2005-03-23 CC Packet - Laserfiche WebLink

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F. WHEREAS, the City has heretofore determined, in accordance with Minnesota Statutes, Section 475.521, Subd. 4, that that the principal and interest to become due in any year on all the outstanding bonds issued by the City under Minnesota Statutes, Section 475.521, including the City Bonds, will be less than 0.05367 percent oftaxable market value of property in Anoka County, Minnesota; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Centerville, Minnesota, as follows: 1. Approval and Form of Citv Bond. The issuance of the City Bond to the Issuer is hereby approved. The City Bond shall be in fully registered form without interest coupons and shall be dated, mature, bear interest, be subject to redemption and be payable as provided in the form attached hereto as Exhibit A, with such amendments thereto as shall be deemed desirable or necessary by the Mayor and Clerk (hereby authorized to execute the City Bond by their manual signatures), as evidenced by their execution thereof. 2. Debt Service Account. There is hereby created the General Obligation Capital Improvement Plan Bond, Series 2005A Debt Service Account (the "Debt Service Account"), to be administered and maintained by the Finance Director as a bookkeeping account separate and apart from all other accounts maintained in the official financial records of the City. The Debt Service Account shall be maintained in the manner herein specified until the City Bond and the interest thereon have been fully paid. There are hereby pledged and there shall be credited to the Debt Service Account collections of all taxes herein or hereafter levied by the City for the payment of the City Bond and interest thereon and any and all other moneys which are properly available and are appropriated by the goveming body of the City to the Debt Service Account. In addition. the City nledpes to the Debt Service Account all taxes levied in 2004 for collection in 2005. in the amount of 105% of the nrincinal and interest navments due on the City Bond prior to AUl!ust 1. 2006. The Debt Service Account shall be used solely to pay the principal and interest on the City Bond. 3. Tax Levv; Coverage Test. To provide moneys for payment ofthe principal and interest on the City Bond there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of other general property taxes in the City for the years and in the amounts as follows: Year of Tax Levy Year of Tax Collection Amount 2005-2019 2006-2020 (See attached Levy Schedule) The tax levies are such that if collected in full (topether with taxes levied in 2004 as described above) will produce the 105% of the amount needed to meet when due the principal and interest payments on the City Bond. The tax levies shall be irrepealable so long as the City Bond is outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3. 1738630v2 2