Laserfiche WebLink
will be open to inspection and copying by any bondholder, orthe bondholder's agent or <br />attorney, at any reasonable time, and it will furnish certified transcripts therefrom upon <br />request and upon payment of a reasonable fee therefor, and said account will be audited <br />at least annually by a qualified publicaccountantand statements of such audit and report <br />will be furnished to all bondholders upon request. <br />(d)TheCommissionwill cause persons handling revenues of the Utility <br />System to be bonded in reasonable amounts for the protection of the Commissionand the <br />bondholders and will cause the funds collected on account of the operations of the Utility <br />System to be deposited in a bank whose deposits are guaranteed under the Federal <br />Deposit Insurance Law. <br />(e)The Commissionwill keep the Utility System insured at alltimes against <br />loss by fire, tornado and other risks customarily insured against with an insurer or <br />insurers in good standing, in such amounts as are customary forlike plants, to protect the <br />holders, from time to time, of the Bonds and the Commissionfrom any loss due to any <br />such casualty and will apply the proceeds of such insurance tomake good any such loss. <br />(f)The Commissionand each and all of its officerswill punctually perform <br />all duties with reference to the Utility System as required by law. <br />(g)The Commissionwill impose and collect charges of the nature authorized <br />by Minnesota Statutes, Section 444.075 at the times and in the amounts required to <br />produce Net Revenues adequate to pay all principal and interest when due on the Bonds, <br />and any other bonds similarly authorized,and to create and maintainsuch reserves <br />securing said payments as may be provided in this resolution. <br />(h)TheCouncil has covenanted tolevy general ad valorem taxes on all <br />taxable property in the City, when requiredto meet any deficiency in pledged Net <br />Revenues. <br />(i)The Commissionhereby determines that the estimatedcollection of Net <br />Revenues herein pledged for the payment of principal and interest on the Bondswill <br />produce at least 5% in excess of the amount needed to meet, when due, the principal and <br />interest payments on the Bonds. <br />4.04.Counttes as to Registration. The Finance Managerisauthorized <br />and directed to file a certified copy of this resolution with the County Auditor of SherburneCounty <br />and to obtain the certificate required by Minnesota Statutes, Section 475.63. <br />4.05.General Obligation Pledge. For the prompt and full payment of the principal of and <br />interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers <br />of the Citywill be and are hereby irrevocably pledged. If the balance in the Debt Service Fund is <br />ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable <br />therefrom, the deficiency will be promptly paid out of monies in the general fund of the Citywhich <br />EL185-69-713323.v2 <br />9 <br />44 <br />