Resolution - #85-032 - 02/27/1985

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from the general fund of the City, and the Debt Service Fund may be reimbursed for such advances out of proceeds of general taxes levied by this resolution when collected. 3.02. The City has heretofore levied special assessments against property benefitted by the Improvements. For the purpose of paying the City's share of the cost of the principal of and interest on the Improvements, there is hereby levied upon all of the taxable property in the City a direct annual irrepealable ad valorem ta×, which shall be spread upon the tax rolls and collected with and as part of other general taxes of the City. Such tax shall be credited to the Debt Service Fund and shall be in the years and amounts as follows (year stated being year of levy for collection the following year): Year Levy Year Levy 1985 $162,200 1989 $140,690 1986 141,000 1990 127,060 1987 150,610 1991 118,790 1988 137,640 The City 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 Section 475.63 of the Act. It is further determined that upon the deposit of Proceeds and Funds (as hereinafter defined) in the Escrow Account (as hereinafter defined) that an irrevocable appropriation to the debt service funds for the Refunded Bonds shall have been made within the meaning of Section 475.61, Subdivision 3 of the Act, and the City Clerk-Treasurer is hereby authorized and directed to certify such fact to and request the County Auditor to cancel any and all tax levies made by the resolutions awarding the sale of and issuing the Refunded Bonds. 3.03. The tax levy herein provided shall be irrepealable until all of the Refunding Bonds are paid, provided that the City Clerk- Treasurer may annually, prior to October 10th, certify to the County Auditor the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the County Auditor shall thereupon reduce the levy collectible dnring such year by the amount so certified. 3.04. It is hereby determined that the Improvements financed by the Refunded Bonds and the Refunding Bonds directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of the Refunding Bonds as follows: (a) The City has levied the assessments for the Improve- ments and will take all steps necessary to assure prompt col- lection thereof. 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 Refunding