Resolution 1341 - Laserfiche WebLink

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, r .. (,' ...., , (Form of Clerk's Certificate) I, the duly qualified and acting City Clerk of the City of New Brighton, hereby certify that except for the date line the foregoing is a compared, true and complete copy of the legal opinion of Messrs. Faegre & Benson, of Minneapolis, Minnesota, which was delivered to me upon delivery of the bonds and is now on file in my office. (Facsmile) City Clerk City of New Brighton, Minnesota 5. The City Manager is directed to cause said bonds to be prepared and the Mayor and Manager are authorized and directed to execute the same and affix the city seal thereto and to cause the interest coupons to be executed and authenticated by the printed facsimile signatures of said officers. A copy of the approving legal opinion of Messrs. Faegre & Benson, Minneapolis, Minnesota, shall be printed on the reverse side of each bond and shall be certified by the facsimile signature of the City Clerk. Upon receipt of the legal opinion and payment for the bonds, the Manager, Treasurer and Clerk shall deliver the bonds to the pur- chaser and the purchaser shall not be obligated to see to the proper application of the purchase price. 6. There is hereby created a special fund, to be known as Permanent Improvement Bonds of 1974 Fund, and the principal and interest on the bonds herein authorized shall be paid from said fundi provided, however, that if the principal or interest upon the said bonds shall become due and payable and there are insuf- ficient moneys to pay principal and interest, the City Treasurer shall be authorized and directed to pay said principal and interest from the general fund of the City and thereafter to reimburse said general fund from collections of special assessments for the improve- ments identified in the form of bond above provided. The proceeds of the bonds herein authorized shall be deposited in the Temporary Improvement Bonds of 1971 Fund to the extent required to pay principal of and interest on ~he $600,000 Temporary Improvement Bonds of 1971, dated June 1, 1971, to the extent that collections of special assessments for Improvement Nos. 71-3, 71-4, 71-5, 71-11, 71-16, 71....18 and 71-19, are insufficient for such purpose. The remaining proceeds of. the bonds shall be used to pay any additional costs of the said improvements not met from the Temporary Improvement Bonds of 1971 or collections of special assessments. . Any special assessments Ion account of any said improvements heretofore collected and not required ,for payment of the expenses of such improvements, and any spacial assessments on account of said improvements hereafter collected, shall be paid into said Permanent Improvement Bonds of 1974 Fund. 7. It is hereby found and determined that the estimated collection of special assessments pledged for the payment of said bonds will produce at least five percent in excess of the amount needed to meet, when due, the principal and interest payments on the bonds, and that no ad valorem taxes are initially required. Nothing herein contained shall prevent the issuance and sale of additional bonds payable from the proceeds of said assessments to provide additional funds to pay the balance of the cost of each I I I I