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CERTIFICATE OF PURCHASER <br /> <br /> l, Richard G. Asleson, do hereby certify that I am the duly qualified and acting Senior <br />\/icc 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 />I icluipmcnt Certificates of Indebtedness, Series 2004B, dated as of December 15, 2004 (the <br />"~ 'ertl 15oatos") o C 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 />o I'Fcri n g price to the public (excluding bond houses, brokers, and similar persons acting in the <br />capacity o f an underwriter or wholesaler) at which price a substantial amount of such debt <br />inslrumonts was sold" such price to be determined separately for Certificates that are not <br />.subs ta~fially identical. For this purpose, a substantial amount of substantially identical <br />(;crti ficates shall mcan at least ten percent (10%) of each maturity of the Certificates. The <br />l'urchasor understands that to the extent Certificates are offered for sale to the general public <br />purstmnt to a bona fide public offer, the applicable federal arbitrage regulations permit the initial <br />publ ic 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 />intemsl, is $ <br /> <br /> ,4. Based upon records and other information available to us which we have no <br />rca.son to believe is not correct: <br /> <br />(a) <br /> <br />All o f 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 />complcling I.R.S. Informational Statement (Form 8038-G) for the Certificates: <br /> <br />4595,.I <br /> <br /> <br />