Agenda - Council - 03/14/2000 - Laserfiche WebLink

Home

issued, shall be treated as made on the day the Certificates are issued. Provided, however, that the City may take action contrary to any of the foregoin~ covenants in this paragraph 18 upon receipt of an opinion of its Bond Counsel for the Certificates stating in effect that such action will not impair the Ua_x-exempt status of ~the Certificates. 19. ~ene~a.l_Obliqation Pledge. For ~he prompt and full payment of the principal and interest on the Certificates, as the same respectively become due, ~ha full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt Service ACCOUnt is ever insufficient to pay all principal and interest then due on the Certificates and any other certificates payable therefrom, the deficiency sh~ll be promptly paid out of any other funds of the City which are available for such purpose, and such other funds may be reimbursed with or without interest from the Debt Service Account when a sufficient balance is available therein. 20. ~rti.fic.Ate_of R~_qistratiDn. The Administrator is hereby directed to file a certified copy of this resolution with the County Auditor of Anoka County, Minnesota, together with such other information as he or she shall require, and to obtain the County Auditor's certificate that the Certificates have been entered in the County Auditor's Bond Register, and that the tax levy required by law has been.made. 21. Re~ord~ aBd C_e.rtifica~es. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the issuance of the Certificates, certified copies of all proceedings and records of the City relating to the Certificates and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of the Certificates'as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 22. Neg~Kive Covenant as to Us~ O.~ Proceed~ and i~. The City hereby covenants not to use the proceeds of the Certificates or to use the Equipment, or to cause or permit them to be used, or to enter into any deferred payment arrangements for the cost of the Equipment, in such a manner as to cause the Certificates to be "private activity bonds" within the meaning of Sections 103 ~nd 141 through 150 of the Code.