2009-09-23 CC Packet - Laserfiche WebLink

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Section 17. Securities. The Clerk or anyone designated by the Clerk, is hereby authorized and directed to purchase the appropriate United States Treasury Securities, State and Local Government Series, from the proceeds of the bonds in accordance with the provisions of this resolution and to execute all such documents required to effect such purchase in accordance with United States Treasury Regulations. Securities purchased from the monies in the Escrow Account shall be limited to securities set forth in Minnesota Statutes, section 475.67, subd. 8, and any amendments or supplements thereto. Securities purchased from the Escrow Account shall be purchased simultaneously with the delivery of the Bonds. The City Council has investigated the facts and hereby finds and determines that the Escrow Agent is a suitable bank to act as escrow agent, and is qualified within the meaning of Minnesota Statutes, section 475.67, subd. 5. Section 18. Certification of Proceedings. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of the Bonds and to Bradley & Deike, P. A., Bond Counsel, certified copies of all proceedings and records of the City, and such other affidavits, certificates, and information as may be required to show the facts relating to the legality and marketability of the Bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the Issuer as to the facts recited therein. Section 19. Certificate of Registration. The Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Anoka County, Minnesota, together with such other information as he or she shall require, and to obtain the County Auditor's Certificate that the bonds have been entered in the County Auditor's Bond Register. Section 20. Tax Covenants. 20.01. The City covenants and agrees with the holders from time to time of the Bonds that it will not take or permit to be taken by any of its officers, employees or agents any action which would cause the interest on the Bonds to become subject to taxation under the Internal Revenue Code of 1986, as amended (the Code), and the Treasury Regulations promulgated thereunder, in effect at the time of such actions, and that it will take or cause its officers, employees or agents to take, all affirmative action within its power that may be necessary to ensure that such interest will not become subject to taxation under the Code and applicable Treasury regulations, as presently existing or as hereafter amended and made applicable to the Bonds. 20.02. (a) The City will comply with requirements necessary under the Code to establish and maintain the exclusion from gross income of the interest on the Bonds under Section 103 of the Code, including, without limitation, requirements relating to temporary periods for investments, limitations on amounts invested at a yield greater than the yield on the Bonds, and the rebate of excess investment earnings to the United States if the Bonds (together with other obligations reasonably expected to be issued in calendar year 2009) exceed the small-issuer exception amount of $5,000,000. 20 28