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20071105 - VIII-C-1
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20071105 - VIII-C-1
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19. Certificate of Registration and Tax Levy. The Clerk is hereby directed to <br />file a certified copy of this resolution with the County Auditors of Dakota and Washington <br />Counties, Minnesota, together with such other information as they shall require, and to obtain the <br />County Auditors' certificates that the Bonds have been entered in the County Auditors' Bond <br />Registers, and the tax levies authorized by law have been made. <br />20. Records and Bonds. 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 Bonds, certified copies of all proceedings and records of the City relating to the <br />Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates <br />and information as are required to show the facts relating to the legality and marketability of the <br />Bonds as the same appear from the books and records under their custody and control or as <br />otherwise known to them, and all such certified copies, certificates and affidavits, including any <br />heretofore furnished, shall be deemed representations of the City as to the facts recited therein. <br />21. Defeasance. When all Bonds have been discharged as provided in this <br />paragraph, all pledges, covenants and other rights granted by this resolution to the registered <br />holders of the Bonds shall, to the extent permitted by law, cease. The City may discharge its <br />obligations with respect to any Bonds which are due on any date by irrevocably depositing with <br />the Bond Registrar on or before that date a sum sufficient for the payment thereof in full; or if <br />any Bond should not be paid when due, it may nevertheless be discharged by depositing with the <br />Bond Registrar a sum sufficient for the payment thereof in full with interest accrued to the date <br />of such deposit. The City may also discharge its obligations with respect to any prepayable <br />Bonds called for redemption on any date when they are prepayable according to their terms, by <br />depositing with the Bond Registrar on or before that date a sum sufficient for the payment <br />thereof in foil, provided that notice of redemption thereof has been duly given. The City may <br />also at any time discharge its obligations with respect to any Bonds, subject to the provisions of <br />law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, <br />with a suitable banking institution qualified by law as an escrow agent for this purpose, cash or <br />securities described in Minnesota Statutes, Section 475.67, Subdivision 8, bearing interest <br />payable at such times and at such rates and maturing on such dates as shall be required, subject <br />to sale and/or reinvestment, to pay all amounts to become due thereon to maturity or, if notice of <br />redemption as herein required has been duly provided for, to such earlier redemption date. <br />22. Ne;?ative Covenant as to Use of Proceeds and Improvements. The City <br />hereby covenants not to use the proceeds of the Bonds or to use the Improvements, or to cause or <br />permit them to be used, or to enter into any deferred payment arrangements for the cost of the <br />Improvements, in such a manner as to cause the Bonds to be "private activity bonds" within the <br />meaning of Sections 103 and 141 through 150 of the Code. <br />23. Tax-Exempt Status of the Bonds; Rebate. The City shall comply with <br />requirements necessary under the Code to establish and maintain the exclusion from gross <br />income under Section 103 of the Code of the interest on the Bonds, including without limitation <br />(1) requirements relating to temporary periods for investments, (2) limitations on amounts <br />invested at a yield greater than the yield on the Bonds, and (3) the rebate of excess investment <br />earnings to the United States. The Issuer expects to satisfy the two year expenditure exemption <br />for gross proceeds of the Bonds as provided in Section 1. I48-7(e) of the Regulations. <br />2086247v1 1 9 <br />
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