Agenda - Council - 11/24/1998 - Laserfiche WebLink

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I I I I I I I I I I I FROM FAEGRE ~ BENSON I I I I I 2. That the City hereby approves the issuance by the Issuer of $3,000,000 aggregate principal amount of Housing Development Gross Revenue Bonds (City of Ramsey Unlimited Tax General Obligation), Series 1998A (the "Bonds"), to which Bonds, and the payment of principal of and interest thereon, the Issuer will pledge the City's general obligation, being its full faith and credit and taxing power, as authorized by Minnesota Statutes, Section 469.034, subd. 2: 3. That such approval is subject to the condition that the net interest cost of the Bonds shall not be greater than 5.65%. 4. That the City hereby, approves the use of the proceeds of the Bonds to acquire and constmot the Project. 5. That in connection with the issuance of the Bonds by the Issuer, the Mayor and City Administrator are hereby authorized to execute and deliver on behalf of the City, the Continuing Disclosure Certificate substantially in the form on file with the City Administrator on the date hereof, with such variations as shall be approved by the Mayor upon the advice of the City Attorney, and execution by the Mayor shall be conclusive evidence of such approval. 6. That upon the advice of the City Attorney, the Mayor and City Administrator are hereby authorized to execute such additional documents and certificates as are deemed by bond counsel to be necessary or advisable in connection with the issuance of the Bonds by the Issuer. 7. That the City hereby cements to the distribution and use in connection with offers and sales of the Bonds by the Underwriter, of the Preliminary Official Statement and the Official Statement, to be prepared substantially in the form on file with the City Administrator on the date hereof. 8. That the City hereby determines that the Issuer is issuing the Bonds on behalf of and for the benefit of the City and hereby irrevocably allocates to the Issuer $3,000,000 of the City's $5,000,000 limitation for purposes of Section 148(0 of the Internal Revenue Code of 1996, as amended (the "Code"). relating to rebate of arbitrage earnings. The City hereby represents that the reasonably anticipated aggregate face mount of tax-exempt obligations (other than private activity bonds) which will be issued by the City (and all subordinate entities of the City) during calendar year 1998 will not exceed $5,000,000. 9. That the City hereby irrevocably agrees with the Issuer that for purposes of Section 265(b)(3) of the Code, 100% of the issue of Bonds shall be allocated to the City, and 0% of the issue of Bonds shall be allocated to the Issuer. The City hereby represents that the reasonably anticipated mount of tax-exempt obligations (other than any private activity bonds other thma qualified 501(c)(3) _lI Mi :a381 la,01 2 CITy APPRO¥1NG RESOI,DTIOlq