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JAM 19 '95 04:14PM EHLERS & ASSOCIATES P.5/28 <br />designated as the transferee by the Holders, in accordance <br />with paragraph 10 hereof, the Bonds will be delivered to the <br />Beneficial Owners. <br />(iii) Nothing in this subparagraph (c) shall limit or <br />restrict the provisions of paragraph 10 hereof. <br />(d) The Mayor and City Administrator are authorized and <br />directed to execute in the name of the City the Letter of <br />Representations in substantially the form on file in the office <br />of the City. In the event of the disability or the resignation <br />or other absence of the Mayor or Administrator of the City, such <br />other officers of the City who may act in their behalf shall <br />without further act or authorization of the City do all things <br />and execute all instruments and documents required to be done or <br />to be executed by such absent or disabled officials. The <br />provisions in the Letter of Representation are incorporated <br />herein by referenced and made a part of the resolution, and if <br />and to the extent any such provisions are inconsistent with the <br />other provisions of this resolution, the provisions in the Letter <br />of Representation shall control. <br />3. }purpose. The Bonds shall provide funds to finance <br />the Bond Funded Improvements. The total cost of the Bond Funded <br />Improvements, which shall include all costs enumerated in <br />Minnesota Statutes, Section 475.65, is estimated to be at least <br />equal to the amount of the Bonds. Work on the Bond Funded <br />Improvements shall proceed with due diligence to completion. The <br />city covenants that it shall do all things and perform all acts <br />required of it to assure that work on the Bond Funded <br />Improvements proceeds with due diligence to completion and that <br />any and all permits and studies required under law for the Bond <br />Funded Improvements are obtained. <br />4. Interest. The Bonds shall bear interest payable <br />semiannually on February 1 and August 1 of each year (each, an <br />"Interest Payment Date "), commencing August 1, 1995, calculated <br />on the basis of a 360 -day year of twelve 30 -day months, at the <br />respective rates per annum set forth opposiLt Lht ,uaturity years <br />as follows: <br />281035.1 6 <br />Page 20 <br />