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1992-136 Council Resolution
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1992-136 Council Resolution
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1/25/2016 4:30:21 PM
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1/25/2016 3:41:22 PM
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City Council
Council Document Type
Resolutions
Meeting Date
12/14/1992
Council Meeting Type
Regular
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Code) relating to disallowance of interest expense for financial <br />institutions and within the $10 million limit allowed by the <br />Code for the calendar year of issue. <br />This Certificate may be assigned but upon such assign- <br />ment the assignee shall promptly notify the City at the office <br />of the City Clerk -Treasurer by registered mail, and the assignee <br />shall furnish the same to the City Clerk -Treasurer either in <br />exchange for a new fully registered Certificate in the principal <br />amount then outstanding or for transfer on the registration book <br />kept by the Clerk -Treasurer for such purpose. <br />IT IS HEREBY CERTIFIED AND RECITED That all acts, con- <br />ditions, and things required by the Constitution and laws of the <br />State of Minnesota to be done, to happen, to exist, and to be <br />performed precedent to and in the issuance of this Certificate <br />of Indebtedness has been done, has happened, does exist, and <br />have been performed in regular and due form, time, and manner as <br />required by law; that prior to the issuance hereof, a direct, <br />annual, irreparable ad valorem tax upon all the taxable property <br />in the City has been levied for the years and in amounts at <br />least five percent in excess of sums sufficient to pay this <br />Certificate and interest hereon when due, and additional taxes, <br />if needed, will be levied upon all such property without limita- <br />tion as to rate or amount; and this Certificate, together with <br />all other indebtedness of the City outstanding on the date <br />hereof and on the date of its actual issuance and delivery does <br />not exceed any constitutional or statutory limitation of <br />indebtedness. <br />-4- <br />
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