Resolution - #89-11-320 - 11/28/1989

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3.02 '~"h~'. City Administrator is directed to obtain a copy of the proposed approving legal opinion of !-Iohncs & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating ~hercof and to cause the opinion to be printed on each Bond, together with a certificate to be sigrled by the facsimile signature of the Administrator in substantially the form set forth in the form of Bond. "1~1 ~e Administrator is authorized and directed to execute such certificate in the name of the Cily ~?(m roo.;eipt of such opinion and to file the opinion in the City offices. S,:ctio~: 4.. _~a_~nent: Security_:_ Pledges and Covenants. 4.0i. 'D~c. Bonds are payable from the Improvement Bonds, Series 1989A Debt Service Fund (I){:bi: Service Fund) hereby created, and the proceeds of general taxes hereinafter levied (Taxes), trod :3~ccial assessments (Assessments) levied or to be levied for the improvements (Improvements) financed by the Bonds are hereby pledged to the Debt Service Fund. If any payment o[ 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 Finance Officer is directed to pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for such advances om of the proceeds of Assessments and Taxes when collected. There is appropriated to the Debt Service [;und all capitalized interest financed from Bond proceeds, if any, any amount over the mini~nu~n purchase price paid by the Purchaser and the accrued interest paid by the Purchaser u peru closing and delivery of the Bonds. 4.02. it i.~ hereby determined that the Improvements to be financed by the Bonds will directly and imtit'ectly benefit and abutting property, and the City hereby covenants with the holders fro~ ~ ~ fi ~ ~t: to ti~ ne of the Bonds as follows: (a) The City has caused or will cause the Assessments for the Improvements to be promptly levied s~} that the first installment will be collectible not later than 1990 and will take all steps neccssary to) assure prompt collection, and the levy of the Assessments is hereby authorized. The City Ct;until will cause all further actions and proceedings relative to the making and financing of the Improw:m{mts financed hereby to be taken with due diligence that are required for the constructio~ oI~ each Improvement financed wholly or partly from the proceeds of the Bonds, and for the final and v~tlid levy of the Assessments and the appropriation of any other funds needed to pay the Bonds and interest thereon when due. (1)) In the event of any current or anticipated deficiency in Assessments and Taxes, the City Core,oil will levy additional ad valorem taxes in the amount of the current or anticipated deficiency. ie) 'l The City will keep complete and accurate books and records showing: Receipts and disburscmc, nts in connection with the Improvements, Assessments and Taxes levied therefore and other £unds at~propriated for their payment, collections thereof and disbursements therefrom, moneys on htmd a~td, the balance of unpaid Assessments. (d) The City will cause its books and records to be audited at least annually and will furnish col)it'.s of :~t:h audit reports to any interested person upon request. 4.03. It is .,.letermined that at least 20% of the cost of the Improvements will be specially assessed against, b~;nefitted properties. For the purpose of paying the principal of and interest on the Bonds, there i.s levied a direct annual irrepealable ad valorem tax (Taxes) upon all of the taxable property ir~ th~: City, which shall be spread upon the tax rolls and collected with and as part of other general ta~e~,.: ~ th~:: City. The taxes will be credited to the Debt Service Fund above provided and will be in the yea;'s and amounts as follows (year stated being year of levy for collection the following ye;r,'):