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66 84 <br />other purpose than to pay principal and interest on the Bonds until such principal and interest <br />shall have been paid in full. The City Treasurer may create separate accounts within the General <br />Obligation Street Reconstruction Refunding Bonds of 2016A Fund for any capitalized interest. <br />11. To provide for the CIP Portion, there is hereby levied upon all the taxable <br />property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and <br />collected as part of other general ad valorem taxes of the City in the years and amounts as <br />follows: <br />Lev rYeYear <br />Collection Year Amount <br />2016 <br />2017 <br />2017 <br />2018 <br />2018 <br />2019 <br />2019 <br />2020 <br />2020 <br />2021 <br />2021 <br />2022 <br />Said levies shall be irrepealable and the taxes so levied are irrevocably appropriated to <br />the debt service fund, but the City reserves the right to reduce said levy in the manner and to the <br />extent permitted by Minnesota Statutes, Section 475.61. <br />It is hereby found and determined that the estimated collection of direct annual ad <br />valorem taxes will produce at least five percent in excess of the amount needed to meet when <br />due the payments of principal and interest on the Bonds; but the Bonds are general obligations of <br />the City to which the fall faith, credit and unlimited taxing powers of the City have been and are <br />hereby pledged; and the City Council shall levy general ad valorem taxes on all taxable property <br />in the City, if necessary, to pay the principal of and interest on the Bonds when due. <br />12. The City Clerk is authorized and directed to prepare and furnish to the purchaser <br />and to the attorneys approving the Bonds, certified copies of all proceedings and records relating <br />to the issuance of said General Obligation Street Reconstruction Refunding Bonds, Series 2016A <br />and to the right, power and authority of the City and its officers to issue the same, and said <br />certified copies and certificates shall be deemed the representations of the City as to all matters <br />stated therein. <br />13. The Official Statement relating to the Bonds, on file with the Clerk and presented <br />to this meeting, is hereby approved and its designation as a "near final" Official Statement for <br />purposes of Rule 15c2-12 of the Securities and Exchange Commission and the fim fishing thereof <br />to prospective purchasers of the Bonds are hereby ratified and confirmed, insofar as the same <br />relates to the Bonds and the sale thereof. The Continuing Disclosure Certificate included in the <br />Official Statement is hereby approved and shall be executed and delivered in connection with the <br />delivery of the Bonds. The Continuing Disclosure Certificate constitutes a contractual obligation <br />in accordance with its terms. <br />14. The officers of the City are hereby authorized and directed to prepare and furnish <br />to the Secretary of the Treasury a statement meeting the information reporting requirements of <br />Section 149(e) of the Internal Revenue Code of 1986, as amended (the "Code"), by the 15th day <br />10 <br />SALE RESOLUTION <br />