1991 Receipts, Disb., Resolutions & Minutes

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"IIlP ....... (d) The City will cause its books and records to be audited at least annually and will furnish copies of such audit reports to any interested person upon request. 4.03. It is hereby determined that the estimated collections of Assess- ments aDel interest tbereOD for payment of prine.ipal and iDterest on the Bonds will produce at least five percent in excess of the amount needed to meet when due, the principal aDd interest payments on.tbe Bonds aDd that no tax levy is needed ac tbis ttme. 4.04. The City Clerk is authorized and directed to file a certified copy of this resolutioD with the County Auditor of ADoka County aDd to obtain the certif1cat.~r.quired by MiDDesota Statute~. Section 475.63. Section S. Authentication of TranscriPt. S.Ol. The officers of the City are authorized aDd directed to prepare and fUrDish to the Purchaser aDd to tbe actorD.ya approval the Bonds, certified copies of proceediDgs and records of the City relating to' tbe Boads and to the finaDcial condition and affairs of the City, aDd such other certificates, affidavies aDd tra1l8cripts as may be required to sbow the facts within their kDawledge o~ as ShOWD by the books anel records in their custody and UDder their control. relating to the validity aDd 'marketability of the Bonds and such iDstrumeats, iDcludiDl any heretofore furnished, may be deemed rep~eseDtae1oDs of tbe City as to the facts stated thereiD. 5.02. The Mayor and City Clerk are authorized aDd directed to ce~ify that they have exaatDed the Official Statement prepared aDd circulated ~ connectioD witb the issuance aDd sale of the Bonds aDd that to the best of their kDowledge and belief the Official Statement is a complete and accurate representation of the facts anel represe1ltat1oll8 made therein as of the date of the Official Statement. Section 6. Tax CovellaDt. -'.01. The City covenants and agrees with the holders from tt.. to ttme of the Bonels that it will Dot take or permit to be takeD by aDY of its officers, emplo~ee. or agellts any action which would cause the iDt.rest OD the Bonds to became subject to taxatlOD UDder the IDteraal aeveDue Code of 1986, as ..ended (the Code), and the Treasury RegulatiolUl promulgated thereuDder, ~ effect at the ttme of such actioDs, land that it will take or cause its officers, employees or alellts to take, all affirmative action within its power that may be necessary to eDsure that such interest will Dot become subject to taxation UDder the Code anel applicable Treasury Regulations, as presently existing or as hereafter ameneled and made applicable to the Bonds. 6.02. <a) The City will comply with requirements necessary under the Code to establish and maintain the exclusion from gross income of the iDterest OD the Bonds under Section 103 of the Code, iDcluding without limitation requirements relating to temporary periods for investments, limitations on amounts invested