90-093 - Laserfiche WebLink

Home Browse Search

Signature(s) must be guaranteed by a national bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges. The Bond Registrar will not effect transfer of this Bond unless the information concerning the assignee requested below is provided. Name and Address: (Include information for all joint owners if this Bond is held by joint account.) Please insert social security or other identifying number of assignee 3.02. The City Manager is directed to obtain a copy of the proposed approving legal opinion of Holmes &. Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and to cause the opinion to be printed or typewritten on each Bond, together with a certificate to be signed by the facsimile or manual signature of the Manager in substantially the form set forth in the form of Bond. The City Manager is authorized and directed to execute such certificate in the name of the City upon receipt of such opinion and to file the opinion in the City offices. Section 4, Payment: Security: Pledg-es and Covenants. 4.01. The Bonds are payable from the General Obligation Tax Increment Bonds, Series 1990A Debt Service Fund (Debt Service Fund) hereby created, and all tax increments (Tax Increments) from Development District No. 1 (District) received by the City are pledged to the Debt Service Fund. If any payment of principal or interest on the Bonds becomes due when there is not sufficient money in the Debt Service Fund to pay the same, the Finance Director is directed to pay such principal or interest from the general fund of the City, and the general fund is to be reimbursed for such advances out of the proceeds of Tax Increments when received. There is appropriated to the Debt Service Fund (i) capitalized interest funded from Bond proceeds, if any, (ii) any amount over the minimum purchase price paid by the Purchaser and (iii) accrued interest paid by the Purchaser upon closing and delivery of the Bonds. 4.02. It is determined that the estimated collection of Tax Increments for payment of principal and interest on the 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 tax levy is needed at this time. 4.03. The City Manager is directed to file a certified copy of this Resolution with the County Auditor of Ramsey County and obtain the certificate required by Minnesota Statutes, Section 475.63. 9