Resolution - #87-151 - 07/07/1987

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~ection 4~ Securit_~y: Payment. 4.01~ '['he Bonds shall be payable from the General Obligation Taxable Tax I.~.~e~ent Bonds, Series 1987B Debt Service Fund (Debt Service Fund) hereby ~',rea~ed, and all tax increments (Tax Increments) from the Tax Increr~ent F~f~ance District (the District) in which the project financed by the Bonds i~ located received by the City are hereby pledged to the Debt Servi~e ~.~und to the extent necessary to pay principal of and interest on the Bor~ds~ If any payment of principal or interest on the Bonds shall becom~ d~e 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 the general fund shall be reimbursed for such advance,~ out of proceeds of Tax Increments when received. z~.02, It is hereby determined that the estimated collection of Tax Increment~ for payment of principal and interest on the Bonds will produce at least ]~ive percent 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 City Administrator is directed to file a certified copy of this Resolution with the County Auditor of Anoka County and obtain the certiJ!icate required by Minnesota Statutes, Section 475.63. Authentication of Transcript; Misc. !i~()l~ The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the same. certified copies of proceedings and records of the City relating to the Bonds a.d to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custod? and under their control, relating to the validity and market- ability o~ ~he Bonds and such instruments, including any heretofore fur- nished~ sha]i~ be deemed representations of the City as to the facts stated therein. !i~0?. The Mayor and City Administrator are hereby authorized and directed to certify that they have examined the Official Statement prepared and circulated in connection with the issuance and sale of the Bonds and that to the best of their knowledge and belief said statement is a complete and accorate representation of the facts and representations made therein as of the date of the Official Statement. motion for the adoption of the foregoing resolution was duly seconded by Councilmember Pearson and upon vote being taken thereon, the fo] [owJni~ voted in favor thereof: All members present and the ~ic,]lowing voted against: None whereupo~ said resolution was declared duly passed and adopted. A:05410797~HA3 11