CCP 02-17-1998 - Laserfiche WebLink

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.,. Signarure of Date of Registration Registered Owner C i tv Treasurer Cede & Co. Federal ID #13-2555119 3.02. The City Administrator is directed to obtain a copy of the proposed approving legal opinion of Kennedy & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and to cause the opinion to be printed on or accompany each Bond. Section 4. Pavment: Securitv: Pled!!es and Covenants. 4.01. The Bonds are payable from the General Obligation Tax Increment Bonds, Series 1998A Debt Service Fund (Debt Service Fund) hereby created, and all tax increments (Tax Increments) received by the City pursuant to the Pledge Agreement described in Section 1.01 hereof are pledged to the Debt Service Fund. If a 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 Treasurer is directed to pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for those 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) the 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 percent 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, and that such Tax Increments are irrevocably appropriated to payment of the Bonds, which Bonds may thereafter mature at the times determined herein in accordance with Minnesota Starutes, Section 475.54, Subd. 17. 4.03. The City Administrator is directed to file a certified copy of this Resolution with the Director of Property Records and Revenue of Ramsey 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 proc~edings 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 tit furnished, will be deemed representations of the City as to the facts stated therein. SJB1323aO AA200~1