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2002-061 Council Resolution
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2002-061 Council Resolution
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11/30/2015 4:28:12 PM
Creation date
11/30/2015 3:31:32 PM
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City Council
Council Document Type
Resolutions
Meeting Date
06/24/2002
Council Meeting Type
Regular
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Please insert social security or other <br />identifying number of assignee <br />PROVISIONS AS TO REGISTRATION <br />The ownership of the principal of and interest on the within Bond has been registered on <br />the books of the Registrar in the name of the person last noted below. <br />Date of Registration <br />Signature of <br />Registered Owner Officer of Registrar <br />Cede & Co. <br />Federal ID #13-2555119 <br />3.02. The City Administrator is directed to obtain a copy of the proposed approving <br />legal opinion of Kennedy & Graven, Chartered, Minneapolis, Minnesota, which is to be <br />complete except as to dating thereof and to cause the opinion to be printed on or accompany each <br />Bond. <br />Section 4. Payment; Security; Pledges and Covenants. <br />4.01. (a) The Bonds are payable from the Taxable Improvement Bonds, Series 2002B <br />Debt Service Fund (Debt Service Fund) hereby created, and the proceeds of special assessments <br />(Assessments) levied or to be levied for the improvements described in Section 1.01 <br />(Improvements) financed by the Bonds are hereby pledged to the Debt Service Fund. If a <br />payment of principal or interest on the Bonds becomes due when there is not sufficient money in <br />the Debt Service Fund to pay the same, the City Finance Director is directed to pay such <br />principal or interest from the general fund of the City, and the general fund will be reimbursed <br />for the advances out of the proceeds of Assessments when collected. There is appropriated to the <br />Debt Service Fund (i) capitalized interest financed from Bond proceeds, if any, (ii) any amount <br />over the minimum purchase price paid by the Purchaser, and (iii) the accrued interest paid by the <br />Purchaser upon closing and delivery of the Bonds. <br />(b) The proceeds of the Bonds, less the appropriations made in paragraph (a), <br />together with any other funds appropriated for the Improvements and Assessments collected <br />during the construction of the Improvements will be deposited in a separate construction fund <br />(which may contain separate accounts for each Improvement) to be used solely to defray <br />expenses of the Improvements and the payment of principal and interest on the Bonds prior to <br />the completion and payment of all costs of the Improvement. Any balance remaining in the <br />DJG-215891v1 <br />LN 140-78 <br />
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