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2002-09-25 CC Packet
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2002-09-25 CC Packet
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<br />therefor and other funds appropriated for their payment, collections thereof and <br />disbursements therefrom, monies on hand and, the balance of unpaid Assessments. <br /> <br />(d) The City will cause its books and records to be audited at least annually <br />and will furnish copies of such audit reports to any interested person upon request. <br /> <br />4.03. It is hereby determined that the estimated collections of Assessments and interest <br />thereon for payment of principal and interest on the Bonds will produce at least five percent in <br />excess of the amount needed to meet when due, the principal and interest payments on the Bonds <br />and that no tax levy is needed at this time. <br /> <br />4.04. The City Clerk is authorized and directed to file a certified copy of this resolution <br />with the County Auditor of Anoka County and to obtain the certificate required by Minnesota <br />Statutes, Section 475.63. <br /> <br />Section 5. <br /> <br />Authentication of Transcript. <br /> <br />5.01. The oflicers of the City are authorized and directed to prepare and furnish to the <br />Purchaser and to the attorneys approving the Bonds, certified copies of proceedings and records <br />of the City relating to the Bonds and to the financial condition and affairs of the City, and such <br />other certificates, aflidavits and transcripts as may be required to show the facts within their <br />knowledge or as shown by the books and records in their custody and under their control, <br />relating to the validity and marketability of the Bonds, and such instruments, including any <br />heretofore furnished, may be deemed representations ofthe City as to the facts stated therein. <br /> <br />5.02. The Mayor and City Clerk are authorized and directed to certifY that they have <br />examined the Official Statement prepared and circulated in connection with the issuance and sale <br />of the Bonds and that to the best of their knowledge and belief the Oflicial Statement is a <br />complete and accurate representation of the facts and representations made therein as of the date <br />ofthe Official Statement. <br /> <br />Section 6. <br /> <br />Tax Covenant. <br /> <br />6.01. The City covenants and agrees with the holders from time to time of the Bonds <br />that it will not take or permit to be taken by any of its oflicers, employees or agents any action <br />which would cause the interest on the Bonds to become subject to taxation under the Internal <br />Revenue Code of 1986, as amended (the Code), and the Treasury Regulations promulgated <br />thereunder, in effect at the time of such actions, and that it will take or cause its oflicers, <br />employees or agents to take, all affmnative action within its power that may be necessary to <br />ensure that such interest will not become subject to taxation under the Code and applicable <br />Treasury Regulations, as presently existing or as hereafter amended and made applicable to the <br />Bonds. <br /> <br />6.02. (a) The City will comply with requirements necessary under the Code to establish <br />and maintain the exclusion from gross income ofthe interest on the Bonds under Section 103 of <br />the Code, incluqing without limitation requirements relating to temporary periods for <br />SJB-219247vl <br />CE155-19 <br />
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