Resolution - #85-032 - 02/27/1985

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amount of $709,336.88 together with other funds (Funds) in the amount of $99,493.78 hereby appropriated for such purpose as shall be necessary to pay the principal of, interest on and redemption premium (if any) on the Refunded Bonds to their maturity or the date on which they are called for redemption, whichever date is earlier, less necessary expenses of the issuance of the Refunding Bonds and less any amount of Proceeds in excess of $703,843 required to be deposited in the Debt Service Fund by Section 1.01, are hereby pledged and appropriated and shall be deposited in escrow in account with Norwest Bank Minneapolis, National Association, a suitable banking institution within the State, whose deposits are insured by the Federal Deposit Insurance Corporation and whose combined capital and surplus is not less than $500,000, and said bank is hereby designated escrow agent (Agent) for such funds. The City shall pay the reasonable charges of the Agent for its services. The Proceeds and Funds shall be invested in securities maturing or callable at the option of the holder on such dates and bearing such interest at such rates as shall be required to provide sufficient funds, together with any cash or other funds retained in the Escrow Account, to pay when due the interest to accrue on each obligation at maturity or on the date on which it is called as herein provided and to pay the principal amount of each such obligation at maturity or on the date on which it has been called for redemption and to pay any premium required for redemption on such date. The monies in the Escrow Account shall be used solely for the purposes herein set forth and for no other purpose, except that if any balance shall remain in the Escrow Account after all of the Refunded Bonds and interest (and any premium) thereon are paid, then such balance shall be transferred to the City. 4.03. The City Council hereby finds and determines that the Proceeds and Funds available and appropriated to the Escrow Account will be sufficient, together with the permitted earnings on the investment of the Escrow Account to pay at maturity or redemption all of the principal of, interest on and redemption premium (if any) on the Refunded Bonds. 4.04. Securities purchased from the monies in the Escrow Account shall be limited to securities specified in Section 475.67, Subdivi- sion 8 of the Act. Securities purchased for the Escrow Account shall be purchased simultaneously with the delivery of and payment for the Refunding Bonds. 4.05. The Refunded Bonds maturing on April 1, 1989 and there- after shall be redeemed and prepaid on April 1, 1988. The Refunded Bonds shall be redeemed and prepaid in accordance with their terms and in accordance with the terms and conditions set forth in the form of Notice of Call for Redemption attached hereto as Exhibit C-1 which terms and conditions are hereby approved and incorporated herein by reference. The City Clerk-Treasurer is hereby authorized and directed to forthwith publish the Notice of Call for Redemption in a publica- tion qualified under Section 475.54 of the Act and to send written notices of call to the paying agent for the Refunded Bonds, provided that published notice alone shall be effective.