Resolution - #87-150 - 07/07/1987

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3o0~: The City Administrator shall obtain a copy of the proposed approving I.c~gal opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Profe~s[m~al Association, Minneapolis, Minnesota, which shall be complete excep~ ~,~ ~-~ dating thereof and shall cause the opinion to be printed on each Bo{~d, together with a certificate to be signed by the facsimile signa~mc~ of the City Administrator in substantially the form set forth in the form ol Bomd~ The City Administrator is hereby authorized and directed to exec~t~'~. '~uch certificate in the name of the City upon receipt of such opinion ar, d i~o file the opinion in the City offices. 'Ject~io~: 4~ Securit_~:__ Payment. z,~0{, The Bonds shall be payable from the General Obligation Tax Increme;~t Bc~ads, Series 1987A Debt Service Fund (Debt Service Fund) hereby created, and all tax increments (Tax Increments) from the District in which the project financed by the Bonds is located received by the City are hereby pledged to the Debt Service Fund to the extent necessary to pay principal o~ and interest on the Bonds. Funds representing capitalized intere.~t [o the amount of $130~000 will be deposited in the Debt Service F~m~. if any payment of principal or interest on the Bonds shall become, d~ who. n there is not sufficient money in the Debt Service Fund to pay the samc~, The Treasurer shall pay such principal or interest from the general ~,-d of the City and the general fund shall be reimbursed for such advance.~ out of proceeds of Tax Increments when received. 4~02. It is hereby determined that the estimated collection of Tax Increme~t~ for payment of principal and interest on the Bonds will produce at least five percent in excess of the amount needed to meet, when due, the principal amd interest payments on the Bonds and that no tax levy is needed at thfs tJ.me~ The City Administrator is directed to file a certified copy of th~'s l~eso.!_ution with the County Auditor of Anoka and obtain the certifi- cate required by Minnesota Statutes, Section 475.63. Authentication of Transcript. 5~01. ~The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the same, certJfled copies of proceedings and records of the City relating to the Bonds a~d to the financial condition and affairs of the City, and such other cartificates, affidavits and transcripts as may be required to show the facts w~_thin their knowledge or as shown by the books and records in their custodf and under their control, relating to the validity and market- ability of the Bonds and such instruments~ including any heretofore~fur- nished, ~d~a]i~ be deemed representations of the City as to the facts stated thereJm~ !,,I)2, The Mayor and City Administrator are hereby authorized and directed to c~ertify that they have examined the Official Statement prepared and circulat,~d tn connection with the issuance and sale of the Bonds and that t:o ~be i~est of their knowledge and belief said statement is a complete and accurate representation of the facts and representations made therein as of th<~ da!:~ of the Official Statement. 11