in Exhibit C. The tax levy herein provided will be irrepealable until all of the CIP Bonds are paid, 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 the amount available in the CIP Improvements Account of the Debt Service Fund to pay principal and interest due during the ensuing year on the CIP Bonds, and the County Auditor/Treasurer of Sherburne County will thereupon reduce the levy collectible during such year by the amount so certified. 4.04 Tax Levy for Equipment Certificates. For the purpose of paying the principal of and interest on the Equipment Certificates portion of 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. The taxes will be credited to the Equipment Account of the Debt Service Fund above provided and will be in the years and amounts as set forth in Exhibit D. The tax levy herein provided will be irrepealable until all of the Equipment Certificates are paid, 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 the amount available in the Equipment Account of the Debt Service Fund to pay principal and interest due during the ensuing year on the CIP Bonds, and the County Auditor/Treasurer of Sherburne County 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. 4.05 Registration of Resolution. The City Clerk is 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. 4.06. Debt Service Coverage. It is hereby determined that the estimated collection of the foregoing CIP Improvement Taxes will produce at least 5% in excess of the amount needed to pay when due, the principal and interest payments on the CIP Bonds, the estimated collection of the foregoing Equipment Taxes will produce at least 5% in excess of the amount needed to pay when due, the principal and interest payments on the Equipment Certificates. 4.07. General Obligation Pledge. For the prompt and full payment of the principal of and interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of the City will be and are hereby irrevocably pledged. If the balance in the Debt Service Fund is ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable therefrom, the deficiency will be promptly paid out of monies in the general fund of the City which are available for such purpose, and such general fund may be reimbursed with or without interest from the Debt Service Fund when a sufficient balance is available therein. Section 5. Authentication of Transcri 5.01. 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 BL185-65-708496.v1 10