98-003 RES - Laserfiche WebLink

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Year of Tax Year of Tax Levy_ Collection Amount 1998 1999 $61,801.50 1999 2000 61,786.00 2000 2001 123,057.50 The foregoing tax levies shall be irrepealable so long as the Certificate is outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3. 12. It is hereby determined that the funds available to the Debt Service Account pursuant to this Resolution (including from the foregoing ad valorem tax levies and including the available capitalized interest provided to the City by the Elk River Municipal Utilities Commission for the first two interest payments on the Certificate) will be in amounts not less than 5% in excess of the amount needed to meet, when due, the principal of and interest on the Certificate. The City Finance Director is directed to file a certified copy of this Resolution with the County Auditor of Sherburne County and to obtain the certificate of the County Auditor required by Minnesota Statutes, Section 475.63. 13. The officers of the City are hereby authorized and directed to prepare and furnish upon request to the Purchaser and to the attorneys approving the Certificate, certified copies of proceedings and records of the City relating to the Certificate and to the financial condition and affairs of the City, and to furnish such other certificates, affidavits, and transcripts as may be required to show 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 Certificate, and such instruments, including any heretofore furnished, shall be deemed representations of the City as to the facts stated therein. 14. The City covenants and agrees with the Registered Owner from time to time of the Certificate that the City will not take or permit to be taken by any of its officers, employees, or agents any action which would cause the interest on the Certificate to become generally subject to taxation under the Internal Revenue Code of 1986, as amended (the "Code"), and regulations issued thereunder, as now existing or as hereafter amended or proposed and in effect at the time of such action, and that the City will take, or it will cause to be taken, all affirmative actions within its power which may be necessary to insure that such interest will not become subject to income taxation under the Code. 37~q00.1 8