Resolution 2001-083 - Laserfiche WebLink

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registration books kept by the Registrar, of any notice with respect to the Bonds, including any notice of redemption, of (iii) the payment to any Participant or any other person, other than a registered owner of Bonds, of any amount with respect to principal of, premium, if any, or interest on the Bonds. Section 3. Execution and Delivery. 3.01 The Bonds shall be executed by the respective manual or facsimile signatures of the Mayor and City Administrator of the Issuer as set forth in the form of Bond. The seal of the Issuer shall be omitted from the Bonds as permitted by law. When said Bonds shall have been duly executed and authenticated by the Registrar in accordance with this Resolution, the same shall be delivered to the Depository upon payment of the purchase price, and the receipt of the City Finance Director of the Issuer delivered to the Purchaser thereof shall be a full acquittance, and the Purchaser shall not be bound to see to the application of the purchase money. The Bonds shall not be valid for any purpose until authenticated by the Registrar. 3.02 Unless litigation shall have been commenced and be pending questioning the Bonds, revenues pledged for payments of the Bonds, or the organization of the Issuer or incumbency of its officers, at the closing, the Mayor and City Administrator of the Issuer shall execute and deliver to the Purchaser a suitable certificate as to absence of material litigation, and a certificate as to payment for and delivery of the Bonds, together with the arbitrage certificate referred to below and the approving legal opinion of Best & Flanagan LLP as to the validity and enforceability of the Bonds and the exclusion of interest on the Bonds from gross income for purposes of federal and Minnesota income taxation. 3.03 The Official Statement relating to the Bonds, on file with the City Administrator at the time of this meeting, is hereby approved. If such officers find the same to be accurate, the Mayor and City Administrator are authorized and directed to furnish to the Purchaser at the closing a certificate stating that, to the best knowledge of such officers, the Official Statement does not, at the date of closing, and did not, at the time of sale of the Bonds, contain any untrue statement of a material fact or omit to state any material circumstances under which they were made, not misleading. Section 4. Use of Proceeds. 4.01 The proceeds of the Bonds are irrevocably appropriated for the purposes set forth herein for the provision of long term financing for the acquisition and construction of the Improvements. The City Finance Director is hereby authorized and directed, simultaneously with the delivery of the Bonds, (i) to create a separate fund designated the "Project Fund" with a separate "Eagle Point Account" and a separate "50 " Street Account ", (ii) to deposit $1,060,182 from the proceeds of the Bonds, $310,000 of available Issuer funds and $58,976 of developer fees into the Project Fund, of which $834,402.50 shall be deposited to the Eagle Point Account and $594,755.50 shall be deposited to the 50`h Street Account, (iii) to deposit $1,207.78 from the proceeds of the Bonds in the Debt Service Fund created in Section 5.01 below, and (iv) shall invest the funds so deposited in securities authorized for such purpose by Minnesota Statutes, Chapter 118A. The I on