Resolution 7243 - Laserfiche WebLink

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2039 2040 757,306 2040 2041 755,941 2041 2042 759,616 2042 2043 757,726 2043 2044 760,876 2044 2045 758,461 2045 2046 755,836 2046 2047 758,251 2047 2048 759,498 2048 2049 760,410 2049 2050 760,988 2050 2051 755,981 Such tax shall be in excess of and in addition to all other taxes now or hereafter authorized to be levied by the City. The special tax described herein and all receipts therefrom are pledged to the payment of debt service on the Bonds. Such tax shall be irrepealable as long as any of the Bonds are outstanding and unpaid; provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61. It is hereby found and determined that the foregoing taxes, if collected in full, will produce at least five percent (5%) in excess of the annual principal and interest requirements of the Bonds; but the Bonds are general obligations of the City to which the full faith, credit and unlimited taxing powers of the City have been and are hereby pledged; and the City Council shall levy additional general ad valorem taxes on all taxable property in the City, if necessary, to pay the principal of and interest on the Bonds when due. If, as of the date tax levies are certified in any year, the sum of the balance in the Debt Service Fund plus estimated collections of any ad valorem taxes theretofore levied for the payment of Bonds payable therefrom and collectible through the end of the following calendar year is not sufficient to pay when due all principal and interest to become due on all Bonds payable therefrom in said following calendar year, or the Debt Service Fund has incurred a deficiency in the manner provided in Section 5.01 hereof, an additional direct, irrepealable, ad valorem tax shall be levied on all taxable property within the corporate limits of the City for the purpose of restoring such accumulated or anticipated deficiency in accordance with the provisions of this Resolution. Section 5.03. Investments. Moneys in each of the funds and accounts created and established by this Resolution shall be deposited, invested and secured in accordance with State law. Moneys held in such funds and accounts may be invested by the City or at its direction in such amounts and maturing at such times as shall reasonably provide for moneys to be available when required in the accounts or funds; provided, however, that no such investment shall be made for a period extending longer than to the date when the moneys invested may be needed for the purpose for which such fund or account was created; and provided further that such investments shall be subject to the covenants and provisions of Article VII hereof. All interest on any authorized investment held in any fund or account shall accrue to and become a part of such fund or account. 14 4854-7635-7637.2