HomeMy WebLinkAboutResolution 3679 -- ... _ _ . _ . _._ , .�.a w t..;. . ..r,� �.�,
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'�' RESOLUTION OF THE CITY COUNCIL
��`�k'E Hp4"�'� ' NO. e� G "7 � _
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RESOLUTION PROVIDING FOR ACCOUNTING 'TREATMEIVT OF
SEWER REVENUES AND ASSESSIVIENTS
BE I'� RESOT�VED, by the City Council of the City of Orono, County of Hennepin, Minnesota,
as follows:
1. On December 11, 1995, this Council adopted a resolution (the "Bond Resolution") relating
to the City's $1,910,000 General Obligation Refunding Bonds of 1995 (thc "Bonds"), under which thz City
pledged pursuant to Minnesota Statutes, Section 444.075 (the "Act") to the payment of tlie Bonds the nc�t
revenues of the sewer and water sys�ems o.f tha City and special assessments from Sewer Improvement
Project No. 85-1 and pledged to levy taxes to the extent necessary to pay the principal and interest on �h�
Bonds when due. The Aet does not restrict the use of other available fun�ds to pay debt service o�l tlze
Bonds and does i�ot restrict the ability of the City, consistent with the Bond Resolution, to allocate only
portions of pledged revenue to the payment of the Bonds if such sources are sufficient to meet the
payments as they become due. In order to provide a flow of funds corresponding to the City's financial
� plan, the City hereby creates a 1995 General Obligation Refunding Bond Debt Service Fiurid (the "Debt
Service Fund") and sha11 deposit pledged funds and certain other fimds in the Debt Service Fund to pay
debt service on the Bonds as provided in paragraph 2 hereof.
2. So long as the City is in compliance with the Bond Resohrtion and sufficient funds are
available to pay debt service on the Bonds, the City shal.l deposit in the Debt Service Fund the following
funds in the following order of application until sufficient funds on deposit therein to pay principal and
interest on the Bonds when due on the next payment i�ate: .
(a) Special assessments levied with respect to projects financed by the Series 1985
Bonds and the Series 1989 Bonds.
(b) General taxes in an amount equal to the deficiency levies relating to the Series
1989 Bonds, less debt service savings resulting from the issuance of the Bonds.
(c) Transfers from the Sewer Fund and Water Fund maintained by the City.
To the extent such sources or other appropriated funds are insufficient, the City shall apply all net revenues
� of the sewer and water system and levy ad vaiorem taxes as required by the Bond Resolution.
Adopted by the Or.ono City Council on this 12th day of February, 1996.
• _ATT T: �i �:� ,'%,� �
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. Edward J. Call�}an, Jr., Mayor /'`4
orothy IvI. all' , City Clerk oz�6.2 ��
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