Laserfiche WebLink
Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such <br />deposit. The City may also discharge its obligations with respect to any prepayable Bonds called <br />for redemption on any date when they are prepayable according to their terms, by depositing <br />with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full, <br />provided that notice of redemption thereof has been duly given. The City may also at any time <br />discharge its obligations with respect to any Bonds, subject to the provisions of law now or <br />hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a <br />suitable banking institution qualified by law as an escrow agent for this purpose, cash or <br />securities described in Minnesota Statutes, Section 475.67, Subdivision 8, bearing interest <br />payable at such times and at such rates and maturing on such dates as shall be required, without <br />regard to sale and /or reinvestment, to pay all amounts to become due thereon to maturity or, if <br />notice of redemption as herein required has been duly provided for, to such earlier redemption <br />date. <br />23. General Obligation Pledge. For the prompt and full payment of the principal of <br />and interest on the Bonds as the same respectively become due, the full faith, credit and taxing <br />powers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt <br />Service Account is ever insufficient to pay all principal and interest then due on the Bonds <br />payable therefrom, the deficiency shall be promptly paid out of any other accounts of the City <br />which are available for such purpose, and such other funds may be reimbursed without interest <br />from the Debt Service Account when a sufficient balance is available therein. <br />24. Taxable Status of the Bonds. The City does not qualify the Bonds as tax - exempt <br />under the Internal Revenue Code of 1986, as amended. It is hereby determined that the Bonds <br />are to be issued as fully taxable obligations, and all interest received on the Bonds is to be <br />included in the gross income of the Holder of any Bond for federal income taxation purposes <br />and, to the same extent, in both gross income and taxable net income for state income taxation <br />purposes. <br />25. Certificate of Registration. The Administrator is hereby directed to file a certified <br />copy of this resolution with the County Auditor of Anoka County, Minnesota, together with such <br />other information as the County Auditor shall require, and to obtain from the County Auditor a <br />certificate that the Bonds have been entered in the County Auditor's Bond Register. <br />26. Records and Certificates. The officers of the City are hereby authorized and <br />directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the <br />issuance of the Bonds, certified copies of all proceedings and records of the City relating to the <br />Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates <br />and information as are required to show the facts relating to the legality and marketability of the <br />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 />4590579v1 <br />18 <br />