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general fund will be reimbursed for such advances out of the proceeds of the <br />Taxes levied by this resolution, and tax increments when collected. <br /> <br /> (c) There is hereby appropriated to the Debt Service Fund all <br />capitalized interest financed from Bond proceeds, if any, any amount over the <br />minimum purchase price of the Bonds paid by the Purchaser and all accrued <br />interest paid by the Purchaser upon closing and delivery of the Bonds. <br /> <br /> 4.02. It is determined that estimated collection of tax increments for the <br />payment of principal and interest on the Bonds will produce at least five percent in <br />excess of the amount needed to meet when due, the principal and interest payments <br />on the Bonds and that no tax levy is needed at this time. The City has also <br />undertaken to appropriate funds from collections of its sanitary sewer system and <br />water system connection charges to the payment of principal and interest on the <br />Bonds. <br /> <br /> 4.03. The City Administrator is directed to file a certified copy of this <br />resolution with the Manager of Property Records and Taxation and to obtain the <br />certificate required by Section 475.63 of the Act. <br /> <br /> 4.04. When all Bonds and all interest thereon, have been discharged as <br />provided in this section, all pledges, covenants and other rights granted by this <br />resolution to the holders of the Bonds will cease, except that the pledge of the full <br />faith and credit of the City for the prompt and full payment of the principal of and <br />interest on the Bonds will remain in full force and effect. The City may discharge <br />all Bonds which are due on any date by depositing with the Registrar on or before <br />that date a sum sufficient for the payment thereof in full. If any Bond should not <br />be paid when due, it may nevertheless be discharged by depositing with the <br />Registrar a sum sufficient for the payment thereof in full with interest accrued to the <br />date of such deposit. <br /> <br />Section 5. Refunding; Findings~ Redemption of Refunded Bonds; <br /> <br /> 5.01. The Refunded Bonds are the Taxable General Obligation Tax Increment <br />Bonds, Series 1987B, of the City, dated August 1, 1987, of which $310,000 in <br />principal amount is cailable on February 1, 1996. It is hereby found and determined <br />that based upon information presently available from the City's financial advisers, <br />the issuance of the Bonds is consistent with covenants made with the holders thereof <br />and is necessary and desirable for the reduction of debt service cost to the <br />municipality. <br /> <br /> 5.02. It is hereby found and determined that the Proceeds will be sufficient <br />to prepay all of the principal of, interest on and redemption premium (if any) on the <br />Refunded Bonds. <br /> <br /> 5.03. The Refunded Bonds maturing on February 1, 1997 and thereafter will <br />be redeemed and prepaid on February 1, 1996. The Refunded Bonds will be <br />redeemed and prepaid in accordance with their terms and in accordance with the <br />terms and conditions set forth in the forms of Notice of Call for Redemption attached <br />hereto as Attachment B which terms and conditions are hereby approved and <br />incorporated herein by reference. The City Administrator is hereby authorized and <br />directed to forthwith publish the Notice of Cail for Redemption in a publication <br /> <br /> <br />