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in the City, which is to be spread upon the tax rolls and collected with and as part of other general taxes of the City. Such tax is to be credited to the Debt Service Fund above provided and is in the years and amounts as follows (year stated being year of levy for collection the following year): Year Levy (See Attachment A) 4.03. The City Manager is directed to file a certified copy of this resolution with the County Auditor of Ramsey County and to obtain the certificate required by Minnesota Statutes, Section 475.63. 4.04. Is is hereby determined that upon the receipt of proceeds of the Bonds (Proceeds) for payment of the Refunded Bonds that an irrevocable appropriation to the debt service fund for the Refunded Bonds will have been made within the meaning of Minnesota Statutes, Section 475.61, Subdivision 3 and the City Manager is hereby authorized and directed to certify such fact to and request the County Auditor to cancel any and all tax levies made by the resolution authorizing and approving the Refunded Bonds. 4. OS. It is hereby determined that the estimated collection of the foregoing Taxes and Assessments will produce at least five percent in excess of the amount needed to meet when due, the principal and interest payments on the Bonds. The tax levy herein provided is irrepealable until all of the Bonds are paid, provided that the City Manager annually, at the time the City makes its tax levies, certify to the County Auditor the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the County Auditor is to thereupon reduce the levy collectible during such year by the amount so certified. 4. O(? It is hereby determined that the Improvements financed by the Bonds will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of the Bonds as follows: (a) The City has levied Assessments for the Improvements and has taken all steps necessary to assure prompt collection thereof. The City Council has caused all actions and proceedings relative to the making and financing of the Improvements financed hereby to have been taken with due diligence that were required for the construction of each Improvement financed wholly or partly from the proceeds of the Bonds, and for the final and valid levy of the Assessments and the appropriation of any other funds needed to pay the Bonds and interest thereon when due. (b) In the event of any current or anticipated deficiency in the Assessments, the City Council will levy ad valorem taxes in the amount of said current or anticipated deficiency. ( c) The City will keep complete and accurate books and records showing all receipts and disbursements in connection with the Improvements; Assessments levied therefor and other funds appropriated for their payment; all collections thereof and disbursements therefrom; moneys on hand; and the balance of unpaid Assessments. RLD47467 RS200-10 12