Laserfiche WebLink
Mayor and/or Administrator are hereby authorized and directed to make such elections as to <br />arbitrage and rebate matters relating to the Bonds as they deem necessary, appropriate or <br />desirable in connection with the Bonds, and all such elections shall be, and shall be deemed and <br />treated as, elections of the City. <br /> <br />25.Not Designation of Qualified Tax-Exempt Obligations. The City will not <br />designate the Bonds as "qualified tax exempt obligations" for purposes of Section 265(b)(3) of <br />the Code. <br /> <br />26.Defeasance. When all Bonds have been discharged as provided in this paragraph, <br />all pledges, covenants and other rights granted by this resolution to the registered holders of the <br />Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with <br />respect to any Bonds which are due on any date by irrevocably depositing with the Bond <br />Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond <br />should not be paid when due, it may nevertheless be discharged by depositing with the Bond <br />Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such <br />deposit. The City may also discharge its obligations with respect to any prepayable Bonds called <br />for redemption on any date when they are prepayable according to their terms, by depositing <br />with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full, <br />provided that notice of redemption thereof has been duly given. The City may also at any time <br />discharge its obligations with respect to any Bonds, subject to the provisions of law now or <br />hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a <br />suitable banking institution qualified by law as an escrow agent for this purpose, cash or <br />securities described in Minnesota Statutes, Section 475.67, Subdivision 8, bearing interest <br />payable at such times and at such rates and maturing on such dates as shall be required, without <br />regard to sale and/or reinvestment, to pay all amounts to become due thereon to maturity or, if <br />notice of redemption as herein required has been duly provided for, to such earlier redemption <br />date. <br /> <br />27.Official Statement. The Official Statement relating to the Bonds prepared and <br />distributed by Ehlers is hereby approved and the officers of the City are authorized in connection <br />with the delivery of the Bonds to sign such certificates as may be necessary with respect to the <br />completeness and accuracy of the Official Statement. <br /> <br />28.Payment of Issuance Expenses. The City authorizes the Purchaser to forward the <br />amount of Bond proceeds allocable to the payment of issuance expenses to Old National Bank, <br />Chaska, Minnesota, on the closing date for further distribution as directed by Ehlers. <br /> <br />29.Severability. If any section, paragraph or provision of this resolution shall be held <br />to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, <br />paragraph or provision shall not affect any of the remaining provisions of this resolution. <br /> <br />30.Headings. Headings in this resolution are included for convenience of reference <br />only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />Woestehoff and upon a vote being taken thereon, the following voted in favor thereof: <br /> 17 <br /> <br />71128706v1 <br /> <br /> <br />