Res. #11-007 - Accepting Proposals on the Sale of $2,760,000 G.O. Refunding Bond

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maturity or, if notice of redemption as herein requirad has been duly providai for, to such earlier redemption date. Section 14. General Obli�ation Pled�e; Tax Lew. For the prompt and full payment of the principal of and interest on the Bonds as the same respectively become due, the full faith, credit and taxing powers of the City sha11 be and are hereby irrevocably pledged. If the balance in the Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds payable therefrom, the deficiency shall be promptly paid out of any other accounts of the City which are available for such purpose, and such other funds may be reimbursed without interest from the Debt Service Account when a sufficient balance is available therein. Pursuant to the 2404 Bonds Resolution and the 2007 Bonds Resolution, the City levied direct ad valorem taxes on a11 of the taxable real property in the City. Those tax levies which have not already been levied by Anoka County are hereby cancelled. To provide moneys for payment of the principal of and interest on the Bonds there is hereby levied upon a11 of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of other general property t�es in the City for the years and in the amounts as follows: Year of Tax Year of Tax Lew Collection Amount See atta.ched Exhibit C The tax levies are such that if collected in full they, together with the special assessment revenues herein pledged for the payment of the Bonds and other revenues anticipated to be available for the payment of the Bonds, will produce at least five percent (5%) in excess of the amount needed to meet when due the principal and interest payments on the Bonds. The tax levies shall be irrepealable so long as any of the Bonds are outstanding and unpaid, provided, that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3. Section 15. Redemntion of 2Q04 Bonds and 20Q7 Bonds. The outstanding 2004 Bonds shall be redeemed and prepaid on May 1, ZOI1, in accordance with the terms and conditions set forth in the Notice of Call for Redemption attached hereto as Elchibit B, which terms and conditions are hereby approved and incorporated herein by reference. The outstanding 2007 Bonds shall be redeemed and prepaid on 7une 1, 2011, in accordance with the terms and conditions set forth in the Notice of Call for Redemption attached hereto as Exhibit B, which terms and conditions are hereby approved and incorporated herein by reference. Said Notices of Call for Redemption for the 2004 Bonds and 2007 Bonds sha11 be mailed at least 30 ,�Iaays prior to said redemption dates to the registered owner of each of the 2004 Bonds and 2007 Bonds at the address shown on the registration books kept by the registrars for the 2004 Bonds aad the 2007 Bonds. 16