2008_0825_packet - Laserfiche WebLink

Home

regulations. Money in the Fund shall not be invested in obligations or deposits issued by, guaranteed by or insured by the United States or any agency or instrumentality thereof if and to the extent that such investment would cause the Certificates to be "federally guaranteed" within I the meaning of Section 149(b) of the Internal Revenue Code of 1986, as amended the "Code"). 16. Tax Levy- Coverage Test. To provide moneys for payment of the principal and interest on the Certificates 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 L Year of Tax Collection Amount SEE ATTACHED SCHEDULE The tax levies are such that if collected in full they, together with other revenues herein pledged for the payment of the Certificates, will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Certificates. The tax levies shall be irrepealable so long as any of the Certificates are 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. 17. Continuing Disclosure. The City is the sole obligated person with respect to the Bonds. The City hereby agrees, in accordance with the provisions of Rule 15c2-12 the "Rule"), promulgated by the Securities and Exchange Commission the "Commission"), pursuant to the Securities Exchange Act of 1934, as amended, and a Continuing Disclosure Undertaking the "Undertaking"), hereinafter described to.- (a), Provide or cause to be provided to each nationally recognized municipal securities information repository ("NRMSIR"), and to the appropriate state information depository ("SID"),, if any, for the State of Minnesota, in each case as designated by the Commission in accordance with the Rule,, certain annual financial information and operating data in accordance with the Undertaking. The City reserves the right to modify from time to time the terms of the Undertaking as provided therein. (b), Provide or cause to be provided, in a timely manner, to (i), each NRMSIR or to the Municipal Securities Rulemaking Board ("MSRB"), and (ii), the SID, notice of the occurrence of certain material events with respect to the Bonds in accordance with the Undertaking. (c) Provide or cause to be provided, in a timely manner, to (i) each NRMSIR or to the MSRB and (ii) the SID, notice of a failure by the City to provide the annual financial information with respect to the City described in the Undertaking. (d) The City agrees that its covenants pursuant to the Rule set forth in this paragraph 20 and in the Undertaking is intended to be for the benefit of the Holders of the Bonds and shall be enforceable on behalf of such Holders; provided that the right to enforce the provisions of these covenants shall be limited to a right to obtain specific enforcement of the City's obligations under the covenants. 17 2214122vl