Agenda - Council - 11/27/1984 - Laserfiche WebLink

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L First Bank P~ace West Minnesota 55402 liephone (612) 333-0543 tecopier (612) 333-0540 leyton L. LeFevere rtp. Lefler ennis O'Br*en JOhn E. Drawz liavi~ J. Kennedy hn B. Dean I;nn E. Purclue R~charcl J. Schiefler :artes L. LeFevere foett P. Lefler lit ray J. Strancl ~y J. Bjorkluncl dohn G. K~essel Iy~e Nolan ¥ L. Lavorato haet A. Nash Bt,an F. Rice irraine S. Ctugg S J. Thomson. Jr. s M. Bt rommen Ma~" C. Nielsen Teny L. Hall Tald H. Batty i_~flet Kenned,~ O'Bricn k $2,045,000 General Obligation Improvement Bonds of 1984, Series II City of Ramsey Anoka County, Minnesota We have acted as bond counsel in connection with the issuance by the City of Ramsey, Anoka County, Minnesota, of its General Obligation Improvement Bonds of 1984, Series II originally dated as of October 1, 1954, in the total principal amount of $2,045,000. For the purpose of rendering this opinion we have examined certified copies of certain proceedings taken by the City in the authorization, sale and issuance of the Bonds, including the form of the Bonds, and certain other proceedings and documents furnished by the City. From our examination of such proceedings and other doc- uments, assuming the genuineness of the signatures thereon and the accuracy of the facts stated therein, and based upon laws, regulations, rulings and decisions in effect on the date hereof, it is our opinion that: 1. The Bonds are in due form, have been duly executed and delivered, and are valid and binding general obligations of the City, enforceable in accord- ance with their terms, except as such enforcement may be limited by Minnesota or United States laws relating to bankruptcy, reorganization, moratorium or creditors' rights. 2. The principal of and interest on the Bonds are payable primarily from special assessments levied or to be levied on property specially benefited by local improvements, but if necessary for the payment thereof ad valorem taxes are required by law to be levied on all taxable property in the City, which taxes are not subject to any limitation as to rate or amount. 3. The interest to be paid on the Bonds is not includable in gross income of the recipient for United States or Minnesota income tax purposes, but is subject to Minnesota taxes on banks and corporations measured by income.