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2002-09-25 CC Packet
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2002-09-25 CC Packet
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<br />-- -----l <br /> <br /> <br />470 Pillsbury Center <br />200 South Sixth Street <br />Minneapolis MN 55402 <br /> <br />& <br /> <br /> <br />(612) 337-9300 telephone <br />(612) 337.9310 fax <br />htlp:/Iwww.kennedy-graven.com <br /> <br />CHARTERED <br /> <br />$635,000 <br />General Obligation Improvement <br />Bonds of 2002 <br />City of Centerville <br />Anoka County, Minnesota <br /> <br />We have acted as bond counsel in connection with the issuance by the City of Centerville, Anoka <br />County, Minnesota, of its General Obligation Improvement Bonds of 2002, (the "Bonds"), originally <br />dated as of October I, 2002, in the original aggregate principal amount of $635,000. For the purpose of <br />rendering this opinion we have examined certified copies of certain proceedings taken by the City with <br />respect to the authorization, sale and issuance of the Bonds, including the form of the Bonds, certain other <br />proceedings and documents furnished by the City, and applicable laws of the State of Minnesota. From <br />our examination of such proceedings and other documents, assuming the genuineness of the signatures <br />thereon and the accuracy of the facts stated therein, and based upon laws, regulations, rulings and <br />decisions in effect on the date hereof, it is our opinion that: <br /> <br />I. The Bonds are in due form, have been duly executed and delivered, and are valid and <br />binding general obligations of the City, enforceable in accordance with their terms. The rights of the <br />owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, <br />reorganization, moratorium, and other similar laws affecting creditor's rights generally and by equitable <br />principles, whether considered at law or in equity. <br /> <br />2. The principal of and interest on the Bonds are payable primarily from special assessments <br />levied or to be levied on property specially benefited by local improvements, but if necessary for the <br />payment thereof ad valorem taxes are required by law to be levied on all taxable property in the City, <br />which taxes are not subject to any limitation as to rate Or amount: <br /> <br />3. Interest on the Bonds is not includable in gross income of the recipient for federal income <br />tax purposes or in taxable net income for Minnesota income tax purposes, and is not a preference item for <br />purposes of the computation of the federal alternative minimum tax, or the computation of the Minnesota <br />alternative minimum tax imposed on individuals, trusts and estates, but such interest is includable in the <br />computation of "adjusted current earnings," used in the calculation of federal alternative minimum <br />taxable income of corporations, and is subject to Minnesota franchise taxes on corporations (including <br />financial institutions) measured by income and the alternative minimum tax base. The opinion set forth in <br />the preceding sentence is subject to the condition that the City comply with all requirements of the <br />Internal Revenue Code of 1986, as amended, that must be satislied subsequent to the issuance of the <br />Bonds in order that interest thereon be, or continue to be, excluded from gross income for federal income <br />tax purposes and excluded from taxable net income for Minnesota income tax purposes. We express no <br />opinion regarding other federal or state tax consequences arising with respect to the Bonds. <br /> <br />SJB.219448vl <br />CElS5.l9 <br />
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