1999-062 Council Resolution - Laserfiche WebLink

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in an escrow account (the "Escrow Account") with U.S. Bank Trust National Association, Saint Paul, Minnesota, 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 such Proceeds and Funds. The Proceeds and Funds 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 the interest to accrue on each of the Refunded Bonds at maturity or on the date on which it is called as herein provided and to pay the principal amount of each such obligation at maturity or on the date on which it has been called for redemption and to pay any premium required for redemption on such date. The monies in the Escrow Account will be used solely for the purposes herein set forth and for no other purpose, except that if any surplus will remain in the Escrow Account after all of the Refunded Bonds and interest (and any premium) thereon are paid, then such balance will be transferred to the City. 5.03. No portion of the proceeds of the Bonds will be used directly or indirectly to acquire higher yielding investments or to replace funds which were used directly or indirectly to acquire higher yielding investments, except (i) for a reasonable temporary period until such proceeds are needed for the purpose for which the Bonds were issued, and (ii) in addition to the above, in an amount not greater than the lesser of five percent of the proceeds of the Bonds or $100,000. To this effect, any proceeds of the Bonds and any sums from time to time held in the Debt Service Fund (or any other City account which will be used to pay principal and interest to become due on the Bonds) in excess of amounts which under the applicable federal arbitrage regulations may be invested without regard as to yield will not be invested at a yield in excess of the applicable yield restrictions imposed by the arbitrage regulations on such investments after taking into account any applicable temporary periods or minor portion made available under the federal arbitrage regulations. In addition, the proceeds of the Bonds and money in the Fund will not be invested in obligations or deposits issued by, guaranteed by or insured by the United States or any agency or instrumentality thereof if and to the extent that such investment would cause the Bonds to be federally guaranteed within the meaning of Section 149(b) of the Internal Revenue Code of 1986, as amended (the "Code"). 5.04. It is hereby found and determined that the Proceeds and Funds available and appropriated to the Escrow Account will be sufficient, together with the permitted earnings on the investment of the Escrow Account, to pay interest on the Bonds to and including February 1, 2001 and to pay on February 1, 2001, all of the principal of, interest on and redemption premium (if any) on the Refunded Bonds. 5.05. Securities purchased from the monies in the Escrow Account will be limited to securities specified in Section 475.67, Subdivision 8 of the Act. Springsted Incorporated, as agent for the City is hereby authorized and directed to purchase (or to cause the Escrow Agent to purchase) for and on behalf of the City and in its name, appropriate securities to fund the Escrow BMB-167651 LN 140-68