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02/13/07
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02/13/07
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5/21/2025 1:33:58 PM
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2/9/2007 3:22:01 PM
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Meetings
Meeting Document Type
Agenda
Document Title
Finance Committee
Document Date
02/13/2007
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<br />19. Certificate of Registration. A certified copy of this resolution is hereby directed <br />to be filed with the Division of Property Records & Taxation of Anoka County, Minnesota, <br />which carries out the statutory duties of County Auditor, together with such other infonnation as <br />the Division shall require, and there shall be obtained from the Division a certificate that the <br />Certificates have been entered in the Division's Bond Register and that the tax levy required by <br />law has been made. <br /> <br />20. Records and Certificates. The officers of the City are hereby authorized and <br />directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the <br />issuance of the Certificates, certified copies of all proceedings and records of the City relating to <br />the Certificates and to the financial condition and affairs of the City, and such other affidavits, <br />certificates and infonnation as are required to show the facts relating to the legality and <br />marketability ofthe Certificates as the same appear from the books and records under their <br />custody and control or as otherwise known to them, and all such certified copies, certificates and <br />affidavits, including any heretofore furnished, shall be deemed representations ofthe City as to <br />the facts recited therein. <br /> <br />21. Compliance with Reimbursement Bond Regulations. The provisions of this <br />paragraph are intended to establish and provide for the City's compliance with United States <br />Treasury Regulations Section 1.150-2 (the "Reimbursement Regulations") applicable to the <br />"reimbursement proceeds" ofthe Certificates, being those portions thereof which will be used by <br />the City to reimburse itself for any expenditure which the City paid or will have paid prior to the <br />Closing Date (a "Reimbursement Expenditure"). <br /> <br />The City hereby certifies and/or covenants as follows: <br /> <br />(a) Not later than 60 days after the date of payment ofa Reimbursement Expenditure, <br />the City (or person designated to do so on behalf ofthe City) has made or will <br />have made a written declaration ofthe City's official intent (a "Declaration") <br />which effectively (i) states the City's reasonable expectation to reimburse itself for <br />the payment of the Reimbursement Expenditure out of the proceeds of a <br />subsequent borrowing; (ii) gives a general and functional description of the <br />property, project or program to which the Declaration relates and for which the <br />Reimbursement Expenditure is paid, or identifies a specific fund or account of the <br />City and the general functional purpose thereof from which the Reimbursement <br />Expenditure was to be paid (collectively the "Project"); and (iii) states the <br />maximum principal amount of debt expected to be issued by the City for the <br />purpose of financing the Project; provided, however, that no such Declaration <br />shall necessarily have been made with respect to: (i) "preliminary expenditures" <br />for the Project, defined in the Reimbursement Regulations to include engineering <br />or architectural, surveying and soil testing expenses and similar prefatory costs, <br />which in the aggregate do not exceed 20% of the "issue price" ofthe Certificates, <br />and (ii) a de minimis amount of Reimbursement Expenditures not in excess of the <br />lesser of$100,000 or 5% of the proceeds ofthe Certificates. <br />
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