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1998 Resolutions
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1998 Resolutions
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<br />water and sewer plant system to be deposited in a bank whose deposits are guaranteed <br />under the Federal Deposit Insurance Law. <br /> <br />( e) The Council will keep the water and sewer plant system insured at all times <br />against loss by fire, tornado and other risks customarily insured against with an insurer <br />or insurers in good standing, in such amounts as are customary for like plants, to protect <br />the holders, from time to time, of the Bonds and the City from any loss due to any such <br />casualty and will apply the proceeds of such insurance to make good any such loss. <br /> <br />(f) The City and each and all of its officers will punctually perform all duties <br />with reference to the water and sewer plant system as required by law. <br /> <br />(g) The City will impose and collect charges of the nature authorized by <br />Minnesota Statutes, Section 444.075 at the times and in the amounts required to produce, <br />net revenues adequate to pay all principal and interest when due on the Bonds and to <br />create and maintain such reserves securing said payments as may be provided in this <br />resolution. <br /> <br />(h) The City Council will levy general ad valorem taxes on all taxable property <br />in the City, when required to meet any deficiency in net revenues. <br /> <br />4.03. It is hereby determined that the estimated collection of net revenues for the <br />payment of principal and interest on the Bonds will produce at least five percent in excess of the <br />amount needed to meet, when due, the principal and interest payments on the Bonds and that no <br />tax levy is needed at this time. <br /> <br />4.04. The City Administrator is authorized and directed to file a certified copy of this <br />resolution with the Manager of Property Records and Taxation and to obtain the certificate <br />required by Minnesota Statutes, Section 475.63. <br /> <br />Section 5. <br /> <br />Authentication of Transcript. <br /> <br />5.01. The officers of the City are authorized and directed to prepare and furnish to the <br />Purchaser and to the attorneys approving the Bonds, certified copies of proceedings and records <br />of the City relating to the Bonds and to the financial condition and affairs of the City, and such <br />other certificates, affidavits and transcripts as may be required to show the facts within their <br />knowledge or as shown by the books and records in their custody and under their control, relating <br />to the validity and marketability of the Bonds, and such instruments, including any heretofore <br />furnished, will be deemed representations of the City as to the facts stated therein. <br /> <br />5.02. The Mayor and City Administrator are authorized and directed to certify that they <br />have examined the Official Statement prepared and circulated in connection with the issuance and <br />sale of the Bonds and that to the best of their knowledge and belief the Official Statement is a <br />complete and accurate representation of the facts and representations made therein as of the date <br />of the Official Statement. <br /> <br />DJK144119 <br />CE1SS-13 <br />
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