Resolution - #80-74a - 09/03/1980

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named attorneys, except as to the dating thereof, which opinion has been handed to me for filing in my office prior to the time of bond delivery. (facsimile signature) City Clerk-Treasurer City of Ramsey, Minnesota The City Clerk-Treasurer is hereby authorized and directed to execute such certificate in the name of the City upon receipt of such opinion and to file the opinion in the City offices. 6. The Bonds shall be executed on behalf of the City by the facsimile signature of the Mayor and the manual signature of the City Clerk-Treasurer, and the interest coupons shall be executed and authenti- cated by the printed facsimile signatures of the Mayor and City Clerk-Treasurer, and the facsimile of the corporate seal of the City may, but need not be, printed thereon. The Bonds, when fully executed, shall be delivered by the City Clerk-Treasurer to the purchaser thereof upon receipt of the purchase price, and the purchaser shall not be obligated to see to the proper appli- cation thereof° 7. The Bonds shall be payable from. the General Obligation Im- provement Bonds of 1980 Fund (the "Sinking Fund") hereby created, and the proceeds of any general taxes hereafter levied and special assessments to be levied for the improvements (the "Improvements") financed by the Bonds are hereby pledged to the Fund. If any payment of principal or interest on the Bonds shall become due when there is hot sufficient money in the Fund to pay the same, the City Clerk-Treasurer shall pay such principal or interest from the general fund of the City and such fund may be reimbursed for such advances out of proceeds of assessments for the Improvements, when collected. 8. It is hereby determined that the estimated collections of special assessments for the payment of the Bonds will produce at least 5% in excess of the amount needed to meet, when due, the principal and inter- est payments on the Bonds and that no tax levy is needed at this time. The City Clerk-Treasurer is directed to file a certified copy of this reso- lution with the County Auditor of Anoka County and to obtain the certifi- cate required by Minnesota Statutes, Section 475.63. 9. It is hereby determined that the Improvements to be financed by the Bonds will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of the Bonds as follows: (a) The City will cause the assessments for the Im- provements to be promptly levied so that the first install- ment will be collectible not later than 1981 and will take