Resolution - #92-01-006 - 01/14/1992

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(b) The debt service fund, if any, heretofore established for the Refunded Bonds as defined in the resolution providing for the issuance and sale of the Bonds, is terminated as of April 1, 1992, the Redemption Date for the Refunded Bonds, and all monies therein on such date are hereby transferred to the Debt Service Fund herein created. 4.0~. It is hereby determined that the Improvements to be financed by the Bonds will directly and indirectly benefit abutting property, and the City hereby covenants w/th the holders from time to time of the Bonds as follows: (a) The City has caused or will cause the Assessments for the Im- provements to be promptly levied so that the first in.~t~llment will be collectible not later than 1992 and will tske all steps necessar~r to assure prompt collection, and the levy of the Assessments is hereby authorized. The City Council will cause to be taken with due diligence all fur~cher actions that are ~equired for the construction of each Improvement ffmanced wholly or partly from the proceeds of the Bonds, and will take all further actions necessary for the final and valid levy of the Assessments and the appropriation of any other funds needed to pay the Bonds and interest thereon when due. (b) In the event of any current or anticipated deficiency in Assessments and Taxes, the City Council will levy additional ad valorem taxes in the amount of the current or anticipated deficiency. (c) The City will keep complete and accurate books and records showing: receipts and disbursements in connection with the Improvements, Assessments and Taxes levied therefor and other funds appropriated for their payment, collections thereof and ddsbursements therefrom, moneys on h~nd and, the balance of unpaid Assessments. (d) The City will cause its books and records to be audited at least annually and will furnish copies of such audit reports to any interested person upon request. 4.03. It is determlued that at least 20% of the cost of the Improvements will be specla]ly assessed agaln~t benefitted properties. For the purpose of paying the principal of and interest on the Bonds, there is levied a direct annua! irrepe~lable ad valorem tax (Taxes) upon all of the taxable property in the City, which sh~]! be spread upon the tax rolls and collected with and as part of other general taxes of the City. The taxes will be credited to the Debt Service Fund above provided and will be in the years and amounts as follows (year stated being year of levy for collection the following year): (See Attachment A) 4.04. It is hereby determined that the estimated eoilections of Assessments and foregoing Taxes 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 tax levy herein provided is irrepealable until all of the Bonds are paid, provided that the City Administrator annually, at the t~me the City makes its tax levies, may certify to the County Auditor the amount available in the Debt Service Fund to pay principal 81~;27511 Rk125-32