Resolution - #95-03-050 - 03/21/1995

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Date of Registration Registered Owner Signature of Bond Registrar Kray & Co. Federal ID #36-6047271 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 City Administrator in substantially the form set forth in the form of Bond. The City Administrator is authorized and directed to execute such certificate in the name of the City upon receipt of such 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 Tax Increment Bonds, Series 1995A Debt Service Fund (Debt Service Fund) hereby created, and tax increments (Tax Increments) from Tax Increment Financing. Districts Nos. 1, 2 and 4 (Districts) received by the City, in the amount necessary to pay when due principal of and interest on the Bonds, 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 City Administrator 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 the 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 paid by the Purchaser upon closing and delivery of the Bonds. 4.02. It is determined that the estimated collection of Tax Increments for payment of principal and interest on the Bonds will produce at least five perc.ent in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds and that no tax levy is needed at this time. 4.03. The City Administrator is directed to file a certified copy of this Resolution with the Property Records and Taxation Division Manager of Anoka County and obtain the certificate required by Minnesota Statutes, Section 475.63. Section 5. Authentication of Transcript. 5.01. The officers 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 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 by the books and records in their custody and under their control, relating to the validity and marketability of the Bonds and such instruments, including any heretofore furnished, will be deemed representations of the City as to the facts stated therein. SJB84838 RA125