2007-096 Council Resolution - Laserfiche WebLink

Home Search

PROVISIONS AS TO REGISTRATION The ownership of the principal of and interest on the within Bond has been registered on the books of the Registrar in the name of the person last noted below. Date of Registration Signature of Registered Owner Officer of Registrar Cede & Co. Federal ID #13- 2555119 3.02. Approving Legal Opinion. The City Administrator is 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 to cause the opinion to be printed on or accompany each Bond. Section 4. Payment; Security; Pledges and Covenants. 4.01. Approval of Pledge Agreement. The Mayor and City Administrator are authorized and directed to execute the Tax Increment Pledge Agreement (the "Pledge Agreement ") between the City and Authority related to the Bonds, in substantially the form on file, subject to modifications approved by those officials; provided that execution of the agreement will be conclusive evidence of their approval. 4.02. Debt Service Fund. The Bonds are payable from the General Obligation Tax Increment Bonds, Series 2007A Debt Service Fund (the "Debt Service Fund ") hereby created, and all Available Tax Increment, as defined in the Pledge Agreement, together with proceeds of ad valorem taxes hereinafter levied, are pledged to the Debt Service Fund. 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 is directed to 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 Available Tax Increment when received, together with interest thereon at the rate and to the extent provided in the Pledge Agreement. There is appropriated to the Debt Service Fund (i) any amount over the minimum purchase price paid by the Purchaser, to the extent designated for deposit in the Debt Service Fund in accordance with Section 1.02, and (ii) the accrued interest paid by the Purchaser upon closing and delivery of the Bonds. 4.03. Project Fund. The proceeds of the Bonds, less the appropriations made in Section 4.02, together with any other funds appropriated for the will be deposited in a separate project fund (the "Project Fund "). Amounts in the Project Fund will used to pay costs of the I- 35W/Lake Drive Interchange project, including costs of issuance of the Bonds, in accordance with the terms of the Pledge Agreement. When such improvements are completed and the cost 312428v1 SJB LN140 -100