5.1 ERMUSR 05-11-2021 - Laserfiche WebLink

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EL185-69-713323.v1 9 (h) The Council has covenanted to levy general ad valorem taxes on all taxable property in the City, when required to meet any deficiency in pledged Net Revenues. (i) The Commission hereby determines that the estimated collection of Net Revenues herein pledged for the payment of principal and interest on the Bonds will produce at least 5% in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds. 4.04. County Auditors’ Certificates as to Registration. The Finance Manager is authorized and directed to file a certified copy of this resolution with the County Auditor of Sherburne County and to obtain the certificate required by Minnesota Statutes, Section 475.63. 4.05. 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 Transcript; Execution of Related Documents. 5.01. Commission Proceedings and Records. The officers of the Commission 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 Commission relating to the Bonds and to the financial condition and affairs of the Commission, 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, may be deemed representations of the Commission as to the facts stated therein. 5.02. Certification as to Official Statement. The President, Secretary and Finance Manager, or any of them, are hereby 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, as of the date thereof, a complete and accurate representation of the facts and representations made therein as of the date of the Official Statement, as it relates to the City, the Commission and the Bonds. 5.03. Other Certificates. The President, Secretary and Finance Manager or any of them, 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 President, Secretary and Finance Manager, on behalf of the Commission, and the Mayor and City Clerk, on behalf of the City, shall also execute and deliver to the Purchaser a suitable 206