Resolution - #83-131 - 08/15/1983

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11. The Administrator shall obtain a copy of the proposed approving legal opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association, Minneapolis, Minnesota, which shall be complete except as to dating thereof and shall cause the opinion to be printed on each Bond, together with a certificate to be signed by the facsimile signature of the Administrator in substantially the form set forth in the form of Bond. The Administrator is hereby authorized and directed to execute such cer- tificate in the name of the City upon receipt of such opinion and to ~{ile the opinion in the City offices. ~ 12. The Bonds shall be payable from the General Obligation Improve- ment Bonds of 1983 Fund (Debt Service Fund) hereby created, and the pro- ceeds of general taxes hereinafter levied and special assessments (Assess- ments) to be levied for the improvements (Improvements) financed by the Bonds are hereby pledged to the Debt Service Fund. If any payment of principal or interest on the Bonds shall become due when there is not sufficient money in the Debt Service Fund to pay the same, the Admin- istrator 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. 13. It is hereby determined that the estimated collections of special assessments for the payment of the 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 Administra- tor 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. 14. It is hereby determined that the Improvements to be financed by the Bonds 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 Im- provements to be promptly levied so that the first install- ment will be collectible not later than 1984 if necessary and will take all steps necessary to assure prompt collec- tion, and the levy of the Assessments is hereby authorized. The City Council shall cause all further actions and pro- ceedings 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 appropriation 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 the Assessments, the City Council will levy ad 10