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<br />. <br /> <br />(b) In the event of any current or anticipated deficiency in Assessments and <br />Taxes, the City Council will levy additional ad valorem taxes in the amount of the <br />current or anticipated deficiency. <br /> <br />(c) The City will keep complete and accurate books and records showing: <br />receipts and disbursements in connection with the Improvements, Assessments and <br />Taxes levied therefor and other funds appropriated for their payment, collections thereof <br />and disbursements therefrom, monies on hand and, the balance of unpaid Assessments. <br /> <br />(d) The City will cause its books and records to be audited at least annually <br />and will furnish copies of such audit reports to any interested person upon request. <br /> <br />4.03. It is determined that at least 20% of the cost of the Improvements will be <br />specially assessed against benefitted properties. For the purpose of paying the principal of and <br />interest on the Bonds, there is levied a direct annual irrepealable ad valorem tax (Taxes) upon all <br />of the taxable property in the City, which will be spread upon the tax rolls and collected with <br />and as part of other general taxes of the City. The taxes will be credited to the Debt Service <br />Fund above provided and will be in the years and amounts as follows (year stated being year of <br />levy for collection the following year): <br /> <br />Year Levy <br /> <br />(See Attachment A) <br /> <br />4.04. It is hereby determined that the estimated collections of Assessments and the <br />"foregoing Taxes will produce at least five percent in excess of the amount needed to meet when <br />due the principal and interest payments on the Bonds. The tax levy herein provided is <br />irrepealable until all of the Bonds are paid, provided that at the time the City makes its annual <br />tax levies the City Administrator may certify to the Manager of Property Records and Taxation <br />of Anoka County the amount available in the Debt Service Fund to pay principal and interest <br />due during the ensuing year, and the Manager of Property Records and Taxation of Anoka <br />County will thereupon reduce the levy collectible during such year by the amount so certified. <br /> <br />4.05. The City Administrator is authorized and directed to file a certified copy of this <br />resolution with the Manager of Property Records and Taxation of Anoka County and to obtain <br />the certificate required by Minnesota Statutes, Section 475.63. <br /> <br />DJK-148161uCE155-15 <br />