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b) Add the following on the reverse side of each of the Bonds: <br /> <br />"This bond is one of the bonds of the series designated <br />herein issued pursuant to the resolution authorizing its <br />issuance and delivery." <br /> <br />First National Bank of Saint. Paul <br />As Authenticating Agent <br /> <br />By ~ <br /> <br />Its Authorized Officer <br /> <br />The Bonds, when fully executed, shall be delivered by the City Clerk <br />to the Purchaser upon receipt of the purchase price, and the Purchaser <br />shall not be obligated to see to the proper application thereof. <br /> <br /> 7. The Bonds shall be payable from the General Obligation <br />Improvement Bonds of 1982 Fund (the "Sinking Fund") hereby created, <br />and the proceeds of any general taxes hereafter levied and special <br />assessments to be levied for the improvements (the "Improvements") <br />financed by the Bonds are hereby pledged to the Sinking Fund. If any <br />payment of principal or interest on the Bonds shall become due when <br />there is not sufficient money in the Sinking Fund to pay the same, the <br />City Clerk shall pay such principal or interest from the general fund <br />of the City, and such fund may be reimbursed for such advances out of <br />proceeds of assessments levied for the Improvements or from such ad <br />valorem taxes, when collected. <br /> <br /> 8. It is hereby determined that the estimated collections <br />of special assessments, the levy of which special assessments is <br />hereby authorized, for the payment of the Bonds will produce at least <br />5% in excess of the amount needed to meet, when due, the principal and <br />interest payments on the Bonds and that no tax levy is needed at this <br />time. The City Clerk is directed to file a certified copy of this <br />resolution with the County Auditor of Anoka County, Minnesota, and to <br />pbtain the certificate 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 abut- <br />ting property, and the City hereby covenants with the holders from <br />time to time of the Bonds as follows: <br /> <br /> (a) The City has duly ordered the making of the <br />improvements as contemplated in Minnesotg Statutes, Section <br />429.031, and will cause the assessments for the Improvements <br />to be promptly levied so that the first installment will be <br />collectible not later than 1983 and will take all steps <br />necessary to assure prompt collection. The City Council <br />shall cause all further, actions and proceedings relative to <br />the making and financing of the Improvements financed hereby <br />to be taken with due diligence that are required for the <br /> <br /> <br />