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Last modified
7/17/2007 8:34:33 AM
Creation date
12/2/2004 8:03:52 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
8744
Resolution Title
Awarding the sale of $2,200,000 General Obligation Improvement Bonds, Series 18
Resolution Date Passed
1/27/1992
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<br />2004 <br />2005 <br />2006 <br /> <br />2005 <br />2006 <br />2007 <br /> <br />159,174.18 <br />168,617.36 <br />185,368.55 <br /> <br />The tax levies are such that if collected in full they, <br />together with estimated collections of special assessments and <br />other revenues herein pledged of the payment of the Bonds, will <br />produce at least five percent (5%) in excess of the amount needed <br />to meet when due the principal and interest payments on the <br />Bonds. The tax levies shall be irrepealable so long as any of <br />the Bonds are outstanding and unpaid, provided that the City <br />reserves the right and power to reduce the levies in the manner <br />and to the extent permitted by Minnesota statutes, Section <br />475.61, Subdivision 3. <br /> <br />20. General Obliaation Pledge. For the prompt and <br />full payment of the principal and interest on the Bonds, as the <br />same respectively become due, the full faith, credit and taxing <br />powers of the City shall be and are hereby irrevocably pledged. <br />If the balance in the Debt Service Account is ever insufficient <br />to pay all principal and interest then due on the Bonds payable <br />therefrom, the deficiency shall be promptly paid out of any other <br />funds of the City which are available for such purpose, including <br />the general fund of the City, and such other funds may be <br />reimbursed with or without interest from the Debt Service Account <br />when a sufficient balance is available therein. <br /> <br />21. Certificate of Reaistration. The Manager is <br />hereby directed to file a certified copy of this Resolution with <br />the County Auditor of Ramsey County, Minnesota, together with <br />such other information as the County Auditor shall require, and <br />to obtain the County Auditor's certificate that the Bonds have <br />been entered in the County Auditor's Bond Register, and that the <br />tax levy required by law has been made. <br /> <br />22. Records and Certificates. The officers of the <br />city are hereby authorized and directed to prepare and furnish to <br />the Purchaser, and to the attorneys approving the legality of the <br />issuance of the Bonds, certified copies of all proceedings and <br />records of the City relating to the Bonds and to the financial <br />condition and affairs of the City, and such other affidavits, <br />certificates and information as are required to show the facts <br />relating to the legality and marketability of the Bonds as the <br />same appear from the books and records under their custody and <br />control or as otherwise known to them, and all such certified <br />copies, certificates and affidavits, including any heretofore <br />furnished, shall be deemed representations of the City as to the <br />facts recited therein. <br /> <br />26250 <br /> <br />39 <br />
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