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

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I I I I I I I I I I I I I I Please i~er~i social security or other identifyii~g r~umber of assignee 3.0p. The City Administrator is authorized and directed to obtain a copy of the prop°~ed~approving legal opinion of Holmes & Graven, Chartered, Minneapolis, Minnesotal, w'~lJch is to be complete except as to dating thereof and cause the opinion to be prila~edion each Bond, together with a certificate to be signed by the facsimile signaturelof ithe Administrator in substantially the form set forth in the form of Bond. Th~.' A/iministrator is authorized and directed to execute the certificate in the name of tl~e C~]ty upon receipt of the opinion and to file the opinion in the City offic- es. See :ion 4. Bonds~ Securityi Escrow. 4.0'.. Funds and Accounts. For the convenience and proper administration of the mor/ey~to be borrowed and repaid on the Bonds and the Refunded Bonds (as defined in tbS. resolution providing for the issuance and sale of the Bonds), and to provide ai[eq~ate and specific security for the Purchaser and holders from time to time of the BoDds and Refunded Bonds, there is hereby created a special fund to be designat~¢[ th~ Refunding Bonds, Series 1993A Debt Service Fund (the Fund) to be administ~d and maintained by the Administrator as a bookkeeping account separate and apart fror/i all other funds maintained in the official financial records of the City. The Fun¢~ Sha~l be maintained in the manner herein specified until all of the Refunded Bonds haW~ b~en paid and until all of the Bonds and the interest thereon shall have been fully ~ai~i. There shall be maintained in the Fund two separate accounts, to be designate~ the Escrow Account and Debt Service Account. (a) Escrow Account. The Escrow Account shall be maintained as an Escl ow~ccount (Escrow Account) with American National Bank and Trust Company in ~ ~,. P~ul , Minnesota, which is a suitable financial institution within the ~$ta~e, whose deposits are insured by the Federal Deposit Insurance Col,l~oration, whose combined capit~l and surplus is not less than $500,000 and said financial institution is hereby designated escrow agent (Escrow Agent) for ' he.', Escrow Account. Ail proceeds of the sale of the Bonds shah be rec~' red by the Escrow Agent and applied to fund the Escrow Account or to pay ;osts of issuing the Bonds. Proceeds of the Bonds not used to pay costs of is ;ua',l~ce are hereby irrevocably pledged and appropriated to the Escrow Acecuni~, together with all investment earnings thereon. The Escrow Account sh&~! beiinvested in securities maturing or callable at the option of the holder on s~cl~ dates and bearing interest at such rates as shall be required to provide!sufficient funds, together with any cash or other funds retained in the~ ;sc~ow Account, to pay when due the interest to accrue on each Bond to and, ncI~ding February 1, 1996 (Redemption Date), and to pay when due on the':] ,ed~mption Date the principal amount of each of the Refunded Bonds then out$1and, ing. From the Escrow Account there shall be paid (i) all interest paid on,, ,)r lo be paid on, or to accrue on, the Bonds to and including the Redempiion Date, and (ii) the principal of the Refunded Bonds due by reason of ~i~de.~.ption on the Redemption Date. The Escrow Account shall be irre~ oca~ly appropriated to the payment of the principal of and interest on the Bond~ until the proceeds of the Bonds therein are applied to prepayment of the ~ef~ded Bonds. The moneys in the Escrow Account shall be used solely for (~e 1)urposes herein set forth and for no other purpose, except that any 8N~59540 r~