10-27-1999 Council Agenda - Laserfiche WebLink

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the opinion of the City, is willing and able to assume such functions upon reasonable or customary terms, or if the City determines that it is in the best interests of the City or the Beneficial Owners of the Bond that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds shall no longer be registered as being registered in the bond register in the name of the Nominee, but may be registered in whatever name or names the Holder of the Bonds shall designate at that time, in accordance with paragraph 10 hereof. To the extent that the Beneficial Owners are designated as the transferee by the Holders, in accordance with paragraph 10 hereof, the Bonds will be delivered to the Beneficial Owners. (iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of paragraph 10 hereof. (d) Letter of Representations. The provisions in the Letter of Representation are incorporated herein by reference and made a part of the resolution, and if and to the extent any such provisions are inconsistent with the other provisions of this resolution, the provisions in the Letter of Representation shall control. 3. Purpose. The Bonds shall provide funds to finance the Project. Pursuant to the Pledge Agreement previously entered into as of November 1, 1995 between the Authority and the City, certain tax increments from the Tax Increment District (the "Pledged Tax Increments ") have been pledged to the payment of the General Obligation Taxable Tax Increment Bond of 1990, Series B, dated November 1, 1990 of the City and the General Obligation Taxable Tax Increment Bond, Series 1993A, dated March 1, 1993 of the City (collectively, the "Outstanding Bonds ") in the manner and to the extent provided in the Pledge Agreement. Pursuant to a Tax Increment Pledge Agreement to be entered into as of November 1, 1999 between the Authority and the City, certain Pledged Tax Increments have been pledged to the payment of the Bonds in the manner and to the extent provided in the Tax Increment Pledge Agreement. Pledged Tax Increments paid to the City after subtracting the Pledged Tax Increments required to pay the debt service attributable to the Outstanding Bonds, shall be used to pay the principal and interest on the Bonds. The estimated collection of Pledged Tax Increments to be paid to the City after subtracting the Pledged Tax Increments required to pay the debt service attributable to the Outstanding Bonds, exceeds twenty (20 %) of the cost of the Project. The total cost of the Project financed hereunder, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds herein authorized. Work on the Project shall proceed with due diligence to completion. 1094077.1 Page 115