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.. ,� . .... .. • . . . .. - . �, . . . .. .. . . � .. <br /> . �� <br /> � . <br /> O O <br /> • �� g CITY of ORONO <br /> � - :. . � . <br /> w ti <br /> ti <br /> RESOLUTION OF THE CITY COUNCIL <br /> ��`9k'Es�I�g'�G ' NO. � � � °�' <br /> ' Improvement. The proceeds of the Bonds herein authorized shall be deposited in a separate - <br /> ' account to be used with other available funds, solely for the redemption of the Prior Bonds on <br /> Februaiy 1, 2005. Any remaining proceeds may be used for any lawful purpose. All future . <br /> � collections of special assessments for the Improvements are hereby irrevocably appropriated � <br /> aild pledged�to the payment of principal of and interest on the Bonds herein authorized, and <br /> ' the moneys and investments in the Refunding Bonds of 2004B Fund shall be used for no <br /> other puipose than to pay principal and interest on the Bonds until such priiicipal and interest , <br /> � <br /> shall have been paid in full; provided, however, that nothing herein contained shall prevent . <br /> the issuance and sale of additional Uonds payable from the proceeds of such assessments to � <br /> provide additional fiinds to pay the Ualance of the cost of said Iinprovements. The City is <br /> hereby authorized to levy assessments for any of said Improvenlents for which special <br /> assessments have not heretofore beeil levied. The City Treasurer may create separate <br /> accounts within the Refiinding Bonds of 2004B Fund for any capitalized interest and for � . <br /> • assessinent prepa}nnents. - .� . <br /> 11. There is hereby levied upon all the taxable property in the City a direct . . <br /> aiznual ad valorem tax which shall be spread upon the tax rolls and collected as.part of other � <br /> general ad valorem taxes of the City in the years and amounts as follows: � �. � <br /> Lew Year Collection Year Amount � � � <br /> 2004 2005 [105% of debt ` <br /> 2005 2006 service less � <br /> 2006 2007 expected.assessment . �. <br /> 2007 2008 collections] . . <br /> 2008 2009 <br /> 2009 2010 <br /> 2010 2011 � <br /> - 2011 2012 <br /> Said levy shall be irrepealable and the taxes so levied are irrevocably appropriated to the debt . � . � <br /> .. .,.. , . .,_ , , , .uce.said leyy in the m,anner.;and to tk�e.: .,.. ,.;as ;,. :v,�.. :,. , <br /> , ,,;�v.., ,,.servzce-;�und,but;.the.Crtyxes�rves the..r.�gh,t�to zed <br /> � extent permitted by Minnesota Statutes, Sect�on 475.61. � . � � <br /> It is hereby found and determined that the foregoing taxes, if collected in full, � : . � <br /> ' will, together with the estimated collection of pledged special assessments,produce at le�st = � <br /> • five percent in excess of the amount needed to meet when due the payments of principal and � <br /> interest on the Bonds; but the Bonds are general obligations of the City to which the full � <br /> . <br /> , <br /> �. . <br /> Page 11 of 13 � <br />