Resolution 6684 - Laserfiche WebLink

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