Resolution 4068 - Laserfiche WebLink

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;l' . Maturity Year Amount Interest Rate 1994 $ 125,000 7.875% 1995 135,000 7.875 1996 140,000 7.875 1997 150,000 7.875 1998 165,000 7.875 1999 175,000 7.875 2000 185,000 7.875 2001 195,000 7.875 2002 210,000 7.875 2003 220,000 6.70 2004 235,000 6.60 2005 250,000 6.70 2006 265,000 6.80 2007 280,000 6.80 2008 300,000 6.80 2009 320,000 6.375 2010 345,000 6.375 2011 365,000 6.375 2012 390.000 6.375 $4,450,000 . . 2. puroose and Ratification. The purpose of this Resolution is in part to provide for the security for and payment of the City's Bonds pursuant to Minnesota statutes, section 475.61, to the same extent and with the same effect as though the City had issued the city's Bonds. The Council hereby ratifies and apprQves the issuance of the Bonds by the City of Blaine for the benefit of the cities and the council further reaffirms and ratifies the city's obligation to contribute its share of the debt service on those Bonds from year to year. 3. Small Issuer: Rebate. For purposes of qualifying for the small issuer exception to the federal arbitrage rebate requirements provided in Section 148(f} (4}(D) of the Internal Revenue Code of 1986, as amended (the "Code"), the City hereby finds, determines and declares that (1) the City is, and the Bonds are issued by, a governmental unit with general taxing powers, (2) no Bond is a private activity bond, (3) 95% or more of the net proceeds of the city's Bonds are to be used for local governmental activities of the City (or of a governmental unit the jurisdiction of which is entirely within the jurisdiction of the City), and (4) the sum of the $1,012,375 of the city's Bonds plus the aggregate face amount of all other tax-exempt . obligations (other than private activity bonds) issued by the City (and all entities subordinate to, or treated as one issuer with, the City) during the 1991 calendar year is not reasonably expected to exceed $5,000,000, all within the meaning of section 15717 3