Agenda - Council - 05/10/2005 - Laserfiche WebLink

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needed resolutions. No documents will be adopted by the City or signed by City Co uncii members or staff without the attorney's statement. Prepare a contract obligating the agency requesting the debt (obligor) to repay to the City any interest margin for bank qualified bonds that the agency uses and the City later needed on debt it issues for its own purposes. Assure that the Official Statement prominently displays in large, bold type that the City of Ramsey does not have any obligation to repay the debt and what the rating of the bond issue is. When the issue is complete and closed, provide two copies of the transcript and amortization schedules of the issue to the Financial Officer on a timely basis. The debt instrument issued must not place the City of Ramsey at risk in any way, financially or legally, in appearance or in fact. The Federal Government has also placed the burden of weighing the balance of "public purpose versus private benefit" upon the City of Ramsey for these conduit debt issues. The City will consider risk, the public versus private benefit balance, and the recommendation of its staff. Because of the subjective nature of the issues it must weigh, the Ramsey City Council retains the right to refuse to authorize any issue at its sole discretion and without need to give cause. The obligor must indemnify the City against all future costs including but not limited to law suits, findings that the issue was not tax-exempt, or penalties of any kind. The documents must clearly reflect the indemnification of the City. The City will not be responsible for any continuing disclosure or arbitrage calculations or rebate and the documents must clearly reflect that the obligor is responsible for these nlatters. Thc debt may only be marketed in amounts of $100,000 or more to sophisticated investors, be credit enhanced by a bank or insurance company to at least an "A" rating, or rated by one of the national bond rating agencies as at least "A" rated. The agency requesting the conduit debt and their advisors must arrange for the logistics of all document movement, timing, signature, publication, etc. It is very important to assure that the necessary individuals will be available for signatures on documents well in advance of needing the signatures. Signatures will be supplied at the convenience, of the City of Ramsey Council members or City staff. Thc City of Ramsey's Administration Office places items on the Council agenda and obtains signed documents from the Ramsey Council members. The contact in that office is Ms. JoAnn Thieling (763) 433-9840. It is the responsibility of the requesting agency to: Inquire as to when City Council meetings are scheduled (and to check again as necessary because meeting dates change without notice), -355-