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

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Bonds and for the final and valid levy of special assessments an the appropriation of any other funds needed to pay the Refunding Bonds and interest thereon when due. (b) In the event of any current or anticipated deficiency in any grants, funds, investment income or special assessments pledged or appropriated for payment of the principal of and interest on and interest on the Refunding Bonds, the City Council will levy ad valorem taxes ~.n 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 wJ!l furnish copies of such audit reports to any interested person upon request. Section 4. Refunding: Findings: Escrow: Redemption of Refund- ed Bonds. 4.0I. The Refunded Bonds are the $815,000 General Obligation Improvement Bonds of 1981, of the City, dated October 1, 1981. It is hereby found and determined that based upon information pre- sently available from the City's financial advisers, the issuance of the Refunding Bonds will result in a reduction of interest cost to the City on the Refunded Bonds as follows: Date of Refunded Bonds October 1, 1981 Net Effective Interest Rate: Refunded Bonds Net Effective Interest Rate: Refundin~ Bonds 11.561% 7.6011% The dollar value of such debt service or interest cost savings (Reduc- tion) is $25,625.82, and the present value of the Reduction is $20,416.80. The 'dollar amount of the Reduction is 8.9% of the interest costs on the Refunded Bonds. The Reduction, after the inclu- sion of all authorized expenses of refunding in the computation of the effective interest rate on the Refunding Bonds, is adequate to author- ize the issuance of the Refunding Bonds as provided by Section 475.67, Subdivision I2 of the Act. 4.02. As of the date of delivery of and payment for the Refund- ing Bonds the proceeds (Proceeds) of the Refunding Bonds, in the