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<br />- <br /> <br />- <br />I <br /> <br />- <br /> <br />The special assessments are such that if collected in full they, together with <br />estimated collections of other revenues herein pledged for the payment of the <br />bonds, will produce at least five percent in excess of the amount needed to <br />meet when due the principal and interest payment on the bonds. <br /> <br />10. For the pranpt and :fiull payment of the principal and interest <br />on the bonds, as the same respectively becane due, the full faith, credit and <br />taxing pcmers of the City shall be and are hereby irrevocable pledged. If the <br />balance in the Debt Service Account is ever insufficient to pay all principal <br />and interest then due on the bonds payable therefrom, the deficiency shall be <br />pranptly paid out of any other funds of the City which are available for such <br />purpose, and such other funds may be reimbursed without interest fran the Debt <br />Service Account when a sufficient balance is available therein. <br /> <br />11. The Clerk-Treasurer is hereby directed to file a certified copy <br />of this resolution with the County Auditors of Washington and Dakota Counties, <br />Minnesota, together with such other information as they shall require, and to <br />obtain fran the Auditors their certificates that the bonds have been entered in <br />the Auditors Bond Registers. <br /> <br />12. The officers of the City are hereby authorized and directed to <br />prepare and furnish to the purchaser of the bonds, and to the attorneys approving <br />the legality of the issuance thereof, certified copies of all proceEidings and <br />records of the City relating to the bonds and to the financial condition of the <br />City, and such other affidavits, certificates and information as are required to <br />sho.v the facts relating to the legality and marketability of the bonds as the <br />same appear fran the books and records under their custody and control or as <br />otherwise kno.vn to them, and all such certified copies, certificates and affi- <br />davits, including any heretofore furnished, shall be deemed representations of <br />the City as to the facts recited therein. <br /> <br />The motion for the adoption of the foregoing resolution was duly <br />seconded by marber Collins and upon vote being taken thereon, the follo.ving <br />voted in favor thereof: All menDers present; and the follo.ving voted against <br />the same: None. <br /> <br /> <br />pted by the City Counci 1 of the City of Hastings, Minnesota this <br />e, 1980. <br /> <br /> <br />Moved by Councilman Kulzer, seconded by <br />the meeting. Ayes, 6; Nayes, none. <br /> <br />259 <br />