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