Resolution - #81-133 - 09/16/1981

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YEAR LEVY YEAR LEVY It is hereby determined that the estimated collection of special assessments for the payment of the Bonds and the foregoing ad valorem 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 City Administrator/Clerk-Treasurer is directed to file a certified copy of this resolution with the County Auditor of Anoka County and obtain the certificate required by Minnesota Statutes, Section 475.63. 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 1983 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.