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Year of Tax <br />Levy_ Year of Tax Collection Amount <br /> <br />2001 2002 $65,287 <br />2002 2003 57,996 <br />2003 2004 56,008 <br />2004 2005 54,019 <br /> <br /> The foregoing tax levies shall be irrepealable so long as the Certificate is outstanding and <br />unpaid, provided that the City reserves the right and power to reduce the levies in the manner,and <br />to the extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3. <br /> <br /> 12. It is hereby determined that the funds available to the Debt Service Account <br />pursuant to this Resolution (including from the ad valorem tax levies herein and heretofore made <br />and other funds appropriated by the council for payment of debt service on the Certificate) will <br />be in amounts not less than 5% in excess of the amount needed to meet, when due, the principal <br />of and interest on the Certificate. The City Finance Director is directed to file a certified copy of <br />this Resolution with the County Auditor of Sherburne County and to obtain the certificate of the <br />County Auditor required by Minnesota Statutes, Section 475.63. <br /> <br /> 13. The officers of the City are hereby authorized and directed to prepare and furnish <br />upon request to the Purchaser and to the attorneys approving the Certificate, certified copies of <br />proceedings and records of the City relating to the Certificate and to the financial condition and <br />affairs of the City, and to furnish such other certificates, affidavits, and transcripts as may be <br />required to show facts within their knowledge or as shown by the books and records in their <br />custody and under their control relating to the validity and marketability of the Certificate, and <br />such instruments, including any heretofore furnished, shall be deemed representations of the City <br />as to the facts stated therein. <br /> <br /> 14. The City covenants and agrees with the Registered Owner from time to time of <br />the Certificate that the City will not take or permit to be taken by any of its officers, employees, <br />or agents any action which would cause the interest on the Certificate to become genei'all~ <br />subject to taxation under the Internal Revenue Code of 1986, as amended (the "Code"), and <br />regulations issued thereunder, as now existing or as hereafter amended or proposed and in effect <br />at the time of such action, and that the City will take, or it will cause to be taken, all affirmative <br />actions within its power which may be necessary to insure that such interest will not become <br />subject .to income taxation under the Code. <br /> <br /> Without limitation of the foregoing, the City shall not enter into any lease, use agreement, <br />management or operation contract or other agreement respecting the Equipment or any portion <br />thereof which would adversely affect the exemption from federal income tax of the interest on <br />the Certificate, taking into account and observing the requirements of Revenue Procedure 97-13 <br />of the Internal Revenue Service and any similar or other applicable revenue procedures or <br />guidelines relating to leases, management contracts and service contracts involving facilities <br />financed with tax-exempt obligations. <br /> <br />1346036vl 7 <br /> <br /> <br />