My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
01-076 RES
ElkRiver
>
City Government
>
City Council
>
Council Resolutions
>
2000 - 2009
>
2001
>
076 - 085
>
01-076 RES
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
12/3/2007 3:43:03 PM
Creation date
5/29/2002 8:56:43 PM
Metadata
Fields
Template:
City Government
type
RES
date
11/19/2001
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
10
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
6. The City Finance Director shall obtain a copy of the proposed approving legal <br />opinion of bond counsel for the Certificate, Briggs and Morgan, St. Paul, Minnesota, and shall <br />cause such opinion to be filed in the offices of the City. <br /> <br /> 7. The Certificate shall be executed on behalf of the City by the manual signatures of <br />the Mayor and the City Administrator and shall be duly registered by the manual signature of the <br />City Finance Director as Certificate Registrar. The official seal of the City shall be impressed <br />upon the Certificate. The Certificate, when fully executed and sealed, shall be delivered by the <br />City Finance Director to the Purchaser upon receipt of the purchase price thereof, and the <br />Purchaser shall not be obligated to see to the proper application thereof. <br /> <br /> 8. The proceeds of the Certificate shall be deposited in and expended from a <br />separate capital account or subaccount of the City to provide financing for the Equipment. The <br />City Finance Director shall establish and maintain a separate debt service account or subaccount <br />(the "Debt Service Account") for the payment of the Certificate. The Debt Service Account shall <br />be maintained to pay the debt service on the Certificate and any additional obligations of the City <br />which may herea~er be made payable therefrom. <br /> <br /> 9. The Debt Service Account shall be held in trust by the City for the benefit of the <br />Registered Owner from time to time of the Certificate, as hereinafter provided. Until the <br />principal of and interest on the Certificate are paid, or until the Certificate is otherwise <br />discharged as hereinafter provided, there shall be credited to and maintained in the Debt Service <br />Account (1) first, the proceeds of the general ad valorem taxes levied by the City for the purpose <br />of paying the principal of and interest on the Certificate, including if applicable and necessary <br />certain prior tax levies made for that purpose (and made in anticipation of the issuance of the <br />Certificate); and (2) second, any other funds which are properly available and are appropriated <br />by the Council to the Debt Service Account. The aforesaid funds, when deposited in the Debt <br />Service Account, shall be used only and exclusively for, and are hereby pledged to, the payment <br />of the principal of and interest on the Certificate, when due, and such other obligations of the <br />City as may be made payable therefrom. If any payment of principal or interest shall become <br />due when there are not sufficient funds in the Debt Service Account to pay the same, the City <br />Finance Director shall pay such principal or interest from the general fund or other available <br />fund of the City, and such fund shall be reimbursed for such advances from the proceeds of the <br />ad valorem taxes levied for such purpose, when collected. <br /> <br /> 10, The full faith and credit and taxing powers of the City are hereby pledged to the <br />payment of the principal of and interest on the Certificate, and in the event of any current or <br />anticipated deficiency of funds in the Debt Service Account of amounts needed to make any such <br />payment, when due, the City Council shall levy ad valorem taxes on all taxable property in the <br />City in the amount of such deficiency. <br /> <br /> 11. To provide moneys for payment of the principal of and interest on the Certificate <br />there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax <br />which shall be spread upon the tax rolls and collected with and as part of other general property <br />taxes in the City for the years and in the amounts as follows: <br /> <br />1346036vl 6 <br /> <br /> <br />
The URL can be used to link to this page
Your browser does not support the video tag.