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<br />Bond, Series 2005A in the amount of $827,750 (the "City Bond") to pay its share of the debt
<br />service on the Issuer Bonds; and
<br />
<br />F. WHEREAS, the City has heretofore determined, in accordance with Minnesota
<br />Statutes, Section 475.521, Subd. 4, that that the principal and interest to become due in any year
<br />on all the outstanding bonds issued by the City under Minnesota Statutes, Section 475.521,
<br />including the City Bonds, will be less than 0.05367 percent of taxable market value of property
<br />in Anoka County, Minnesota; and
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
<br />Centerville, Minnesota, as follows:
<br />
<br />1. Approval and Form of City Bond. The issuance of the City Bond to the
<br />Issuer is hereby approved. The City Bond shall be in fully registered form without interest
<br />coupons and shall be dated, mature, bear interest, be subject to redemption and be payable as
<br />provided in the form attached hereto as Exhibit A, with such amendments thereto as shall be
<br />deemed desirable or necessary by the Mayor and Clerk (hereby authorized to execute the City
<br />Bond by their manual signatures), as evidenced by their execution thereof
<br />
<br />2. Debt Service Account. There is hereby created the General Obligation
<br />Capital Improvement Plan Bond, Series 2005A Debt Service Account (the "Debt Service
<br />Account"), to be administered and maintained by the Finance Director as a bookkeeping account
<br />separate and apart from all other accounts maintained in the official financial records of the City.
<br />The Debt Service Account shall be maintained in the manner herein specified until the City Bond
<br />and the interest thereon have been fully paid. There are hereby pledged and there shall be
<br />credited to the Debt Service Account collections of all taxes herein or hereafter levied by the
<br />City for the payment of the City Bond and interest thereon and any and all other moneys which
<br />are properly available and are appropriated by the governing body of the City to the Debt Service
<br />Account. In addition, the City pledges to the Debt Service Account all taxes levied in 2004 for
<br />collection in 2005, in the amount of 105% of the principal and interest payments due on the City
<br />Bond prior to August 1, 2006. The Debt Service Account shall be used solely to pay the
<br />principal and interest on the City Bond.
<br />
<br /> 3. Tax Levy: Coverage Test. To provide moneys for payment of the
<br />principal and interest on the City Bond there is hereby levied upon all of the taxable property in
<br />the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected
<br />with and as part of other general property taxes in the City for the years and in the amounts as
<br />Levy Collect Pay Total P & I @105% Tax
<br />Year Year Year P & I Net Levy Levy
<br />2005 2006 2007 $74,685.62 $78,419.90 $78,500.00
<br />2006 2007 2008 $74,965.62 $78,713.90 $78,800.00
<br />2007 2008 2009 $73,434.38 $77,106.10 $77 ,200 .00
<br />2008 2009 2010 $73,653.12 $77,335.78 $77 ,400 .00
<br />2009 2010 2011 $73,810.62 $77,501.15 $77,600.00
<br />2010 2011 2012 $73,906.88 $77 ,602.22 $77,700.00
<br />2011 2012 2013 $73,696.88 $77,381.72 $77,400.00
<br />2012 2013 2014 $75,166.88 $78,925.22 $79,000.00
<br />2013 2014 2015 $74,746.88 $78,484.22 $78,500.00
<br />2014 2015 2016 $76,006.88 $79,807.22 $79,900.00
<br />2015 2016 2017 $75,376.88 $79,145.72 $79,200.00
<br />1738630v2016 2017 2018 $76,36!.62 $80,183.90 $80,200.00
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