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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 />-,. ~ <br /> <br />which are available for such purpose, and such other funds may <br />be reimbursed with or without interest from the Debt Service <br />Account when a sufficient balance is available therein. <br /> <br />21. Certificate of Registration. The Manager is <br />hereby directed to file a certified copy of this resolution <br />with the County Auditor of Ramsey County, Minnesota, together <br />with such other information as he or she shall require, and to <br />obtain the Auditor's certificate that the Bonds have been <br />entered in the Auditor's Bond Register, and that the tax levy <br />required by law has been made. <br /> <br />22. Records and Certificates. The officers of the <br />City are hereby authorized and directed to prepare and <br />furnish to the Purchaser, and to the attorneys approving the <br />legality of the issuance of the Bonds, certified copies of all <br />proceedings and records of the City relating to the Bonds and <br />to the financial condition and affairs of the City, and such <br />other affidavits, certificates and information as are required <br />to show the facts relating to the legality and marketability <br />of the Bonds as the same appear from the books and records <br />under their custody and control or as otherwise known to them, <br />and all such certified copies, certificates and affidavits, <br />including any heretofore furnished, shall be deemed represen- <br />tations of the City as to the facts recited therein. <br /> <br />23. Negative Covenant as to Use of Improvements. <br />The City hereby covenants not to use the Improvements or to <br />cause or permit it to be used, or to enter into any deferred <br />payment arrangements for the cost of the Improvements, in such <br />a manner as to cause the Bonds to be "private activity bonds" <br />within the meaning of Sections 103 and 14l through 150 of the <br />Code. <br /> <br />24. Tax-Exempt Status of the Bonds; Rebate. The <br />City shall comply with requirements necessary under the Code <br />to establish and maintain the exclusion from gross income <br />under Section 103 of the Code of the interest on the Bonds, <br />including without limitation (1) requirements relating to <br />temporary periods for investments, (2) limitations on amounts <br />invested at a yield greater than the yield on the Bonds, and <br />(3) the rebate of excess investment earnings to the United <br />States if the Bonds (together with other obligations <br />reasonably expected to be issued and outstanding at one time <br />in this calendar year) exceed the small-issuer exception <br />amount of $5,000,000. <br />
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