Agenda - Council - 12/13/2005 - Laserfiche WebLink

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payable therefrom, the deficiency shall be promptly paid out of any other accoUnts of the City which are available for such purpose, and such other flmds may be reimbursed without interest from the Debt Service Account when a sufficient balance is aVailable therein. 22. Taxable Status of the Bonds. The City does not quali_fy the Bonds as tax-exempt under the Internal Revenue Code of 1986, as amended. It is hereby determined that the Bonds are to be issued as fully taxable obligations, and all interest received on the Bonds is to be included in the gross income of the Holder of any Bond for federal income taxation purposes and, to the same extent, in both gross income and taxable net income for state income taxation purposes. 2.3. Certificate of Re~stration. The Administrator is hereby directed to file a certified copy of this resolution with the Division of Property Records & Taxation of Anoka Count),, Minnesota, which carries out the statutory duties of County Auditor together with such other information as the Division shall require, and to obtain from the Division a certificate that the Bonds have been entered in the Division's Bond Register. 24. Records and Certificates. The officers of the City are hereby authorized and directed to prepare and fizmish to the Ptzrchaser, and to the attorneys approving the legality of the issuance of the Bonds, certified copies of all proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of the Bonds 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 affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 25. Severabili _ty. If any section, paragraph or provision of this resolution shall ~e held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this resolution. 26. Headings. Headings in this resolution are included for convenience of reference only and are not a part hereog and shall not limit or define the mearfing of any. provision hereof. The motion for the adoption of the foregoing resolution was duly seconded by member and, after a full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: and the following voted against the same: Whereupon the resolution was declared duly passed and adopted. 1849055vt 15 -603-