1991 Receipts, Disb., Resolutions & Minutes

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I . Please insert social security or other identifying number of assig~ee 3.02. The City Clerk is directed to obtain a copy of the proposed approv- ing legal opinion of Holmes & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and to cause the opinion to be printed on each Bond, together with a certificate to be signed by the facsimile signature of the Clerk in substantially the form set forth in the form of Bond. The Clerk is authorized and directed to execute such certificate in the name of the City upon receipt of such opinion and to file the opinion in the City offices. Section 4. Payment: Security: Pledges and Covenants. 4.01. The Bonds are payable from the Improvement Bonds, Series 1991B Debt Service Fund (Debt Service Fund) hereby created, and the proceeds of general taxes hereinafter levied (Taxes)~ and special assessments (Assessments) levied or to be levied for the improvements (Improvements) financed by the Bonds are hereby pledged to the Debt Service Fund. If any payment of principal or inter- est on the Bonds shall become due when there is not sufficient money in the Debt Service Fund to pay the same J the Clerk is direc ted to pay such prine ipa! or interest from the general fund of the City, and the general fund will be reimbursed for such advances out of the proceeds of Assessments and Taxes when collected. There is appropriated to the Debt Service Fund all capitalized interest financed from Bond proceeds, if any, any amount over the minimum purchase price paid by the Purchaser and the accrued interest paid by the Purchaser upon closing and delivery of the Bonds. 4.02. It is hereby determined that the Improvements to be financed by the Bonds wi.ll directly and indirectly benefit abutting property, and the City hereby covenants with the holders"fram time to time of the Bonds as follows: (a) The City has caused or will cause the. Assessments for the Im- provements to be promptly levied so that the first installment will be collectible not later than 1992 and will take all steps necessary to assure prompt collection, and the levy of the Assessments is hereby authorized. The City Council will cause all further actions and proceedings 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 Improve- ment financed wholly or partly from the proceeds of the Bonds, and for the final and valid levy of the Assessments and the appropriation of any other funds needed to pay the Bonds and interest thereon when due. (b) In the event of any current or anticipated deficiency in Assess- ments and Taxes, the City Council will levy additional ad valorem taxes in the amount of the current or anticipated deficiency. (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, collections thereof and disbursements therefrom, moneys on hand and, the balance of unpaid Assessments.