Resolution - #80-147d - 12/01/1980

Home

9. It is hereby determined that the Improvements to be financed by the Bonds will directly and indirectly benefit the abut- ting 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 Im- provements to be promptly levied so that the first install- ment will be collectible not later than 1982 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 financed hereby 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 appro- priation of any other funds needed to pay the Bonds and interest thereon when due. (b) In the event of any current or anticipated defi- ciency in any grants~ funds, investment income or special assessments pledged or appropriated for payment of the principal of and interest on the Bonds, the City Council will levy ad valorem taxes in the amount of said current or anticipated deficiency. (c) The City will keep complete and accurate books and records showing all receipts and disbursements relating to the Improvements, grants and pledged funds, any taxes or assessments levied therefor and other funds appropriated for Bond payment, and all collections thereof and disbursements therefrom, moneys on hand and balance of unpaid assessments. (d) The City will cause its books and records to be audited at least annually by qualified public accountants and will furnish copies of such audit reports to any in- terested person upon request. 10. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of the Bonds and to the attorneys approving the same, certified copies of proceedings and records of the City relating to the Bonds and to the financial condi- tion and affairs of the City~ and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and marketability of the Bonds and such instruments, including any heretofore furnished, shall be deemed representations of the City as to the facts stated therein.