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7/17/2007 9:20:39 AM
Creation date
4/25/2005 12:24:28 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
7850
Resolution Title
For the Purpose of Considering Bids for and Awarding the Sale of $8,420,000 General Obligation Tax Increment Bonds, Series 2
Resolution Date Passed
12/17/1985
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<br />between the City and Centre Pointe Investment Company, a <br />Limited Partnership, for the purposes set forth in Section <br />3.7(4) of said Development Agreement even if by so using such <br />Excess Developer's Tax Increments the amount of tax increments <br />is not in the aggregate sufficient to pay the principal and <br />interest on the Bonds. <br /> <br />19. On or before October 10 of each year, the <br />Treasurer shall certify to the County Auditor of Ramsey County <br />the amount of tax increments and any other funds appropriated <br />to and then held in the Debt Service Account and the estimated <br />collections of tax in~rements to be received in the next <br />succeeding year. In the event that it is anticipated that the <br />aggregate of said sums will not be sufficient to pay the <br />principal and interest on the Bonds to become due in the first <br />calendar year thereafter and the first six months of the <br />succeeding calendar year, the City Council shall pass a <br />resolution requesting the County Auditor of Ramsey County to <br />levy an ad valorem tax in an amount as is necessary, together <br />with the aforementioned funds then held in the Debt Service <br />Account and said estimated collections of tax increments to pay <br />the principal and interest on the Bonds to become due during <br />said period. <br /> <br />20. The tax increments are such that if collected in <br />full they, together with estimated collections of other <br />revenues herein pledged for the payment of the Bonds, will <br />produce at least five percent in excess of the amount needed to <br />meet when due the principal and interest payments on the Bonds. <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 taxing powers of the City shall be and <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, the <br />deficiency shall be promptly paid out of any other funds of the <br />City which are available for such purpose, and such other funds <br />may be reimbursed with or without interest from the Debt <br />Service Account when a sufficient balance is available therein. <br /> <br />21. The Manager is hereby directed 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 Auditor's <br />Bond Register. <br /> <br />17 <br />
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