1990 Rec./Disb./Resolutions & Minutes

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Name and Address: (Include information tor all joint owners it this Bond is held by joint account.) Please insert social security or other identifying number of assignee Section 5. Payment: Securitl. 5.01. The Bonds shall be payable from the General Obligation Improvement Bonds, Series 1990B Debt Service Fund (Debt Service Fund) hereby created, and the proceeds of special assessments (Assessments) levied or to be levied for the improvements (Improvements) financed by the Bonds are hereby pledged to the Debt Service Fund. It any payment of principal or interest on the Bonds shall become due when there is not sufficient money in the Debt Service Fund to pay the same, the Clerk-Administrator shall pay such principal or . interest from the general tund of the City, and the general fund may be reimbursed for such advances out of the proceeds of taxes levied by this resolution when collected. 5.02. The Clerk-Administrator is directed to file a certified copy of this resolution with the County Auditor and obtain the certificate required by Minnesota Statutes, Section 475.63. 5.03. It is hereby determined that the estimated collections of Assessments and interest thereon for payment of principal and interest on the Bonds will produce at least five percent in excess of the amount needed to meet when due, the principal and interest payments on the Bonds and that no tax levy is needed at this time. 5.04. It is hereby determined that the Improvements to be tinanced by the Bonds will directly and indirectly benefit the abutting property, and the City covenants with 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 installment will be collectible not later than 1992 and will take all steps necessary to assure prompt collection, and the levy ot the Assessments is hereby authorized. The City Council will cause all turther actions and proceedings relative to the making and financing of the Improvements financed hereby to be taken with due diligence that are required for the construction of each Improvement tinaneed wholly or partly from the proceeds of the Bonds, and for the tinal 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 antieipation detieiency in the Assessments, the City Council will levy ad valorem taxes in the amount of said current or antieipated deficiency.