1987 Rec./Disb./Resolutions & Minutes

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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 financed wholly or partly from the proceeds of the Bonds, and for the !Iual auu vc:tIIt1 levy or Llu~ AbbCbDU1cuLb dlU.1 the: tllJPCOVC1t&- tion of any other funds needed to pay the Bonds and interest thereon when due. (b) In the event of any current or anticipated defi- ciency in the Assessments, the City Council will levy ad valorem taxes in the amount of said current or anticipated deficiency. (c) The City will keep complete and accurate books and records showing: all receipts and disbursements in connec- tion with the Improvements, Assessments and Taxes levied therefor and other funds appropriated for their payment, all collections thereof and disbursements therefrom, moneys on hand and, the balance of unpaid Assessments. Cd) The City will cause its books and records to be audited at least annually and will furnish copies of such audit reports to any interested person upon request. It is determined that the estimated collections of Assessments pledged to payment of th~ Bonds is at least 105% of the principal of and interest on the Bonds as the same become due and that no tax levy is needed at this time. The City Clerk-Treasurer is directed to file a certified copy of this resolution with the Auditor of Anoka County to obtain the certificate required by Minnesota Statutes, Section 475.63. Section 5. Authentication of Transcript. 5.01. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser and to the' attorneys approving the Bonds, certified copies of proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and market- · ability of the Bonds and such instruments, including any heretofore fur- nished, shall be deemed representations of the City as to the facts stated therein. 5.02. The Mayor and City Clerk-Treasurer are hereby authorized and directed to certify that they have examined the Official Statement prepared and circulated in connection with the issuance and 8ale of the Bonds and that to the best of their knowledge and belief said statement 1s a complete and accurate representation of the facts and representations made therein as of the date of the Official Statement. 1-\: ,--" ~;:;', ~_.