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7/17/2007 8:42:15 AM
Creation date
12/2/2004 10:57:00 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
10074
Resolution Title
Accepting Proposal on the Competitive Negotiated Sale of $9,700,000 General Obligation Municipal Building Bonds, Series 2003A, and Providing for Their Issuance
Resolution Date Passed
2/10/2003
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<br />(a) Provide or cause to be provided to each nationally recognized municipal securities <br />information repository ("NRMSIR") and to the appropriate state information depository ("SID"), <br />if any, for the State of Minnesota, in each case as designated by the Commission in accordance <br />with the Rule, certain annual fmancial information and operating data in accordance with the <br />Undertaking. The City reserves the right to modify from time to time the terms of the <br />Undertaking as provided therein. <br /> <br />(b) Provide or cause to be provided, in a timely manner, to (i) each NRMSIR or to the <br />Municipal Securities Rulemaking Board ("MSRB") and (ii) the SID, notice of the occurrence of <br />certain material events with respect to the Bonds in accordance with the Undertaking. <br /> <br />(c) Provide or cause to be provided, in a timely manner, to (i) each NRMSIR or to the <br />MSRB and (ii) the SID, notice of a failure by the City to provide the annual fmancial information <br />with respect to the City described in the Undertaking. <br /> <br />(d) The City agrees that its covenants pursuant to the Rule set forth in this paragraph <br />and in the Undertaking is intended to be for the benefit of the Holders ofthe Bonds and shall be <br />enforceable on behalf of such Holders; provided that the right to enforce the provisions of these <br />covenants shall be limited to a right to obtain specific enforcement of the City's obligations under <br />the covenants. <br /> <br />The Mayor and City Finance Director of the City, or any other officer of the City <br />authorized to act in their place with "Officers" are hereby authorized and directed to execute on <br />behalf of the City the Undertaking in substantially the form presented to the City Council subject <br />to such modifications thereof or additions thereto as are (i) consistent with the requirements <br />under the Rule, (ii) required by the Purchaser of the Bonds, and (iii) acceptable to the Officers. <br /> <br />20. General Obligation Pledge. For the prompt and full payment of the principal and <br />interest on the Bonds, as the same respectively become due, the full faith, credit and taxing <br />powers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt <br />Service Account is ever insufficient to pay all principal and interest then due on the Bonds and <br />any other bonds payable therefrom, the deficiency shall be promptly paid out of any other funds <br />of the City which are available for such purpose, and such other funds may be reimbursed with <br />or without interest from the Debt Service Account when a sufficient balance is available therein. <br /> <br />21. Certificate of Registration. The City Manager is hereby directed to file a certified <br />copy of this resolution with the County Auditor of Ramsey County, Minnesota, together with <br />such other information as the Auditor shall require, and to obtain the County Auditor's certificate <br />that the Bonds have been entered in the County Auditors' Bond Register, and that the tax levy <br />required by law has been made. <br /> <br />22. Records and Certificates. The officers of the City are hereby authorized and <br />directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the <br />issuance of the Bonds, certified copies of all proceedings and records of the City relating to the <br />Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates <br />and information as are required to show the facts relating to the legality and marketability of the <br />Bonds as the same appear from the books and records under their custody and control or as <br /> <br />19 <br /> <br />1493021vl <br />
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