RES 10-10 - Laserfiche WebLink

Home Browse Search

4.02. Pledge of Taxes For the purpose of a in the rind al of and interest on the p Y g p p Bonds, there is hereby levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, which will be spread upon the tax rolls and collected with and as part of other. general taxes of the City. Such tax will be credited to the Debt Service Fund above provided and will be in the years and amounts to be set for in the certificate of the Pricing Committee. 4.03. County Auditor's Certificate as to Registration. The City Administrator is directed to file a certified copy of this resolution along with a copy of the certificate of the Pricing Committee with the County Auditor of Sherburne County and to obtain the certificate required by Section 475.63 of the Act. 4.04. Cancellation of Tax Levies for the Refunded Bonds. It is hereby determined that upon the deposit of the proceeds of the Bonds in the Escrow Account pursuant to the Escrow Agreement that an irrevocable appropriation to the debt service fund for the Refunded Bonds will have been made within the meaning of Section 475.61, Subdivision 3 of Minnesota Statutes, as amended, and the City Administrator is hereby authorized and directed to certify such fact to and request the County Auditor to cancel any and all tax levies made by the resolution authorizing and approving the Refunded Bonds. 4.05. Certification to County Auditor as to Debt Service Fund Amount. It is hereby • determined that the estimated collection of the foregoing tax levies will produce at least five percent in excess of the amount needed to meet when due, the principal and interest payments on the Bonds. The tax levy herein provided will be irrepealable until all of the Bonds are paid, provided that at the time the City makes its annual tax levies the City Administrator may certify to the County Auditor the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the County Auditor will thereupon reduce the levy collectible during such year by the amount so certified. Section 5. Refunding; Findings; Redemption of Refunded Bonds. 5.01. Refunding Refunded Bonds. The Series 2002A Bonds will be defeased on the date of issue of the Bonds and the Series 2002A Bonds maturing on and after February 1, 2014 will be fully redeemed on February 1, 2013. The Series 2002A Bonds will be redeemed and prepaid in accordance with their terms and in accordance with the terms and conditions set forth in the form of Notice of Call for Redemption attached as Exhibit A to the Escrow Agreement (as hereinafter defined) which terms and conditions are hereby approved and incorporated herein by reference. The Series 2002B Bonds will be defeased on the date of issue of the Bonds and the Series 2002B Bonds maturing on and after February 1, 2014 will be fully redeemed on February 1, 2013. The Series 2002B Bonds will be redeemed and prepaid in accordance with their terms and in accordance with the terms and conditions set forth in the form of Notice of Call for Redemption attached as Exhibit B to the Escrow Agreement which terms and conditions are hereby approved and incorporated herein by reference. • 365125v1 JSB EL185-11 14