Res. #16-017 - Awarding the Sale of $1,815,000 G.O. Imp. Crossover Refunding Bonds, Series 2016A

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Escrow Account or the Debt Service Account, as the case may be, when a sufficient balance is available therein. 4.04. Cancellation of Prior Levy After Redemption Date. It is hereby determined that upon the deposit of the Proceeds (herein defined) in the Escrow Account that an irrevocable appropriation to the debt service fund for the Refunded Bonds maturing after the Redemption Date will have been made within the meaning of Section 475.6 1, Subdivision 3 of the Act, and the City Administrator is authorized and directed to certify such fact to and request the Anoka County Property Records and Taxation Division to cancel any and all tax levies for taxes payable in 2017 and thereafter made by the Prior Resolution. 4.05. Pledge of Tax Levy. (a) To provide money for payment of the principal and interest on the Bonds maturing after the Redemption Date, there is levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, which tax will be spread upon the tax rolls and collected with and as part of other general taxes of the City. Such tax will be credited to the Debt Service Account above provided and will be in the years and in the amounts as shown on the attached EXHIBIT C. (b) The tax levies are such that if collected in full they, together with all amounts in the Escrow Account to the Redemption Date, and other revenues herein pledged 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 will be irrepealable so long as any of the Bonds are outstanding and unpaid, provided that the City reserves the right to reduce the levies in the manner and to the extent permitted by Section 475.61, Subdivision 3 of the Act. 4.06. Resolution Filing. The City Administrator is authorized and directed to file a certified copy of this Resolution with the Anoka County Property Records and Taxation Division and to obtain the certificate required by Section 475.63 of the Act. 4.07. Prior Resolution Pledges. The pledges and covenants of the City made by the Prior Resolution relating to the levy and collection of special assessments against property specially benefited by local improvements financed by the Refunded Bonds are restated and confirmed in all respects. The provisions of the Prior Resolution are supplemented to the extent necessary to give full effect to the provisions of this Resolution. Section 5. Refunding, Findings, Redemption of Refunded Bonds. 5.01. Deposit of Proceeds. As of the date of delivery of the Bonds, proceeds of the Bonds in the amount of $1,799,214.91 (the "Proceeds") are pledged and appropriated and will be deposited in the Escrow Account. In addition, available funds in the amount of $335,885.31 will be transferred from the debt service fund for the Refunded Bonds into the Escrow Account. Proceeds of the Bonds used to pay costs of issuance of the Bonds ($41,500.00) will be deposited with the Escrow Agent pursuant to the Escrow Agreement. Proceeds in excess of amounts needed to fund the Escrow Account and pay costs of issuance of the Bonds are appropriated to the Debt Service Account in accordance with Section 4.01(b) of this Resolution. 5.02. Payment of the Bonds and the Refunded Bonds. It is found and determined that the Proceeds, together with permitted earnings thereof from the Escrow Account and other funds deposited by the City, will be sufficient to pay principal of and interest on the Bonds through the Redemption Date, and to pay all of the outstanding principal and accrued interest of the Refunded Bonds maturing after the 7