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Last modified
7/17/2007 8:38:11 AM
Creation date
12/2/2004 9:13:16 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
9396
Resolution Title
Authorizing a $5 million taxable Tax Increment Revenue Note of 1997 as approved by the City Attorney (3/24/97).
Resolution Date Passed
3/24/1997
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<br />16. Certificate of Reqistration. The City Manager is <br />hereby directed to file a certified copy of this resolution with <br />the County Auditor of Ramsey County, Minnesota, together with <br />such other information as he or she shall require, and to obtain <br />the County Auditor's certificate that the Note has been entered <br />in the County Auditor's Bond Register. <br /> <br />17. Development Aqreement. The Development Agreement <br />has been approved in a separate resolution. <br /> <br />18. Records and Certificates. The officers of the <br />City are hereby authorized and directed to prepare and furnish to <br />the Developer, and to the attorneys approving the legality of the <br />issuance of the Note, certified copies of all proceedings and <br />records of the City relating to the Note and to the financial <br />condition and affairs of the City, and such other affidavits, <br />certificates and information as are required to show the facts <br />relating to the legality and marketability of the Note as the <br />same appear from the books and records under their custody and <br />control or as otherwise known to them, and all such certified <br />copies, certificates and affidavits, including any heretofore <br />furnished, shall be deemed representations of the City as to the <br />facts recited therein. <br /> <br />19. Taxable Note. The City intends that none of <br />paYment due on the Note will be excluded from gross income for <br />United States income tax purposes or from both gross income and <br />taxable net income for State of Minnesota income tax purposes. <br /> <br />20. No Designation of Oualified Tax-Exempt Obliqation. <br />The Note, as a taxable obligation, may not be qualified as a <br />"qualified tax-exempt obligation" within the meaning of Section <br />265(b) (3) of the Code, and hence is not designated for such <br />purpose. <br /> <br />21. Severability. If any section, paragraph or <br />provision of this resolution shall be held to be invalid or <br />unenforceable for any reason, the invalidity or unenforceability <br />of such section, paragraph or provision shall not affect any of <br />the remaining provisions of this resolution. <br /> <br />22. Headings. Headings in this resolution are <br />included for convenience of reference only and are not a part <br />hereof, and shall not limit or define the meaning of any <br />provision hereof. <br /> <br />343795.2 <br /> <br />6 <br />
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