Laserfiche WebLink
to make any such payment, when due, the City Council shall levy ad <br />valorem taxes on all taxable property in the City in the amount of <br />such deficiency. <br /> 11. To provide moneys for payment of the principal of and <br />interest on the Certificate there is hereby levied upon all of the <br />taxable property in the City a direct annual ad valorem tax which <br />shall be spread upon the tax rolls and collected with and as part <br />of other general property taxes in the City for the years and in <br />the amounts as follows: <br /> <br /> Year of Tax Year of Tax <br /> Levy Collection Amount <br /> <br />2000 2001 $54,000 <br />2001 2002 43,349 <br />2002 2003 41,088 <br />2003 2004 38,826 <br /> <br /> The foregoing tax levies shall be irrepealable so long <br />as the Certificate is outstanding and unpaid, provided that the <br />City reserves the right and power to reduce the levies in the <br />manner and to the extent permitted by Minnesota Statutes, Section <br />475.61, Subdivision 3. <br /> 12. It is hereby determined that the funds available to the <br />Debt Service Account pursuant to this Resolution (including from <br />the ad valorem tax levies herein and heretofore made for payment <br />of debt service on the Certificate) will be in amounts not less <br />than 5% in excess of the amount needed to meet, when due, the <br />principal of and interest on the Certificate. The City Finance <br />Director is directed to file a certified copy of this Resolution <br />with the County Auditor of Sherburne County and to obtain the <br />certificate of the County Auditor required by Minnesota Statutes, <br />Section 475.63. <br /> 13. The officers of the City are hereby authorized and <br /> directed to prepare and furnish upon request to the Purchaser and <br /> to the attorneys approving the Certificate, certified copies of <br /> proceedings and records of the City relating to the Certificate <br /> and to the financial condition and affairs of the City, and to <br /> furnish such other certificates, affidavits, and transcripts as <br /> may be required to show facts within their knowledge or as shown <br /> by the books and records in their custody and under their control <br /> relating to the validity and marketability of the Certificate, <br /> and such instruments, including any heretofore furnished, shall <br /> be deemed representations of the City as to the facts stated <br /> therein. <br /> <br />1214032.1 <br /> <br /> <br />