01-22-1997 Council Agenda - Laserfiche WebLink

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do not constitute or give rise to a pecuniary liability or moral obligation of the City, the State of Minnesota or any of its political subdivisions, and that the Bonds, including interest thereon, are payable solely from the revenues pledged to the payment thereof; and the Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 5. Approval of Foams; Execution. Subject to the approval of the City Attorney, and the provisions of paragraph 9 hereof, the forms of the Bond Documents and exhibits thereto and all other documents listed in paragraph 3 hereof are approved substantially in the form submitted. Subject to the provisions of paragraph 9 hereof, the Bond Documents, in substantially the forms submitted, are directed to be executed in the name and on behalf of the City by the Mayor and Administrator. Subject to the provisions of paragraph 9 hereof, the Bonds are to be executed in the name of and on behalf of the City by the Mayor and Administrator, and are to be delivered to the Trustee for authentication and delivery to the Purchaser. Any other City documents and certificates necessary to the transaction described above may be executed by the appropriate City officers. Copies of all of the documents necessary to the transaction herein described shall be delivered, filed and recorded as provided herein and in the Financing Agreement and Indenture. 6. Official Statement. The City hereby consents to the preparation and distribution of the Preliminary Official Statement dated December 23, 1996 and a Final Official Statement (the "Official Statement ") to the Purchaser. The City has relied upon the Company and the Purchaser and legal counsel retained by them to assure the accuracy and completeness of the information set forth in the Official Statement and therefore the City has not participated, and will not participate significantly, in the preparation of the Official Statement. The City has not made, and will not make, any independent investigation of the information contained therein, except under the heading "THE CITY ", and it assumes no responsibility for the accuracy or completeness of such information. The draft of the Official Statement on file with the City as of the date hereof is hereby designated as a "near final" Official Statement for purposes of Rule 15 -c2 -12 of the Securities Exchange Commission. 7. Issuance. The City shall proceed forthwith to issue the Bonds, in the form and upon the terms set forth in the Indenture and this Resolution. The Bonds shall be issued in a principal amounts, shall be payable or prepayable at such time or times, shall bear interest at such rates and shall be subject to such other terms and conditions as set forth in the Indenture. The City officers are authorized and directed to execute and deliver the Bonds as prescribed in the Indenture. 775842.1 Page 7