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Last modified
7/17/2007 9:13:07 AM
Creation date
4/25/2005 12:03:31 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
6994
Resolution Title
Accepting Bid on Sale of $2,415,000 General Obligation Improvement Bonds, Series 10 Providing for their Issuance and Levying a Tax for the Payment Thereof
Resolution Date Passed
8/11/1980
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<br />Year of Tax Year of Tax <br />Levy Collection Amount <br />1980 1981 $ 50,000 <br />1981 1982 1:l1,200 <br />1982 1983 120,000 <br />1983 1984 171,300 <br />1984 1985 167,000 <br />1985 1986 162,500 <br />1986 1987 151,200 <br />1987 1988 131,000 <br />1988 1989 127,500 <br />1989 1990 14;3,200 <br />1990 1991 111,500 <br />1991 1992 10',200 <br />1992 1993 104,600 <br />1993 1994 9',700 <br />1994 1995 '..,500 <br />1995 1996 '9,200 <br />1996 1997 83,700 <br />1997 1998 7',400 <br />1998 1999 8.,300 <br /> <br />The tax levies are such that if collected in full <br />they, together with estimated collections of special assess- <br />ments and other revenues herein pledged for the payment of the <br />bonds, will produce at least five percent in excess of the <br />amount needed to meet when due the principal and interest <br />payments on the bonds. The tax levies shall be irrepealable so <br />long as any of the bonds are outstanding and unpaid, provided <br />that the City reserves the right and power to reduce the levies <br />in the manner and to the extent permitted by Minnesota <br />Statutes, Section 475.61(3). <br /> <br />For the prompt and full payment of the principal and <br />interest on the bonds~ as the same respectively become due, the <br />full faith, credit and taxing powers of the City shall be and <br />are hereby irrevocably pledged. If the balance in the Debt <br />Service Account is ever insufficient to pay all principal and <br />interest then due on the bonds payable therefrom, the <br />deficiency shall be promptly paid out of any other funds of the <br />City which are available for such purpose, and such other funds <br />may be reimbursed without interest from the Debt Service <br />Account when a sufficient balance is available therein. <br />
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