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20070402 - VI-05
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20070402 - VI-05
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3/30/2009 1:04:21 PM
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City Council
City Council - Type
CC Packets
Date
4/19/2007
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SECTION 3. TAX LEVY. For payment of the Bonds and the interest thereon when due, <br />there is hereby levied on all taxable property in the City a duect general ad valorem tax in an <br />amount required to pay when due the City's allocated share of principal of and interest on the <br />Bonds as provided in Section 2 hereof. Upon the sale of the Bonds, the City Clerk is hereby <br />authorized and directed to calculate the such levy and file a certified copy of this resolution along <br />with the levy in the records of Dakota County to receive certification that the tax required by law <br />has been levied. The proceeds of the tax, when received, shall be deposited with a fiscal agent or <br />trustee, as designated by DCC. The tax levied hereunder maybe abated with another source of <br />revenue of the City as provided by Minnesota law. <br />SECTION 4. PREPAYMENT. Regardless of the redemption and prepayment terms of <br />the Bonds, the City reserves the right to prepay, in whole or in part on any date, its allocated <br />share of principal of and interest on the Bonds in an amount sufficient to defease all or a portion <br />of its allocated share of the Bonds. <br />SECTION 5. CONSENT/COOPERATION. The City hereby consents to the distribution <br />by DCC of an official statement describing the Bonds, the Project and the Members (including <br />the City), and agrees to take such further actions, and authorizes its appropriate officers to <br />execute such documents, as shall be necessary to provide for the issuance of the Bonds by DCC <br />in accordance with the terms of this Agreement and this Resolution. <br />Adopted: April , 2007. <br />Title: <br />Title: <br />
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