Resolution - #89-11-320 - 11/28/1989

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YFAR LEVY YEAR LEVY (See Attachment A) 4.04. II. is hereby determined that the estimated collections of Assessments and foregoing Taxes will 9reduce at least five percent in excess of the amount needed to meet when due the principal and ir.,te~est payments on the Bonds. The tax levy herein provided is irrepealable until all of the Bonds are paid, provided that the City Administrator may annually, at the time the City makes its tax lcvic& certify to the County Auditor the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the County Auditor will thereupon reduce th~ lc, vy collectible during such year by the amount so certified. 4../)5. The City Administrator is authorized and directed to file a certified copy of this resolutior~ wifl~, tire County Auditor of Anoka County and to obtain the certificate required by Minnesota ~'qtt~lutcs, Section 475.63. Sect~(,..'i=. [~Ntthenficafion of Tnmscript. 5.t)l ~ Thc officers of the City are authorized and directed to prepare and furnish to the Purchaser aunt ~o the attorneys approving the Bonds, certified copies of proceedings and records of the City n:bting tt~ the Bonds and to the financial condition and affairs of the City, and such other certificates, a ffidavits and transcripts as may be required to show the facts within then knowledge or as show,~ by tl~e books and records in their custody and under their control, relating to the validity and mark{;tability of the Bonds and such instruments, including any heretofore furnished, may be dec~ ned nzl~msentations of the City as to the facts stated therein. 5.1)2. ~ih~; Mayor and City Administrator are authorized and directed to certify that they have examimxt thc. Official Statement prepared and circulated in connection with the issuance and sale of the Bomfs and that to the best of then knowledge and belief the Official Statement is a complete and acct~rate representation of the facts and representations made therein as of the date of the Officitd S imcment. Sect ~(~,. & Tax .Covena~ 6.01. Thc City covenants and agrees with the holders from time to time of the Bonds that it will not tttke ~r p~;rmit to be taken by any of its officers, employees or agents any action which would cause, it~e imerest on the Bonds to become subject to taxation under the Internal Revenue Code of 1986, ar, amended (the Codes, and the Treasury Regulations promulgated thereunder, in effect at thc thnc of such actions, and that it will take or cause its officers, employees or agents to take, all affin native action within its power that may be necessary to ensure that such interest will not become sut[iec, t to taxation under the Code and applicable Treasury Regulations, as presently existing or a,~ hc~mnfter amended and made applicable to the Bonds. 6.{)2. ia) The City will comply with requirements necessary under the Code to establish and maintai n ~hc. exclusion from gross income of the interest on the Bonds under Section 103 of the Code, inrzlud lng without limitation requirements relating to temporary periods for investments, limitation:; ~m mn, rants invested at a yield greater than the yield on the Bonds, and the rebate of excess invc:;l~r, cnt earnings to the United States if the Bonds (together with other obligations