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(a) The City has caused or will cause the Assessments for the Improvements to be promptly levied so that the first installment will be collectible not later than 1994 and will take all steps necessary to assure prompt coUection, and the levy of the Assessments is hereby authorized. The City Council will cause to be taken with due diligence all further actions that are required for the construction of each Improvement financed wholly or partly from the proceeds of the Bonds, and will take all further actions necessary 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 Assessments and Taxes, the City Council wUllevy additional ad valorem taxes in the amount of the current or anticipated deficiency. (0) The City will keep complete and accurate books and records showing: receipts and disbursements in connection with the Improvements, Assessments and Taxes levied therefor and other funds appropriated for their payment, collections thereof and disbursements therefrom, moneys on hand and, the balance of unpaid Assessments. Cd) The City will cause its books and records to be audited at least annually and will furnish copies of such audit reports to any interested person upon request. 4.03. It is determined that at least 20\ of the cost of the Improvements will be specially assessed against benefitted properties. For the purpose of paying the principal of and interest on the Bonds, there is levied a direct annual irrepealable ad valorem tax (Taxes) upon all of the taxable property in the City, which will be spread upon the tax rolls and collected with and as part of other general taxes of the City. The taxes will be credited to the Debt Service Fund above provided and will be in the years and amounts as follows (year stated being year of levy for collection _ the following year) : (See Attachment A) 4.04. It is hereby determined that the estimated collections of Assessments and foregoing Taxes 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 Finance Director annually J at the time the City makes its tax levies, may certify to the County Auditor of Ramsey County the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the County Auditor will thereupon reduce the levy collectible during such year by the amount 80 certified. 4.05. The City Manager is authorized and 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. Section 5. Authentication of Transcript. S .01. The officers of the City are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies D31nll U2OO·1) 10