Resolution - #04-12-373 - 12/14/2004

Home

19. Certificate of Registration. A certified copy of this resolution is hereby directed [o be filed with the Division of Property Records & Taxation of Anoka County, Minnesota, which carries out the statutory duties of County Auditor, together with such other information as tho 1)ix, ision shall require, and there shall be obtained from the Division a certificate that the Certi iScates have been entered in the Division's Bond Register and that the tax levy required by l~w has been made. 20. Records and Certificates. The officers of the City are hereby authorized and ctirccled to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the issumm¢ of the Certificates, certified copies of all proceedings and records of the City relating to ~ho ('orti fieates and to the financial condition and affairs of the City, and such other affidavits, ccrti ficatcs and information as are required to show the facts relating to the legality and marl<etability of the Certificates as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and al'IS day its, including any heretofore furnished, shall be deemed representations of the City as to tho fhcts recit¢cl therein. 21. Compliance with Reimbursement Bond Regulations. The provisions of this tmmgraph are intended to establish and provide for the City's compliance with United States Treastt~'y Regulations Section 1.150-2 (the "Reimbursement Regulations") applicable to the "roi ml,ursement proceeds" of the Certificates, being those portions thereof which will be used by thc (iity to reimburse itself tbr any expenditure which the City paid or will have paid prior to the (7losing Date (a "Reimbursement Expenditure"). The City hereby certifies and/or covenants as follows: (a) Not later than 60 days after the date of payment of a Reimbursement Expenditure, the City (or person designated to do so on behalf of the City) has made or will have made a written declaration of the City's official intent (a "Declaration") which effectively (i) states the City's reasonable expectation to reimburse itself for the payment of the Reimbursement Expenditure out of the proceeds of a subsequent borrowing; (ii) gives a general and functional description of the property, project or program to which the Declaration relates and for which the Reimbursenlent Expenditure is paid, or identifies a specific fund or account of the City and the general functional purpose thereof from which the Reimbursement Expenditure was to be paid (collectively the "Project"); and (iii) states the maximum principal amount of debt expected to be issued by the City for the purpose of financing the Project; provided, however, that no such Declaration shall necessarily have been made with respect to: (i) "preliminary expenditures" [br the Project, defined in the Reimbursement Regulations to include engineering or architectural, surveying and soil testing expenses and similar prefatory costs, ~vhich in the aggregate do not exceed 20% of the "issue price" of the Certificates, and (ii) a cle mh~im/s amount of Reimbursement Expenditures not in excess of the lesser o f $100,000 or 5 % of the proceeds of the Certificates.