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7/17/2007 8:37:02 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
9176
Resolution Title
Awarding the sale of $2,500,000 General Obligation Improvement Bonds, Series 21; fixing their form and specifications; directing their execution and delivery; and providing for their payment (4/24/95).
Resolution Date Passed
4/24/1995
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<br />are required for the construction of each Improvement financed wholly or <br />partly from the proceeds of the Bonds, and will take all further actions <br />necessary for the final and valid levy of the Assessments and the <br />appropriation of any other funds needed to pay the Bonds and interest <br />thereon when due. <br /> <br />(b) In the event of any current or anticipated deficiency in <br />Assessments and Taxes, the City Council will levy additional ad valorem taxes <br />in the amount of the current or anticipated deficiency. <br /> <br />(c) The City will keep complete and accurate books and records <br />showing: receipts and disbursements in connection with the Improvements, <br />Assessments and Taxes levied therefor and other funds appropriated for their <br />payment, collections thereof and disbursements therefrom, monies on hand <br />and, the balance of unpaid Assessments. <br /> <br />(d) The City will cause its books and records to be audited at least <br />annually and will furnish copies of such audit reports to any interested person <br />upon request. <br /> <br />4.03. It is determined that at least 20% of the cost of the Improvements will be <br />specially assessed against benefitted properties. For the purpose of paying the <br />principal of and interest on the Bonds, there is levied a direct annual irrepealable <br />ad valorem tax (Taxes) upon all of the taxable property in the City, which will be <br />spread upon the tax rolls and collected with and as part of other general taxes of the <br />City. The taxes will be credited to the Debt Service Fund above provided and will <br />be in the years and amounts as follows (year stated being year of levy for collection <br />the following year): <br /> <br />Year <br /> <br />Levy <br /> <br />(See Attachment A) <br />It is further determined that the proceeds of an ad valorem tax levy made in <br />the year 1994 for collection in the year 1995 for the purpose of paying principal and <br />interest on the Bonds will be available in the year 1995 and such proceeds are hereby <br />irrevocably appropriated to the Debt Service Fund and that therefore no tax levy is <br />needed for collection in the year 1996. <br /> <br />4.04. It is hereby determined that the estimated collections of Assessments <br />and foregoing Taxes will produce at least five percent in excess of the amount <br />needed to meet when due the principal and interest payments on the Bonds. The tax <br />levy herein provided is irrepealable until all of the Bonds are paid, provided that the <br />City Manager annually, at the time the City makes its tax levies, may certify to the <br />Director of Property Records and Revenue of Ramsey County the amount available <br />in the Debt Service Fund to pay principal and interest due during the ensuing year, <br />and the Director of Property Records and Revenue will thereupon reduce the levy <br />collectible during such year by the amount so certified. <br /> <br />4.05. The City Manager is authorized and directed to file a certified copy of <br />this resolution with the Director of Property Records and Revenue of Ramsey County <br />and to obtain the certificate required by Minnesota Statutes, Section 475.63. <br /> <br />D.JX871l7 <br />RS200-14 <br />
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