2007-11 Awarding the Sale of GO Bonds

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deposit :iti the Debt Service Fund in accordance with Section 1.03. and (iii) ,the accrued interest paid by the Purehasd. upon. closing and delivery of the. Bonds. (b) The proceeds of the Bonds, less the appropriations made in paragraph. (a), together with any other funds appropriated for the improvement and Taxes collected during the construction of the Improvement will be deposited in a separate construction fund to be used solely to defray expenses of the Improvement and the payment of principal and interest on the Bonds prior to the. completion and payment of all costs of the improvement, Any balance remaining in. the construction fund after completion of the improvement may be used to pay the cost in whole or in part of any other capital improvement instituted under the Act. When. the improvement is completed and the cost thereof paid, thq construction account is to be closed and subsequent dollections of Taxes for the Improvement are. to be deposited in the Debt Service Fund. 5.02. Pledge of 'Taxes. For the: purpose of paying the principal of and interest on -the. Bonds,. there. is levied a direct annual krepealable ad valorem. tax upon all of the taxable property in the City, to be spread upon the:tax tolls and collected with and .as- part of other general taxes of the City.. The tax - will be credited to the Debt Service Fund above provided and is in the years and amounts as follows (year stated being year of levy for collection the following year): Year Lev (See Exhibit B) 5;03:. Cerd cation to Director of Propierty Records and. Revenue as to Debt Service Fund Amount. It is determined that the estimated collection of the.foregoing taxes will. produce. at least: five percent in excess of the amount needed to meet when due, the principal and.vitereA payments on the Bonds. The tax levy. herein _provided will. be irrepealable until the Bond is paid, provided that at the time the City makes its annual tax levies the City Clerk may certify to the Director of Property Records and. Revenue the amount available in the Debt Service Fund to pay principal and. interest due during the ensuing year,. anct the Director of Property Records and Revenue will thereupon reduce the levy collecObie*duririg such y.wby tbeAmdunt so certified. 5.04' Director-ofPronerty Records and Revenue Certificate as to Registration. The City Clerk is authorized and directed to file a certified copy of this resolution with the Direetor of Property— Records and Revenue and to obtain the cerdAeate required by Minnesota Statutes, Section 475ti63. Section..¢. Authentication of Transcript. 6.01. CitYProceedinand° Records. The..officers: of the City are authorized and directed to prepare. and.furnish. to. the Purchaser acid to -the .attorney*. approving the Bondscertified copies of roceedings and records. of the City. relating to the Bonds .and to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the facts within theirknowledge-or.0 shown*liythe books and records in their custody and under their control, relating -:to the validity and marketability-ofthe Bonds, and such instruments, 3J 0976v1.MM OE190.4 12