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7/17/2007 9:23:32 AM
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4/25/2005 12:35:45 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
8417
Resolution Title
Awarding the purchase of $3,500,000.00 in General Obligation Improvement Bonds, Series 15, to Prudential Bache
Resolution Date Passed
2/22/1989
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<br />,\ tJ .. <br /> <br />interest thereon; (f) all funds remaining in the <br />Construction Account after completion of the Improvements <br />and payment of the costs thereof, not so transferred to <br />the account of another improvement; (g) all investment <br />earnings on funds held in the Debt Service Account; and <br />(h) any and all other moneys which are properly available <br />and are appropriated by the governing body of the City to <br />the Debt Service Account. The Debt Service Account shall <br />be used solely to pay the principal and interest and any <br />premiums for redemption of the Bonds and any other <br />general obligation bonds of the City hereafter issued by <br />the City and made payable from said account as provided <br />by law. <br /> <br />No portion of the proceeds of the Bonds shall be used <br />directly or indirectly to acquire higher yielding investments <br />or to replace funds which were used directly or indirectly to <br />acquire higher yielding investments, except (1) for a <br />reasonable temporary period until such proceeds are needed for <br />the purpose for which the Bonds were issued and (2) in <br />addition to the above in an amount not greater than the lesser <br />of five percent (5%) of the proceeds of the Bonds or $100,000. <br />To this effect, any proceeds of the Bonds and any sums from <br />time to time held in the Construction Account or Debt Service <br />Account (or any other City account which will be used to pay <br />principal or interest to become due on the bonds payable <br />therefrom) in excess of amounts which under then-applicable <br />federal arbitrage regulations may be invested without regard <br />to yield shall not be invested at a yield in excess of the <br />applicable yield restrictions imposed by said arbitrage <br />regulations on such investments after taking into account any <br />applicable "temporary periods" or "minor portion" made <br />available under the federal arbitrage regulations. Money in <br />the Fund shall not be invested in obligations or deposits <br />issued by, guaranteed by or insured by the United States or <br />any agency or instrumentality thereof if and to the extent <br />that such investment would cause the Bonds to be "federally <br />guaranteed" within the meaning of Section 149(b) of the <br />federal Internal Revenue Code of 1986, as amended (the <br />"Code") . <br /> <br />18. Assessments. It is hereby determined that no <br />less than twenty percent (20%) of the cost to the City of each <br />Improvement financed hereunder within the meaning of Minnesota <br />Statutes, Section 475.58, Subdivision 1(3), shall be paid by <br />special assessments to be heretofore levied against every <br />assessable lot, piece and parcel of land benefited by any of <br />the Improvements. The City hereby covenants and agrees that <br />
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