Resolutions-2018-023

For collection in the fiscal year beginning July 1, 2034, sufficient to produce the net annual sum of $82,000; For collection in the fiscal year beginning July 1, 2035, sufficient to produce the net annual sum of $84,200; For collection in the fiscal year beginning July 1, 2036, sufficient to produce the net annual sum of $81,200; and For collection in the fiscal year beginning July 1, 2037, sufficient to produce the net annual sum of $83,200. Section 9. Notwithstanding the foregoing, if it is necessary to adjust the foregoing amounts, the City Council shall make any such adjustments by amendment to this resolution. A certified copy of this resolution (and any such amendment) shall be filed with the County Auditor of Johnson County, and the County Auditor is hereby instructed to take such action as may be needed for each of the fiscal years as provided, upon certification by the City as provided in Section 10 hereof, to levy and assess the tax hereby authorized in Section 8 (as may be amended from time to time) sufficient to produce Debt Service Tax Revenues in an amount equal to the Debt Service Levy Amount (defined in Section 10) so certified, such levy and assessment to be in like manner as other taxes are levied and assessed, and such taxes so levied to be collected in like manner as other taxes of the City are collected and such taxes when collected to be transferred to the City for deposit into the Bond Fund to be used for the purpose of paying principal and interest on the Bonds, and for no other purpose whatsoever. Section 10. The principal of and interest on the Bonds are payable from funds on deposit in the Bond Fund to the extent appropriated therefor by the City Council and from other funds appropriated from time to time by the City Council for such purpose, all of which are pledged by the City to the payment of such principal and interest. The City Council is authorized, without further notice, hearing or other proceedings, to budget and appropriate Debt Service Tax Revenues annually to make the payments of the principal of and interest on the Bonds. The City presently intends to appropriate sufficient funds for each fiscal year to pay the principal of and interest due on the Bonds during such fiscal year; provided, however, that this expression of current intent does not create and shall not be construed as creating a general, legal or enforceable obligation of the City to appropriate such funds for any fiscal year, and the decision to appropriate such funds for a fiscal year shall be made in accordance with the City Council’s normal procedures for making decisions, and the then current City Council shall have the final responsibility for making such decisions. On or before December 1 of each year the City Council by resolution shall determine whether or not to budget and appropriate funds for the next succeeding fiscal year to make the payments of principal of and interest due on the Bonds during such fiscal year. If the City Council determines to budget and appropriate funds for the foregoing purposes for such fiscal year, the City agrees to certify to the County Auditor of Johnson County the amount, if any (the “Debt Service Levy Amount”), of principal of and interest on the Bonds which is to be paid from Debt Service Tax Revenues for such fiscal year.