Resolution - #93-10-242 - 10/12/1993

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'1 '1 I I I I I I I$ I I I I I I I I I 4.~4. :l!It is determined that estimated collection of tax increments for the _payment_r [[of.,~_~rinci: pal and interest on the Bonds after the Redemption Date will produce ~t l~,ast five percent in excess of the amount needed to meet when due, the principalland interest payments on the Bonds and that no tax levy is needed at this time. ~ r 4 ~0~5_. Filing. The Administrator is authorized and directed to file a certified copy of~m~ ~esolution with the Property Records and Taxation Division Manager of Anoka Co~nt~, and to obtain the certificate required by Section 475.63 of the Act. 4.0~. ~rior Resolution Pledges. The pledges and covenants of the City made by the Prior Resolution ~elating to the tax increments and improvements financed by the Bond~an~i the Refunded Bonds are restated and confirmed in all respects. The provisiop~ ofithe Prior Resolution are hereby supplemented to the extent necessary to give fu~l effect to the provisions of this resolution. See~iorl 5. Refunding; Findings; Redemption of Refunded Bonds. 5.01 As of the date of delivery of and payment for the Bonds the proceeds of the Bola is ,.lin the amount of $ 2,203~ ~??. 87 plus accrued interest on the Bonds less necessary expenses of the issuance of the Bonds (Proceeds), together with other funds (F1Lnd$) in the amount of $ -0- are hereby pledged and approprialed ~nd shall be deposited in the Escrow Account. 5.0~, It is hereby found and determined that the Proceeds and Funds available and app~c[~pri~ted to the Escrow Account will be sufficient, together with the permitted ~ar~dngs on the investment of the Escrow Account, to pay at maturity or redemptiol allof the principal of and redemption premium (if any) on the Refunded Bonds. 5.03'. S~curities purchased from the monies-in the Escrow Account shall be limited to securities specified in Section 475.67, Subdivision 8 of the Act. SpringstSd Incorporated, as agent for the City is hereby authorized and directed to purehas f ~c~'~ and on behalf of the City and in its name, appropriate securities to fund the ] sc~ow Account. Upon the issuance and delivery of the Bonds, the seeuritiea ~o 1~ rehased shall be deposited with the Escrow Agent and held pursuant to the term~ of the Escrow Agreement and the Resolution. 5.04 ! The Refunded Bonds maturing on February 1, 1997 and thereafter shall be redeemed a~,d prepaid on the Redemption Date. The Refunded Bonds shall be redeemed ~nd ~prepaid in accordance with their terms and in accordance with the terms and'~on(i~tions set forth in the form of Notice of Call for Redemption attached hereto as Attachment A which terms and conditions are hereby approved and incorporat ~d l~erein by reference. 8.0S'~E~Crow Agreement. On or prior to the delivery of the Refunding Bonds the Mayor i&~d~ ~'~the Administrator are hereby authorized and directed to execute on behalf of th~ C~ty an escrow agreement (Escrow Agreement) with the Escrow Agent in substant~11~ the form now on file with the Administrator. Ail essential terms and conditions ~f ~he Escrow Agreement including payment by the City of reasonable charges forkh~ services of the Escrow Agent, are hereby approved and adopted and made a pa?iof ~his resolution, and the City covenants that it will promptly enforce ali provisions thereof in the event of default thereunder by the Escrow Agent. SR~59540 EA125-35