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The Clerk-Treasurer is hereby authorized and directed to execute <br />such certificate in the name of the City, upon receipt of such <br />opinion and to file the opinion in the City offices. <br /> <br /> 6. The Bonds shall be executed on behalf of the City <br />by the facsimile signature of the Mayor and the manual signature <br />of the City Clerk-Treasurer, and the interest coupons shall be <br />executed and authenticated by the printed facsimile signatures of <br />the Mayor and City Clerk-Treasurer, and the facsimile of the <br />corporate seal of the City may, but need not be, printed thereon. <br />The Bonds when fully executed, shall be delivered by the City <br />Clerk-Treasurer to the purchaser thereof upon receipt of the <br />purchase price, and the said purchaser shall not be obligated to <br />see to the proper application thereof. <br /> <br /> 7. The Bonds shall be payable from the General <br />Obligation Improvement Bonds of 1978 Fund hereby created, and <br />special assessments to be levied for the improvements (the <br />"Improvements") financed by the Bonds are hereby pledged to said <br />fund. If any payment of principal or interest on the Bonds shall <br />become due when there is not sufficient money in said fund to pay <br />the same, the Clerk-Treasurer shall pay such principal or <br />interest from the general fund of the City and such fund may be <br />reimbursed for such advances out of proceeds of assessments for <br />the Improvements when collected. <br /> <br /> 8. It is hereby determined that the estimated <br />collections of special assessments'for the payment of the Bonds <br />will produce at least 5% in excess of the amount needed to meet, <br />when due, the principal and interest payments on the Bonds and <br />that no tax levy is needed at this time.. The Clerk-Treasurer is <br />directed to file a certified copy of this resolution with the <br />County Auditor of Anoka County and to obtain the certificate <br />required by Minnesota Statutes, Section 475.63. <br /> <br /> 9. It is hereby determined that the Improvements to be <br />financed by the Bonds will directly and indirectly benefit the <br />abutting property, and the City hereby covenants with the holders <br />from time to time of the Bonds as follows: <br /> <br /> (a) The City will cause the assessments for the <br />Improvements to be promptly levied so that the first <br />installment will be collectible not later than 1980 and <br />will take all steps necessary to assure prompt <br />collection. The City Council shall cause all further <br />actions and proceedings relative to the making and <br /> <br /> <br />