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8 <br />526847v3 SEL AR200-20 <br /> (g) The City will impose and collect charges of the nature authorized by <br />Section 444.075 of the Act, at the times and in the amounts required to produce Net <br />Revenues adequate to pay all principal and interest when due on the Bonds and to create <br />and maintain such reserves securing said payments as may be provided herein. <br /> <br /> (h) The City Council will levy general ad valorem taxes on all taxable <br />property in the City when required to meet any deficiency in Net Revenues. <br /> <br />4.04. General Obligation Pledge. For the prompt and full payment of the principal of <br />and interest on the Bonds, as the same respectively become due, the full faith, credit, and taxing <br />powers of the City are irrevocably pledged. If a payment of principal of or interest on the Bonds <br />becomes due when there is not sufficient money in the Debt Service Fund to pay the same, the <br />City Finance Director is directed to pay such principal or interest from the general fund of the <br />City, and the general fund will be reimbursed for those advances out of the proceeds of Net <br />Revenues when collected. <br /> <br />4.05. Debt Service Coverage. It is hereby determined that the estimated collection of <br />the Net Revenues for the payment of principal of and interest on the Bonds will produce at least <br />five percent (5%) in excess of the amount needed to meet, when due, the principal and interest <br />payments on the Bonds and that no tax levy is needed at this time. <br /> <br /> 4.06. Certificate of Director of Property Records and Revenue as to Registration. The <br />City Administrator is authorized and directed to file a certified copy of this resolution with the <br />Director of Property Records and Revenue of Ramsey County, Minnesota and to obtain the <br />certificate required by Section 475.63 of the Act. <br /> <br /> Section 5. Authentication of Transcript. <br /> <br />5.01. City Proceedings and Records. The officers of the City are authorized and directed <br />to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies <br />of proceedings and records of the City relating to the Bonds and to the financial condition and <br />affairs of the City, and such other certificates, affidavits and transcripts as may be required to <br />show the facts within their knowledge or as shown by the books and records in their custody and <br />under their control, relating to the validity and marketability of the Bonds, and such instruments, <br />including any heretofore furnished, may be deemed representations of the City as to the facts <br />stated therein. <br /> <br /> 5.02. Certification as to Official Statement. The Mayor, the City Administrator, and the <br />City Finance Director are authorized and directed to certify that they have examined the Official <br />Statement prepared and circulated in connection with the issuance and sale of the Bonds and that <br />to the best of their knowledge and belief the Official Statement is a complete and accurate <br />representation of the facts and representations made therein as of the date of the Official <br />Statement. <br /> <br /> 5.03. Other Certificates. The Mayor, the City Administrator, and the City Finance <br />Director are hereby authorized and directed to furnish to the Purchaser at the closing such <br />certificates as are required as a condition of sale. Unless litigation shall have been commenced