res_9176 - Laserfiche WebLink

Home

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 will levy additional ad valorem taxes in the amount of the current or anticipated deficiency. (c) 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, monies on hand and, the balance of unpaid Assessments. (d) 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): Year Levy (See Attachment A) It is further determined that the proceeds of an ad valorem tax levy made in the year 1994 for collection in the year 1995 for the purpose of paying principal and interest on the Bonds will be available in the year 1995 and such proceeds are hereby irrevocably appropriated to the Debt Service Fund and that therefore no tax levy is needed for collection in the year 1996. 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 Manager annually, at the time the City makes its tax levies, may certify to the Director of Property Records and Revenue of Ramsey County the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the Director of Property Records and Revenue will thereupon reduce the levy collectible during such year by the amount so certified. 4.05. The City Manager is authorized and directed to file a certified copy of this resolution with the Director of Property Records and Revenue of Ramsey County and to obtain the certificate required by Minnesota Statutes, Section 475.63. D.JX871l7 RS200-14