1991 Receipts, Disb., Resolutions & Minutes

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lease insert social security or cher identifying number of assignee 3.02. The City Clerk 1s directed to obtain a copy of the proposed approv- iDg legal opinion of Holmes & GraveD, Chartered, MiDDeapolis, Minnesota, which is to be complete except a8 to dating thereof and to cause the op1n1oll to be printed OD each Bond, together with a certificate to be s1lDed by the facsimile signature of the Clerk in substantially the fo~ set forth in th~ form of Bond. The Clerk 1s authorized aDd directed to execute such certificate 1D the name of the City upon receipt of such opinion and to file the opiDion in the City offices. Section 4. Payment: Security: Pled_es aDd Covenants. 4.01. The BODds are .payable from the Improvemellc Bonds", Series 1991A Debt Service FUDd (Debt Service FUDel) hereby creaced, and the proceeds of special assessmeDCs (As..ssments) levied or to be levied for the tmprovements (Improvements) fiDaDceel by the Boncls are hereby pledged to the Debt Service Fund. If any payment of principal or iaterest 011 the loads shall become due when there 18 Dot sufficient IIIOlley in the Debc Service FUDd to pay the same, the Clerk 18 directed to pay such principal or interest from the geaeral funG of the City, aDd the seneral fund will b. reimbursed for such advaDces out of the proceeds of Assessments [and Taxes] wheD collected. There 18 appropriated to the Debc Service FaDd all capitalized iDterest ftDanced from Bond proceeds, if lY, any amouDt over the ~ft1.ua purchase price paiel by the Purchaser aDd the accrued iDterese paiel by the Purchaser upon closing and delivery of the BoDds. 4.02. It 18 hereby determined that the ImprovemeDts to be financed by the Bonds will directly and iDd1rectly benefit abutting property, ancl tbe City hereby COVeDaDts with the holders fra. time to time of the Bonds as follows: Ca) The City has caused or will cause the As.8s8ments for the !m.. prov..ents to be promptly levied so that the first installment will be collectible Dot later than 1992 aDd will take all step. necessary to assure prampt collection, aDd the levy of the Assessmencs 18 hereby authorized. The City Council will cause all further act10DS aDd proceediDS. rela~1ve to the making aDd f1DaDciDg of the Improvements f1DaDced hereby to be caken witb due dil1seace chae are required for the CODstruct1oD of each Improve- . lIeDe f1Dancecl wholly or partly frOll the proceeds of the Bonds, and for the fiDal and valid levy of the Assessments and the appropriation of aDY other funds n.eded to pay the Bonds and interest thereon when due. (b) In the event of allY current or anticipated deficiency in Assess- ments [and Taxes], the C.ley Council will levy [add1tioaal] ad valorem taxes ill the amount of the current or anticipated deficiency. · t ". t f (c) The City will keep complete and accurate books and records showing: receipts and disbursements in connection with the Improvements. Assessments [and Taxes] levied therefor and other funds appropriated for their payment, collect1~Ds thereof aDd disbursements therefrom, moneys OD hand and, the balaDce of unpaid AssessmeDts.