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1998 Resolutions
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1998 Resolutions
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<br />IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts <br />, <br /> <br />conditions and things required by the Constitution and laws of the State of Minnesota to be done, <br />to exist, to happen and to be performed preliminary to and in the issuance of this Bond in order <br />to make it a valid and binding general obligation of the City in accordance. with its terms, have <br />been done, do exist, have happened and have been performed as so required, and that the issuance <br />of this Bond does not cause the indebtedness of the City to exceed any constitutional or statutory <br />limitation of indebtedness. <br /> <br />PROVISIONS AS TO REGISTRATION <br /> <br />The ownership of the principal of and interest on the within Bond has been registered on <br />the books of the Registrar in the name of the person last noted below. <br /> <br />Date of Registration <br /> <br />Registered Owner <br /> <br />Signature of <br />City Administrator <br /> <br />Federal ID # <br /> <br />Section 4. <br /> <br />Payment: Security: Pledges and Covenants. <br /> <br />4.01. (a) The Bonds are payable from the General Obligation Refunding <br />Improvement Bonds, Series 1998 Debt Service Fund (Debt Service Fund) hereby created, <br />and the proceeds of ad valorem taxes hereinafter levied (Taxes) and special assessments <br />(Assessments) levied for improvements described in Section 1.01 (Improvements) financed <br />by the Refunded Bonds as hereinafter defined are hereby pledged to the Debt Service <br />Fund. <br /> <br />(b) The debt service fund, if any, heretofore established for the Refunded <br />Bonds as defined in the resolution providing for the issuance and sale of the Bonds, is <br />terminated, and all monies therein are hereby transferred to the Debt Service Fund herein <br />created. If a payment of principal or interest on the Bonds becomes due when there is <br />not sufficient money in the Debt Service Fund to pay the same, the City Administrator <br />will pay such principal or interest from the general fund of the City, and the general fund <br />will be reimbursed for those advances out of the proceeds of the Taxes levied by this <br />resolution, and Assessments when collected. <br /> <br />(c) There is hereby appropriated to the Debt Service Fund (i) capitalized <br />interest financed from Bond proceeds, if any, (ii) any amount over the minimum purchase <br />price of the Bonds paid by the Purchaser and (iii) the accrued interest paid by the <br />Purchaser upon closing and delivery of the Bonds. <br /> <br />DJK144652 <br />CE155-14 <br />
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