Laserfiche WebLink
(c) Provide or cause to be provided, in a timely manner, to (i) each NRMSIR or to the <br />MSRB and (ii) the SID, notice of a failure by the City to provide the annual financial information <br />with respect to the City described in the Undertaking. <br /> <br /> (d) The City agrees that its covenants pursuant to the Rule set forth in this paragraph <br />20 and in the Undertaking is intended to be for the benefit of the Holders of the Bonds and shall <br />be enforceable on behalf of such Holders; provided that the fight to enforce the provisions of <br />these covenants shall be limited to a right to obtain specific enforcement of the City's obligations <br />under the covenants. <br /> <br /> The Mayor and Administrator of the City, or any other officer of the City authorized to <br />act in their place with "Officers" are hereby authorized and directed to execute on behalf of the <br />City the Undertaking in substantially the form presented to the City Council subject to such <br />modifications thereof or additions thereto as are (i) consistent with the requirements under the <br />Rule, (ii) required by the Purchaser of the Bonds, and (iii) acceptable to the Officers. <br /> <br /> 19. 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 Escrow <br />Account or Debt Service Account is ever insufficient to pay all principal and interest then due on <br />the Bonds payable therefrom, the deficiency shall be promptly paid out of any other accounts of <br />the City which are available for such purpose, and such other funds may be reimbursed without <br />interest fi'om the Escrow Account or Debt Service Account when a sufficient balance is available <br />therein. <br /> <br /> 20. Securities; Escrow Agent. 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 <br />Council has investigated the facts and hereby finds and determines that the Escrow Agent is a <br />suitable financial institution to act as escrow agent. <br /> <br /> 21. Redemption of Prior Bonds. The Prior Bonds which mature in 2006 and <br />thereafter shall be redeemed and prepaid on February l, 2005, in accordance with the terms and <br />conditions set forth in the Notice of Call for Redemption, substantially in the form attached to <br />the Escrow Agreement, which terms and conditions are hereby approved and incorporated <br />herein by reference. Said Notice of Call for Redemption shall be given pursuant to the Escrow <br />Agreement. <br /> <br /> 22. 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 an <br />Escrow Agreelnent. 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 /> <br /> 23. Purchase of SLGS or Open Market Securities. Northland Securities, Inc., as agent <br />for the Council, is hereby authorized and directed to purchase on behalf of the Council and in its <br /> <br />16 <br /> <br /> <br />