Resolution 24-125 - Laserfiche WebLink

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attached to this Note and must be attached to this Note if the holder of this Note is any person other than the PFA. Tax -Exempt Obligation. The City intends that the interest on this Note will be excluded from gross income for United States income tax purposes or from both gross income and taxable net income for State of Minnesota income tax purposes. Not a Qualified Tax -Exempt Obligation. This Note is not a "qualified tax-exempt obligation" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed precedent to and in the issuance of this Note, have been done, have happened and have been performed in regular and due form, time and manner required by law; that the City has covenanted and agreed with the holder of this Note that it will impose and collect charges for the service, use and availability of and connection to its municipal water system at the times and in amounts necessary to produce net revenues adequate to pay all principal and interest when due on this Note; that the City will levy a direct, annual, irrepealable ad valorem tax upon all of the taxable property in the City, without limitation as to rate or amount, if the net revenues from the municipal water system and any other revenues irrevocably appropriated to the Debt Service Account are insufficient therefor; and that this Note, together with all other debts of the City outstanding on the date hereof, being the date of its actual issuance and delivery, does not exceed any constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City of Lino Lakes, Anoka County, Minnesota, has caused this Note to be executed with the manual or facsimile signatures of its Mayor and City Administrator, both as of the nominal date of original issue specified above. CITY OF LINO LAKES, MINNESOTA By Its Mayor By Its City Clerk CERTIFICATE OF AUTHENTICATION AND REGISTRATION