Resolution - #05-12-433 - 12/13/2005

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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 funds 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 qualify 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. 23. Certificate of Registration. The Administrator is hereby directed to file a certified copy of this resolution 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 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 furnish to the Purchaser, 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 ail such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 25. Sevembility. If any section, paragraph or provision of this resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforeeability 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 hereof, and shall not limit or define the meaning of any provision hereof. The motion for the adoption of the foregoing resolution was duly seconded by member Cook and, after a full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: Mayor Gamec, Councilmembers Elvig, Cook, Jeffrey, Pearson and Strommen and the following voted against the same: None Whereupon the resolution was declared duly passed and adopted. 15 1849055vl