Agenda - Council - 04/24/2012 - Laserfiche WebLink

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$7,420,000 TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2012B CITY OF RAMSEY ANOKA COUNTY MINNESOTA We have acted as bond counsel in connection with the issuance by the City of Ramsey, Anoka County, Minnesota (the "Issuer"), of its $7,420,000 Taxable General Obligation Tax Increment Bonds, Series 2012B, bearing a date of original issue of June 5, 2012 (the "Bonds"). We have examined the law and such certified proceedings and other documents as we deem necessary to render this opinion. We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of any offering material relating to the Bonds and we express no opinion relating thereto. As to questions of fact material to our opinion, we have relied upon the certified proceedings and other certifications of public officials furnished to us without undertaking to verify the same by independent investigation. Based upon such examinations, and assuming the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies and the authenticity of the originals of such documents, and the accuracy of the statements of fact contained in such documents, and based upon present Minnesota and federal laws (which excludes any pending legislation which may have a retroactive effect on or before the date hereof), regulations, rulings and decisions, it is our opinion that: (1) The proceedings show lawful authority for the issuance of the Bonds according to their terms under the Constitution and laws of the State of Minnesota now in force. (2) The Bonds are valid and binding general obligations of the Issuer and all of the taxable property within the Issuer's jurisdiction is subject to the levy of an ad valorem tax to pay the same without limitation as to rate or amount; provided that the enforceability (but not the validity) of the Bonds and the pledge of taxes for the payment of the principal and interest thereon is subject to the exercise of judicial discretion in accordance with general principles of 4590579v1