Agenda - Council - 05/23/2000 - Laserfiche WebLink

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I I I I i The Mayor and Administrator of the City, or any other officer of the City authorized to act in their place with "Officers" are hereby authorized and directed to execute on behalf of the City the Undenakin8 in substantially ~he form presented to the City Council subject to such modifications thereof or additions thereto as are (il consistent with the requirements under the Rule, (ii) required by the ?urchaser of the Bonds, and (iii) acceptable to the Officers. 22. General Obligation Pledge.. For the prompt and full payment of the principal and interest on the Bonds, as the same respectively become due, the 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 Bonds and any other bonds payable therefrom, the deficiency shall 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. 23, Certificate of Re.~istration. The Administrator is hereby directed to file a certified copy of this resolution with the County Auditor of Anoka County, Minnesota, together with sum other information as he or she shall require, and to obtain the County Auditor's certificate that the Bonds have been entered in the County Auditor's Bond Register, and that the tax levy required by law has been made. 24. Records and Certificates. Th~ 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 Bonds, certified copies of all proceedings and records of the City relating to the Bonds 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 m the legality and marketability of the Bonds 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 fac~s recited therein. 25. Negative Covenant.as to Use of Bond Proceeds and Proj.ect. The City hereby covenants not to use the proceeds ortho Bonds or to use the Project, or to cause or permit them to be used, or to enter into any deferred payment arrangements for the cost of the Project, in such a manner as ~o cause the Bonds to be "private activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code, 26. Tax-Exempt Status oft.h..e Bonds; Rebate. The City shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income under Section 103 of the Code of the interest on the Bonds, including without limitation (1) requirements relating to temporary periods for investments, (2) limitations on amounts invested at a yield greater than the yield on the Bonds, and (3) the rebate of excess investment earnings to the United States if the Bonds (together with other obligations reasonably expected to be issued and outstanding at one time in this calendar year) exceed the small-issuer exception amount of $5,000,000. ~tr, o~a4.~ 23