3.3. SR 11-12-2002 - Laserfiche WebLink

Home Browse Search

6. The City Finance Director shall obtain a copy of the proposed approving legal opinion of bond counsel for the Certificate, Briggs and Morgan, St. Paul, Minnesota, and shall cause such opinion to be filed in the offices of the City. 7. The Certificate shall be executed on behalf of the City by the manual signatures of the Mayor and the City Administrator and shall be duly registered by the manual signature of the City Finance Director as Certificate Registrar. The official seal of the City shall be impressed upon the Certificate. The Certificate, when fully executed and sealed, shall be delivered by the City Finance Director to the Purchaser upon receipt of the purchase price thereof, and the Purchaser shall not be obligated to see to the proper application thereof. 8. The proceeds of the Certificate shall be deposited in and expended from a separate capital account or subaccount of the City to provide financing for the Equipment. The City Finance Director shall establish and maintain a separate debt service account or subaccount (the "Debt Service Account") for the payment of the Certificate. The Debt Service Account shall be maintained to pay the debt service on the Certificate and any additional obligations of the City which may hereafter be made payable therefrom. 9. The Debt Service Account shall be held in trust by the City for the benefit of the Registered Owner from time to time of the Certificate, as hereinafter provided. Until the principal of and interest on the Certificate are paid, or until the Certificate is otherwise discharged as hereinafter provided, there shall be credited to and maintained in the Debt Service Account (1) first, the proceeds of the general ad valorem taxes levied by the City for the purpose of paying the principal of and interest on the Certificate, including particularly the tax levies made in 2001 (for collection in 2002) for that purpose (and made in anticipation of the issuance of the Certificate); (2) second, amounts of capitalized interest, if necessary, needed to pay the interest first coming due on the Certificate; and (3) third, any other funds which are properly available and are appropriated by the Council to the Debt Service Account. The aforesaid funds, when deposited in the Debt Service Account, shall be used only and exclusively for, and are hereby pledged to, the payment of the principal of and interest on the Certificate, when due, and such other obligations of the City as may be made payable therefrom. If any payment of principal or interest shall become due when there are not sufficient funds in the Debt Service Account to pay the same, the City Finance Director shall pay such principal or interest from the general fund or other available fund of the City, and such fund shall be reimbursed for such advances from the proceeds of the ad valorem taxes levied for such purpose, when collected. 10. The full faith and credit and taxing powers of the City are hereby pledged to the payment of the principal of and interest on the Certificate, and in the event of any current or anticipated deficiency of funds in the Debt Service Account of amounts needed to make any such payment, when due, the City Council shall levy ad valorem taxes on all taxable property in the City in the amount of such deficiency. 11. To provide moneys for payment of the principal of and interest on the Certificate the City made a certain tax levy in 2001 for collection in 2002. 12. It is hereby determined that the funds available to the Debt Service Account pursuant to this Resolution (including from the ad valorem tax levies heretofore made and other 1464957vl 6