Resolution - #79-54 - 08/27/1979

Home

The Bonds when fully executed, shall be delivered by the City Clerk-Treasurer to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obligated to see to the proper application thereof. 7. The Bonds shall be payable from the General Obligation Improvement Bonds of 1979 Fund hereby created, and the proceeds of general taxes, if any, hereafter levisd a~d special assessments to be levied for the improvements' (the '~Improvements") financed by the Bonds are hereby pledged to said fund. If any payment of principal or interest on the Bonds shall become due when there is not sufficient money in said fund to pay the same, the Clerk-Treasurer shall pay such principal or interest from the general fund of the City and such fund may be reimbursed for such advances out of proceeds of assessments for the Improvements when collected. 8. It is hereby determined that the estimated collections of special assessments for the payment of said bonds will produce at least 5% in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds and that no tax levy is needed at this time. The Clerk-Treasurer is directed to file a certified copy of this resolution with the County Auditor of Anoka County and to obtain the certificate required by Minnesota Statutes, Section 475.63. 9. It is hereby determined that the Improvements will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of the Bonds as follows: (a) The City will cause the assessments for the Improvements to be promptly levied so that the first installment will be collectible not later than 19 81 and will take all steps necessary to assure prompt collection. The City Council shall cause all further actions and proceedings relative to the making and financing of the Improvements to be taken with due diligence that are required for the construction of each Improvement financed wholly or partly from the proceeds of the Bonds, and for the final and valid levy of special assessments and the appropriation of any other funds needed to pay the obligations and interest thereon when due. (b) In the event of any current or anticipated deficiency in said special assessments, the City Council will levy ad valorem taxes in the amount of said current or anticipated deficiency.