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1976 CC Minutes & Resolutions
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1976 CC Minutes & Resolutions
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<br />It is hereby determined that the. estimated collection of special <br />assessments for the payment of said bonds and the foregoing ad <br />valorem tax levied, will produce at least 5% in excess of the <br />amount needed to meet, when due, the principal and interest <br />payments on the bonds. The Clerk-Treasurer is directed to file a <br />certified copy of this resolution with the County Auditor of <br />Anoka County and obtain his certificate as required by Minnesota <br />Statutes, Section 475.63. <br /> <br />9. It is hereby determined that the improvements to be <br />financed by the issuance of bonds hereunder will directly and <br />indirectly benefit the abutting property, and the City hereby <br />covenants with the holders from time to time of said bonds as <br />follows: <br /> <br />~ <br /> <br />(a) The City will cause the assessments for said <br />improvement to be promptly levied so that the first <br />installment will be collectible not later than 1971 and <br />will take all steps necessary to assure prompt <br />collection. The City Council shall cause all further <br />actions and proceedings relative to the making and <br />financing of the improvements financed hereby to be <br />taken with due diligence that are required for the <br />construction of each improvement financed wholly or <br />partly from the proceeds of obligations issued <br />hereunder, and for the final and valid levy of special <br />assessments and the appropriation of any other .funds <br />needed to pay the obligations and interest thereon when <br />due. <br /> <br />(b) In the event of any current or anticipated <br />deficiency in said special assessments, the City <br />Council will levy ad valorem taxes in the amount of <br />said current or anticipated deficiency. <br /> <br />(c) The City will keep complete and accurate <br />books and records showing all receipts and <br />disbursements in connection with the improvement, the <br />taxes levied and the assessments levied therefor and <br />other funds appropriated for their payment,. and all <br />collections thereof and disbursements therefrom, moneys <br />on hand and balance of unpaid assessments. <br /> <br />(d) The City will cause its said books and <br />records to be audited at least annually by qualified <br />
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