Resolution - #92-01-005 - 01/14/1992

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Name and Address: (Include information for all joint owners ff this Bond is held by joint account. ) Please insert social security or other identifying number of assignee 3.02. The City Administrator is directed to obtain a copy of the .proposed approving legal opinion of Holmes & Graven, Chartered, Minneapolis, 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 the facsimile signature of the Administrator in substantially the form set forth in the form of Bond. The Administrator is authorized and directed to execute the certificate in the name of the City upon receipt of the opinion and to file the opinion in the City offices. Section 4. Payment: Security: Pledges and Covenants. 4.01. The Bonds are payable from the General Obligation Temporary Improvement Bonds, Series 1992A Debt Service Fund (Debt Service Fund) hereby created, and special assessments (Assessments) Ievied or to be levied for the improvements (Improvements) financed by the Bonds are hereby 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 Administrator is authorized and directed to pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for such advances out of the proceeds of Assessments for the Improvements when eolieeted. There is appropriated to the Debt Service Fund all (i) capitalized interest financed from Bond proceeds, if any, (ii) any amount over the m~nimum purchase price paid by the Purchaser and (iii) accrued interest pa.id by the Purchaser upon closing and delivery of the Bonds. 4.02. It is determined that the Improvements to be financed by the Bonds will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of the Bonds as follows: (a) The City has caused or will cause the Assessments for the Im- provements to be promptly levied so that the first in.~tallment will be collectible not later than 1993 and will take all steps necessary to assure prompt collection, and the levy of the Assessments is hereby authorized. The City Council will cause all further actions and proceedings relative to the making and financing of the Improvements financed hereby to be taken with due diligence that are required for the construction of each Improvement financed wholly or partly from the proceeds of the Bonds, and for the final and valid levy of the Assessments and the appropriation of any other funds needed to pay the Bonds and interest thereon when due. -qNG2? 508 1~t~.25- 32