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CC_Minutes_2011_1212
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Roseville City Council
Document Type
Council Minutes
Meeting Date
12/12/2011
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Levy Years Collection Years Amount <br /> 2012-2026 2013-2027 See attached schedule <br /> In addition,the City has heretofore levied in the year 2011 for collection in the year 2012, <br /> a direct ad valorem tax in the amount of$ , which shall be spread upon the tax <br /> rolls and collected with and as part of other general property taxes in the City. <br /> The tax levies are such that if collected in full they,together with any other revenues <br /> herein pledged for the payment of the Bonds, will produce at least five percent in excess of the <br /> amount needed to meet when due the principal and interest payments on the Bonds. The tax <br /> levies shall be irrepealable so long as any of the Bonds are outstanding and unpaid, provided that <br /> the City reserves the right and power to reduce the levies in the manner and to the extent <br /> permitted by Minnesota Statutes, Section 475.61, Subdivision 3. <br /> 17. General Obligation Pledge. For the prompt and full payment of the principal and <br /> interest on the Bonds, as the same respectively become due,the full faith, credit and taxing <br /> powers of the City have been irrevocably pledged by Ordinance No. 1419 adopted by the City on <br /> October 24, 2011, in accordance with Minnesota Statutes, Section 469.102. If the balance in the <br /> Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds <br /> payable therefrom,the deficiency shall be promptly paid out of any other accounts of the City <br /> which are available for such purpose, and such other funds may be reimbursed without interest <br /> from the Debt Service Account when a sufficient balance is available therein. <br /> 18. Defeasance. When all Bonds have been discharged as provided in this paragraph, <br /> all pledges, covenants and other rights granted by this resolution to the registered holders of the <br /> Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with <br /> respect to any Bonds which are due on any date by irrevocably depositing with the Bond <br /> Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond <br /> should not be paid when due, it may nevertheless be discharged by depositing with the Bond <br /> Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such <br /> deposit. The City may also discharge its obligations with respect to any prepayable Bonds called <br /> for redemption on any date when they are prepayable according to their terms,by depositing <br /> with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full, <br /> provided that notice of redemption thereof has been duly given. The City may also at any time <br /> discharge its obligations with respect to any Bonds, subject to the provisions of law now or <br /> hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a <br /> suitable banking institution qualified by law as an escrow agent for this purpose, cash or <br /> securities described in Minnesota Statutes, Section 475.67, Subdivision 8,bearing interest <br /> payable at such times and at such rates and maturing on such dates as shall be required, without <br /> regard to sale and/or reinvestment, to pay all amounts to become due thereon to maturity or, if <br /> notice of redemption as herein required has been duly provided for, to such earlier redemption <br /> date. <br /> 19. Compliance With Reimbursement Bond Regulations. The provisions of this <br /> paragraph are intended to establish and provide for the City's compliance with United States <br /> Treasury Regulations Section 1.150-2 (the "Reimbursement Regulations") applicable to the <br /> 17 <br /> 4359970x1 <br />
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