Resolution - #89-11-321 - 11/28/1989

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The Bond Registiar will not effect transfer of this Bond unless the information concerning the assignee reques, ted below is provided. Name a,~d Address: (Include information for all joint owners if this Bond is held by joint account.) Please insert :;~v.;i. al security or other identifying n~mber of assignee 3.02. 'I'h¢; City Administrator is directed to obtain a copy of the proposed approving legal opinion of }[ohncs & Graven, Chartered, Minneapohs, Minnesota, which is to be complete except as to dating thereof and to cause the opinion to be printed on each Bond, together with a certificate to be signed by thc facsimile signature of the City Administrator in substantially the form set forth in the forn~ of lion& The City Administrator is authorized and directed to execute such certificate in the name oi~ thc City upon receipt of such opinion and to file the opinion in the City offices. Section & .]~[&¥mcnJ;; Security: Pledges and Covenants. 4.01~ The [;onds are payable from the General Obligation Tax Increment Bonds, Series 1989B Debt Service Fund (Debt Service Fund) hereby created, and tax increments (Tax Increment:0 r,.:ceiveA by the City from Tax Increment Financing District (TIF District) No. 1 and TIF District No. 4 within Development District No. 1 (District) are pledged to the Debt Service Fund. If any payment of principal or interest on the Bonds becomes due when there is not sufficient money in the Debt Service Fund to pay the same, the Finance Officer is directed to pay such principal or interest from the general fund of the City, and the general fund is to be reimbursed for such advances out of the proceeds of Tax Increments when received. There is appropriated to thc. Debt Service Fund (i) capitalized interest funded from Bond proceeds, if any, (ii) any amount over the minimum purchase price paid by the Purchaser and (iii) accrued interest pay by the Pm'chaser upon closing and delivery of the Bonds. 4.02. It is determined that the estimated collection of Tax Increments for payment of principal and imerest on the Bonds will produce at least five percent in excess of the amount needed to meet, wl~en due, the principal and interest payments on the Bonds and that no tax levy is needed at this 4.03. Tim (',ity Administrator is directed to file a certified copy of this Resolution with the County Audilor of Anoka County and obtain the certificate required by Minnesota Statutes, Section 475.63. Sectio~ 5, ~!gh_g._n!ication of Transcript. 5.01. The o~ficers of the City are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of proceedings and records of the City relating to dm Bonds and to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by thc books and records in their custody and under their control, relating to the