Resolution - #85-131 - 07/09/1985

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Please insert social security or other identifying number of assignee 2.07. The Administrator-Clerk 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-Clerk in substantially the form set forth in the form of Bond. The Administrator-Clerk is hereby authorized and direct- ed to execute such certificate in the name of the City upon receipt of such opinion and to file the opinion in the City offices. Section 3. Security: Payment. 3.01. The Bonds shall be payable from the General Obligation Improve- ment Bonds of 1985 Fund (Debt Service Fund) hereby created, and the pro- ceeds of any general taxes hereafter levied and special assessments (Assessments) 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 Treasurer 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 Assess- ments for the Improvements when collected. 3.02. It is hereby determined that the estimated collections of special assessments for the payment of the Bonds 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 is directed to file a certified copy of this resolution with the County Auditor and obtain the certificate required by Minnesota Statutes, Section 475,63. 3.03. 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 1986 and will take all ste~s necessary to assure prompt collection, and the levy of the Assessments is hereby authorized. 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