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7/17/2007 9:14:58 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
7266
Resolution Title
Notice of Call for Bids on $3,420,000 General Obligation Temporary Improvement Bonds of 1981 of the City,
Resolution Date Passed
10/28/1981
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<br />bonds or additional temporary improvement bonds, at or prior to <br />the maturity date of the bonds issued hereunder, in such <br />amounts as are needed to pay the principal and interest then <br />due on said temporary improvement bonds afer the application of <br />the assessments and taxes collected, and the appropriation of <br />such other municipal funds as are properly available for such <br />purpose. The Council hereby finds, determines and declares <br />that the estimated collections of special assessments to be <br />received before ele maturity date of said temporary improvement <br />bonds, together with the proceeds of any definitive improvement <br />bonds or additional temporary improvement bonds to be issued at <br />or before said maturity date, and other revenues pledged for <br />the payment of said temporary improvement bonds and the <br />interest thereon will equal at least 5% in excess of the <br />principal and interest requirements of the temporary <br />improvement bonds issued hereunder as the same become due. <br /> <br />~ <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 with or without interest from the Debt <br />Service Account when a sufficient balance is available therein. <br /> <br />11. The City Manager is hereby directed to file a <br />certified copy of this resolution with the County Auditor of <br />Ramsey County, Minnesota, togetl1er with such other information <br />as he shall require, and to obtain from said Auditor his <br />certificate that said bonds have been entered in the said <br />Auditor's Bond Register. <br /> <br />12. The officers of the City are hereby authorized <br />and directed to prepare and furnish to the purchaser of said <br />temporary improvement bonds, and to the attorneys approving the <br />legality of the issuance thereof, certified copies of all <br />proceedings and records of the City relating to said bonds and <br />to the financial condition and affairs of the City, and such <br />otl1er affidavits, certificates and information as are required <br />to show the facts relating to the legality and marketability of <br />said bonds as the same appear from the books and records under <br />their custody and control or as otherwise known to them, and <br />all such certified copies, certificates and affidavits, <br />including any heretofore furnished, shall be deemed <br />representations of the City as to the facts recited therein. <br />
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