Resolution - #89-11-322 - 11/28/1989

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3.02. '~'tie (~ity Administrator is directed to obtain a copy of the proposed approving legal opinion of I Iolme:~ & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and shall cause the opinion to be printed on each Bond, together with a certificate to }~ signed by the facsimile signature of the City Administrator in substantially the form set forth in thc fo_tm of Bond. The City Administrator is authorized and directed to execute such certificate i~t ~he name of the City upon receipt of such opinion and to file the opinion in the City offices. Section 4. ?__ayment: Security. 4.01. 3'lin 13onds are payable from the Taxable General Obligation Tax Increment Bonds, Series 1989C Debt Service Fund (Debt Service Fund) hereby created, and tax increments (Tax Increments) received by the City from Tax Increment Financing District (TIF District) No. 1 and TIF District No. zt within Development District No. 1 (District) are pledged to the Debt Service Fund. tf any payment of principal or interest on the Bonds shall become due when there is not sufficient money m the Debt Service Fund to pay the same, the Finance Officer will pay such principal or interest h'om the general fund of the City, and the general fund will be reimbursed for such advance:.; out o£ the proceeds of Tax Increments when received. There is hereby appropriated to the Debt Scp~io~ Fund all capitalized interest financed from Bond proceeds, if any, any amount over the minimum purchase price of the Bonds paid by the Purchaser and all accrued interest paid by the Purchaser u pon closing and deliver of the Bonds. 4.02. it is hereby determined that the estimated collection of Tax Increments for payment of principal and ira:crest on the Bonds will produce at least five percent in excess of the amount needed to me~;I, when due, the principal and interest payments on the Bonds and that no tax levy is needed at Ibis ti:.,ne~ 4.03. q'he City Ad~ninistrator is authorized and directed to file a certified copy of this resolution wi~h lhr~, County Auditor of Anoka County and to obtain the certificate required by Minnesota Stai utes, Section 475.63. Scctio~ 5. Authentication of Transcril2L 5.01. D~e, oiTicers of the City are authorized and directed to prepare and furnish to the Purchaser and t~} tk, e attorneys approving the Bonds, certified copies of proceedings and records of the City relali~g to the 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 t~y thc books and records in their custody and under their control, relating to the validity and mmkciability of the Bonds and such instruments, including any heretofore furnished, may be deemed representations of the City as to the facts stated therein. 5.02. Thc Mayor and City Administrator are hereby authorized and directed to certify that they have examined the Official Statement prepared and circulated in connection with the issuance and sale of ttxe B{mds and that to the best of their knowledge and belief the Official Statement is a complete m~d ;vz::m ate representation of the facts and representations made therein as of the date of the Official Stalem~:nt. The motion for the adoption of the foregoing resolution was duly seconded by Councilmeml~r:r ('.ich, and upon vote being taken thereon, the following voted in favor thereofi