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-- ... _ _ . _ . _._ , .�.a w t..;. . ..r,� �.�, <br /> __.___.. __..._ .__. ..._ ...... _ . ..f � ' � c 5Z. . . � • .:,i . <br /> . � .. ' � �`' � ' ` � ' . <br /> -.... � . . - . '�� `. . , .y _f. <br /> ' �� ���#�' � � � � � .. . <br /> O . . <br /> � � <br /> `� O � O . 6s7, <br /> b. � CITY of ORONO <br /> � ' ti <br /> '�' RESOLUTION OF THE CITY COUNCIL <br /> ��`�k'E Hp4"�'� ' NO. e� G "7 � _ <br /> � S <br /> RESOLUTION PROVIDING FOR ACCOUNTING 'TREATMEIVT OF <br /> SEWER REVENUES AND ASSESSIVIENTS <br /> BE I'� RESOT�VED, by the City Council of the City of Orono, County of Hennepin, Minnesota, <br /> as follows: <br /> 1. On December 11, 1995, this Council adopted a resolution (the "Bond Resolution") relating <br /> to the City's $1,910,000 General Obligation Refunding Bonds of 1995 (thc "Bonds"), under which thz City <br /> pledged pursuant to Minnesota Statutes, Section 444.075 (the "Act") to the payment of tlie Bonds the nc�t <br /> revenues of the sewer and water sys�ems o.f tha City and special assessments from Sewer Improvement <br /> Project No. 85-1 and pledged to levy taxes to the extent necessary to pay the principal and interest on �h� <br /> Bonds when due. The Aet does not restrict the use of other available fun�ds to pay debt service o�l tlze <br /> Bonds and does i�ot restrict the ability of the City, consistent with the Bond Resolution, to allocate only <br /> portions of pledged revenue to the payment of the Bonds if such sources are sufficient to meet the <br /> payments as they become due. In order to provide a flow of funds corresponding to the City's financial <br /> � plan, the City hereby creates a 1995 General Obligation Refunding Bond Debt Service Fiurid (the "Debt <br /> Service Fund") and sha11 deposit pledged funds and certain other fimds in the Debt Service Fund to pay <br /> debt service on the Bonds as provided in paragraph 2 hereof. <br /> 2. So long as the City is in compliance with the Bond Resohrtion and sufficient funds are <br /> available to pay debt service on the Bonds, the City shal.l deposit in the Debt Service Fund the following <br /> funds in the following order of application until sufficient funds on deposit therein to pay principal and <br /> interest on the Bonds when due on the next payment i�ate: . <br /> (a) Special assessments levied with respect to projects financed by the Series 1985 <br /> Bonds and the Series 1989 Bonds. <br /> (b) General taxes in an amount equal to the deficiency levies relating to the Series <br /> 1989 Bonds, less debt service savings resulting from the issuance of the Bonds. <br /> (c) Transfers from the Sewer Fund and Water Fund maintained by the City. <br /> To the extent such sources or other appropriated funds are insufficient, the City shall apply all net revenues <br /> � of the sewer and water system and levy ad vaiorem taxes as required by the Bond Resolution. <br /> Adopted by the Or.ono City Council on this 12th day of February, 1996. <br /> • _ATT T: �i �:� ,'%,� � <br /> . � � •� 1 <br /> . n �.n i <br /> . Edward J. Call�}an, Jr., Mayor /'`4 <br /> orothy IvI. all' , City Clerk oz�6.2 �� <br /> 1 <br />