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2016-010 Council Resolution
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2016-010 Council Resolution
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7/27/2016 4:33:16 PM
Creation date
7/27/2016 2:29:10 PM
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City Council
Council Document Type
Resolutions
Meeting Date
02/22/2016
Council Meeting Type
Regular
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Debt Service Account is ever insufficient to pay all principal and interest then due on the City <br />Note and any other bonds payable therefrom, the deficiency shall be promptly paid out of any <br />other funds of the City which are available for such purpose, and such other funds may be <br />reimbursed with or without interest from the Debt Service Account when a sufficient balance is <br />available therein. <br />5. Redemption. The Note is subject to redemption and prepayment as <br />specified in the Note. <br />6. Defeasance. When the City Note has been discharged as provided in this <br />paragraph, all pledges, covenants and other rights granted by this resolution to the registered <br />owner of the City Note shall, to the extent permitted by law, cease. The City may discharge its <br />obligations with respect to the City Note which is due on any date by irrevocably depositing with <br />the City [Finance Director] on or before that date a sum sufficient for the payment thereof in full; <br />or if the City Note should not be paid when due, it may nevertheless be discharged by depositing <br />with the City [Finance Director] a sum sufficient for the payment thereof in full with interest <br />accrued to the date of such deposit. The City may also discharge its obligations with respect to <br />the City Note called for redemption on any date when it is prepayable according to its terms, by <br />depositing with the City [Finance Director] on or before that date a sum sufficient for the <br />payment thereof in full, provided that notice of redemption thereof has been duly given. The <br />City may also at any time discharge its obligations with respect to the City Note, subject to the <br />provisions of law now or hereafter authorizing and regulating such action, by depositing <br />irrevocably in escrow, with a suitable banking institution qualified by law as an escrow agent for <br />this purpose, cash or securities described in Minnesota Statutes, Section 475.67, Subdivision 8, <br />bearing interest payable at such times and at such rates and maturing on such dates as shall be <br />required, without regard to sale and/or reinvestment, to pay all amounts to become due thereon to <br />maturity or,. if notice of redemption as herein required has been duly provided for, to such earlier <br />redemption date. <br />7. Refunding of Issuer Notes. The City acknowledges that the Issuer Notes <br />are subject to redemption in connection with refunding in accordance with the Issuer Note <br />Resolution. Upon any refunding of the Issuer Notes, the City will issue a replacement City Note <br />with a payment schedule adjusted to reflect the City's proportionate share of debt service due and <br />payable on the Issuer's refunding bond. <br />8. Certificate of Registration and Levy of Ad Valorem Taxes. The City <br />[Clerk] is hereby directed to file a certified copy of this resolution with the County Auditor of <br />Anoka County, together with such other information as the County Auditor shall require, and to <br />obtain from the County Auditor the certificate that the City Note has been entered in the County <br />Auditor's Bond Register and that the tax levy required by law has been made. <br />9. Records and Certificates. The officers of the City are hereby authorized <br />and directed to prepare and furnish to the original purchaser of the Issuer Notes, and to the <br />attorneys approving the legality of the issuance of the City Note, certified copies of all <br />proceedings and records of the City relating to the Issuer's Note and to the financial condition <br />and affairs of the City, and such other affidavits, certificates and information as are required to <br />show the facts relating to the legality and marketability of the City Note as the same appear from <br />4 <br />7393412v2 <br />
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