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CCAgenda_93Feb10
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CCAgenda_93Feb10
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6.01. Registration. The City Clerk is hereby authorized and directed to <br /> file a certified copy of this resolution with the County Auditor of Ramsey County, <br /> together with such other information as he shall require, and to obtain from the <br /> County Auditor a certificate that the Bonds have been entered on upon the <br /> Auditor's register as required by law. <br /> 6.02. Certification of Proceedings. The officers of the City and the <br /> County Auditor of Ramsey County are hereby authorized and directed to prepare <br /> and furnish to the Purchaser, and to Dorsey Whitney, Bond Counsel, certified <br /> copies of all proceedings and records of the City, and such other affidavits, <br /> certificates and information as may be required to show the facts relating to the <br /> legality and marketability of the Bonds as the same appear from the books and <br /> records under their custody and control or as otherwise known to them, and all <br /> such certified copies, certificates and affidavits, including any heretofore furnished, <br /> shall be deemed representations of the City as to the facts recited therein. <br /> 6.03. Covenant. The City covenants and agrees with the holders from <br /> time to time of the Bonds that it will not take or permit to be taken by any of its <br /> officers, employees or agents any action which would cause the interest on the <br /> Bonds to become subject to taxation under the Code and the Regulations <br /> promulgated thereunder (the Regulations), as such are enacted or promulgated and <br /> in effect on the date of issue of the Bonds, and covenants to take any and all actions <br /> within its powers to ensure that the interest on the Bonds will not become subject to <br /> taxation under such Code and Regulations. <br /> 6.05. Arbitrage. The Mayor and City Clerk being the officers of the City <br /> charged with the responsibility for issuing the Bonds pursuant to this resolution, are <br /> authorized and directed to execute and deliver to the Purchaser a certificate in <br /> accordance with the provisions of Section 148 of the Code, and Sections 1.103 -13, <br /> 1.103 -14 and 1.103.15 of the Regulations, stating the facts, estimates and <br /> circumstances in existence on the date of issue and delivery of the Bonds which <br /> make it reasonable to expect that the proceeds of the Bonds will not be used in a <br /> manner that would cause the Bonds to be arbitrage bonds within the meaning of <br /> said Code and Regulations. <br /> The City acknowledges that the Bonds are subject to the rebate <br /> requirements of Section 148(0 of the Code. The City covenants and agrees to retain <br /> such records, make such determinations, file such reports and documents and pay <br /> such amounts at such times as are required under said Section 148(0 and applicable <br /> Treasury Regulations to preserve the exclusion of interest on the Bonds from gross <br /> income for federal income tax purposes. In furtherance of the foregoing, the City <br /> Clerk is hereby authorized and directed to execute a Rebate Certificate setting forth <br /> the undertakings of the City to comply with the foregoing requirements, and the <br /> Issuer hereby covenants and agrees to observe and perform the covenants and <br /> -17- <br />
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