2006-175 Council Resolution - Laserfiche WebLink

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Date of Registration Signature of Registered Owner Officer of Registrar Cede & Co. Federal ID #13- 2555119 3.02. The City Administrator is authorized and directed to obtain a copy of the proposed approving legal opinion of Kennedy & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and cause the opinion to be printed on or accompany each Bond. Section 4. Payment; Security; Pledges and Covenants. 4.01. (a) The Bonds are payable from the General Obligation Capital Improvement Plan Refunding Bonds, Series 2006E Debt Service Fund (the "Debt Service Fund ") hereby created, and the proceeds of ad valorem taxes hereinafter levied (the "Taxes ") are hereby pledged to the Debt Service Fund. (b) There is also hereby appropriated to the Debt Service Fund (i) any amount over the minimum purchase price of the Bonds paid by the Purchaser, to the extent not deposited in the Escrow Account under Section 5.03; (ii) the accrued interest paid by the Purchaser upon closing and delivery of the Bonds; and (iii) $20,943.03, representing the amount necessary to pay interest due on the Bonds on February 1, 2007. (c) If a payment of principal or interest on the Bonds becomes due when there is not sufficient money in the Debt Service Fund to pay the same, the City Finance Director will pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for those advances out of the proceeds of the Taxes levied by this resolution when collected. 4.02. There is also hereby created an Escrow Account (the "Escrow Account ") maintained with U.S. Bank National Association in St. Paul, Minnesota, which is a suitable financial institution within the State, whose deposits are insured by the Federal Deposit Insurance Corporation, whose combined capital and surplus is not less than $500,000 and said financial institution is hereby designated escrow agent (the "Escrow Agent ") for the Escrow Account. Proceeds of the Bonds in the amount set forth in Section 5.03 hereof are hereby irrevocably pledged and appropriated to the Escrow Account, together with all investment earnings thereon. The Escrow Account will be invested in securities maturing or callable at the option of the holder on such dates and bearing interest at such rates as will be required to provide sufficient funds, together with any cash or other funds retained in the Escrow Account, to pay when due on the Redemption Date (as defined in Section 5.01 hereof) the principal amount of and accrued interest on each of the Refunded Bonds then outstanding. The Escrow Account will be irrevocably appropriated to the payment of the principal of and interest on the Bonds until the proceeds of the Bonds therein are applied to prepayment of the Refunded Bonds. The moneys in the Escrow Account will be used solely for the purposes herein set forth and for no other purpose, except that any surplus in the Escrow Account may be remitted to the City, all in accordance with the Escrow Agreement (hereafter defined) by 10