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Last modified
7/17/2007 9:20:11 AM
Creation date
4/25/2005 12:23:41 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
7820
Resolution Title
To Consider Bids for and Awarding the Sale of $2,885,000 General Obligation Improvement Bonds, Series 12
Resolution Date Passed
10/16/1985
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<br />1991 <br />1992 <br />1993 <br />1994 <br />1995 <br />1996 <br />1997 <br />1998 <br />1999 <br />2000 <br /> <br />1992 <br />1993 <br />1994 <br />1995 <br />1996 <br />1997 <br />1998 <br />1999 <br />2000 <br />2001 <br /> <br />$125, J <br />$125,000 <br />$125,000 <br />$125,000 <br />$125,000 <br />$125,000 <br />$125,000 <br />$125,000 <br />$125,000 <br />$125,000 <br /> <br />The taK levies are such that if collected in full <br />they, together with estimated collections of special assess- <br />ments and other revenues herein pledged for the payment of the <br />Bonds, will produce at least five percent in excess of the <br />amount needed to meet when due the principal and interest <br />payments on the Bonds. The tax levies shall be irrepealable so <br />long as any of the Bonds are outstanding and unpaid, 9rovided <br />that the City reserves the right and power to reduce the levies <br />in the manner and to the extent permitted by Minnesota <br />Statutes, Section 475.61(3). <br /> <br />For the prompt and full payment of the principal and <br />interest on the Bonds, as the same respectively become due, the <br />full faith, credit and taxi~g powers of the City shall ':Je a,d <br />are hereby irrevocably pledged. If the balance in the Debt <br />Service Account is ever insufficient to pay all principal and <br />interest then due on the Bonds payable therefrom, :he <br />defLciency shall be promptly paid aut of "l.ny othe.. funds of the <br />City which are available for such purpos~ and such other funds <br />may be reimbursed with or without intere,,:,.o from the Debt <br />Service Account when a sufficient balane' is available therein. <br /> <br />L8. The Manager is hereby direc~ed to file a <br />certified copy of this resolution with the County Auditor of <br />Ramsey County, Minnesota, together with such other information <br />as he shall require, and to obtain from the Auditor his <br />certificate that the Bonds have been entered in the Audit~r's <br />Bond Register, and that the tax levy required by law has been <br />made. <br /> <br />19. The officers of the City are hereby authorized <br />and directed to prepare and furnish to the Purchaser of the <br />Bonds, and to the attorneys approving the legality of the <br />issuance thereof, certified copies of all proceedings and <br />records of the City relating to the Bonds and to the financial <br /> <br />18 <br />
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