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CERTIFICATE OF PURCHASER <br /> <br /> I, Richard G. Asleson, do hereby certify that I am the duly qualified and acting Senior <br />Vice President of Northland Securities, Inc., in Minneapolis, Minnesota (the "Purchaser"), and as <br />such officer I do hereby further certify as follows: <br /> <br /> 1. The Purchaser is purchasing on the date hereof $345,000 General Obligation <br />Equipment Certificates of Indebtedness, Series 2004B, dated as of December 15, 2004 (the <br />"Certificates") of the City of Ramsey, MinneSota'(the "Issuer"). <br /> <br /> 2. The Purchaser understands the Internal Revenue Code of 1986 as amended (the <br />"Code") requires that the yield on the CertifiCates be determined on the basis of the issue price <br />which generally has the meaning provided in Sections 1273 or 1274 of the Code. <br /> <br /> 3. The Purchaser understands that "issue price" is generally defined as "the initial <br />offering price to the public (excluding bond houses, brokers, and similar persons acting in the <br />capacity of an underwriter or wholesaler) at which price a substantial amount of such debt <br />instruments was sold" such price to be determined separately for Certificates that are not <br />substantially identical. For this purpose, a substantial amount of substantially identical <br />Certificates shall mean at least ten percent (10%) of each maturity of the Certificates. The <br />Purchaser understands that to the extent Certificates are offered for sale to the general public <br />pursuant to a bona fide public offer, the applicable federal arbitrage regulations permit the initial <br />public offering price to be established based on reasonable expectations at the time of sale. With <br />respect to the Certificates, the aggregate issue price of the Certificates, including accrued <br />interest, is $ <br /> <br /> 4. Based upon records and other information available to us which we have no <br />reason to believe is not correct: <br /> <br />(a) <br /> <br />All of the Certificates have been offered for sale pursuant to a bona fide <br />initial offering to the public (excluding bond houses, brokers or similar <br />persons or organizations acting in the capacity of underwriter or <br />wholesaler) at the issue price for each maturity as shown on Exhibit A <br />attached hereto. <br /> <br />(b) <br /> <br />At the time we agreed to purchase the Certificates, based upon the then <br />prevailing market conditions, we had no reason to believe that any of the <br />Certificates would be initially sold to the public (excluding bond houses, <br />brokers or similar persons or organizations acting in the capacity of <br />underwriter or wholesaler) at a price greater than the price, or a yield less <br />than the yield, shown on Exhibit A attached hereto. <br /> <br /> 5. The following information is true and correct to the best of our knowledge in <br />reliance upon certain information provided to us by the Issuer for the exclusive purpose of <br />completing I.R.S. Informational Statement (Form 8038-G) for the Certificates: <br /> <br />1714595vl <br /> <br /> <br />