Laserfiche WebLink
Bonds as the same appear from the books and records under their custody and control or as <br />otherwise known to them, and all such certified copies, certificates and affidavits, including any <br />heretofore furnished, shall be deemed representations of the City as to the facts recited therein. <br />22. Negative Covenant as to Use of Bond Proceeds and Project. The City hereby <br />covenants not to use the proceeds of the Bonds or to use the Project, or to cause or permit it to be <br />used, or to enter into any deferred payment arrangements for the cost of the Project, in such a <br />manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections 103 <br />and 141 through 150 of the Code. <br />23. Tax - Exempt Status of the Bonds; Rebate. The City is subject to the rebate <br />requirement imposed by Section 148(f) of the Code because the Refunded Bonds did not qualify <br />for the small issuer exception from rebate, as provided in Section 148(f)(4)(D) of the Code and <br />Section 1.148 -8 of the Regulations. <br />24. Escrow Agreement. On or prior to the delivery of the Bonds the Mayor and <br />Administrator shall, and are hereby authorized and directed to, execute on behalf of the City the <br />Escrow Agreement. The Escrow Agreement is hereby approved and adopted and made a part of <br />this resolution and the City covenants that it will promptly enforce all provisions thereof in the <br />event of default thereunder by the Escrow Agent. <br />25. Securities; Escrow Agnt. Securities purchased from moneys in the Escrow <br />Account shall be limited to securities set forth in Minnesota Statutes, Section 475.67, <br />Subdivision 8, and any amendments or supplements thereto. Securities purchased from the <br />Escrow Account shall be purchased simultaneously with the delivery of the Bonds. The City has <br />investigated the facts and hereby finds and determines that the Escrow Agent is suitable to act as <br />escrow agent. <br />26. Callable Prior Bonds. The Callable Prior Bonds shall be redeemed and prepaid in <br />accordance with the terms and conditions set forth in the Notice of Call for Redemption <br />substantially in the form attached to the Escrow Agreement, which terms and conditions are <br />hereby approved and incorporated herein by reference. The Notice of Call for Redemption shall <br />be given pursuant to the Escrow Agreement. Failure to give notice by mail to any registered <br />owner, or any defect therein, will not affect the validity of any proceedings for the redemption of <br />the Prior Bonds. <br />27. Purchase of SLGS or Open Market Securities. The Escrow Agent, as agent for <br />the City, is hereby authorized and directed to purchase on behalf of the City and in its name the <br />appropriate United States Treasury Securities, State and Local Government Series, and /or open <br />market securities from the proceeds of the Bonds and, to the extent necessary, other available <br />funds, all in accordance with the provisions of this resolution and the Escrow Agreement and to <br />execute all such documents (including the appropriate subscription forms) required to effect such <br />purchase in accordance with the applicable U.S. Treasury Regulations. <br />28. Termination of Lease and Ground Lease Agreement. The City hereby elects to <br />exercise its option under Section 4.6 of the Lease Agreement between the City and the EDA, <br />dated as of June 1, 2005 (the "Lease ") to prepay the Purchase Option Price (as defined in the <br />4546551v1 <br />