2003-03-26 CC Packet - Laserfiche WebLink

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.. LinoLakes Spring Lake Park: 16.391 8.447 409 775 , 211.175 100.000.4 $2,Soo,ooo This City's allocated bond amount (as provided above) is hereinafter referred to as the City's Bonds, and the City hereby makes the following &ctual statements and representations: (a)' the City hereby designates the City's Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b )(3) of the Code; (b) the sum of the City's Bonds plus the reasonably anticipated amount of all other tax-exempt obligations (other than private activity bonds, treating qualified SOI(c)(3) bonds as not being private activity bonds) which will be issued by the. City (and all entities subordinate to, or treated as one issuer with, the City) dwing calendar year 2003 is not expected to exceed $10,000,000; and . (c) pursuant to Section 26S(b)(3)(C)(ili) of the Code, the City states that it is receiving the benefits from the issuance of the City's Bonds and the City hereby irrevocably agrees (solely for purposes of said Section 26S(b )(3) of the Code) with the other Member Cities of the, Commis,sion to the foregoing respective allocations of the principal amount of the Bonds and further agrees and finds that said allocation bears a reasonable relationship to the respective benefits received. Nothing in this paragraph is intended or shall be interpreted to limit or alter the respective percentage shares of the Member Cities or their respective allocations of debt service obligations on the Bonds, as those may be determined in accordance with the Agreement for 2003 or any subsequent year. 11. This Resolution, and the amendments made .to the Agreement, shall 'be construed to authorize the Commission to contract for and purchase real estate, as part of the Project. 12. Resolution #03-005 is hereby immediately rescinded and superceded by this Resolution. 13. The City officers are authorized to take such actions as may be necessary or desirable to implement the approvals given in this Resolution, including the execution on behalf of the City of an amendment to or an amendment and restatement of the Agreement and, upon request, providing to the Commission or bond counsel for the Bonds certifications of this Resolution ',or certifications of faCts and circnm!lbf.nces of the' City as may be pertinent in connection with the issuance of the Bonds. This Resolution shall be effective immediately. .. ~ , .'1 Passed and adopted this, day of . 2003. CITY OF CENTERVllLE, MINNESOTA 6