2016-010 Council Resolution - Laserfiche WebLink

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