Resolution 4902 - Laserfiche WebLink

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. . . (d) Blanket Issuer Letter of Representations. The Mayor and Interim City Clerk-Administrator are authorized to execute in the name of the City the Blanket Issuer Letter of Representations in substantially the form on file in the offices of the City. In the event of the disability or the resignation or other absence of the Mayor or I~terim City Clerk-Administrator, such other officers of the City who may act in their behalf shall without further act or authorization of the City do all things and execute all instruments and documents required to be done or to be executed by such absent or disabled officials. The provisions in the Blanket Issuer Letter of Representations are incorporated herein by reference and made fully a part of this Resolution to the same extent as if set forth in full herein, and if and to the extent that any provisions of this Resolution are inconsistent or in conflict with the provisions of the Blanket Issuer Letter of Representations, the provisions in the Blanket Issuer Letter of Representations shall control. 4. Purpose: Refundinq Findinqs. The Bonds shall provide moneys for a refunding of the City's Refunded Bonds. It is hereby found, determined and declared that such refunding is necessary or desirable for the reduction of debt service cost to the City and/or the adjustment of the maturities of the Prior Bonds in relation to the sources for their repayment, and will result in a reduction of debt service cost to the City. All of the proceeds, including all investment earnings thereon, of the Prior Bonds have heretofore been expended by the City for the types of uses and purposes for which the City issued said Prior Bonds. The current and anticipated balances in the separate debt service account heretofore established by the City for the payment of the principal of and interest on the Prior Bonds have been taken into account in appropriately sizing the Bonds. The present value of the dollar amount of the debt service on the Bonds is lower by at least 3% than the present value of the dollar amount of the debt service on the Refunded Bonds, as provided in Minnesota Statutes, Section 475.67, Subdivision 12. The City has observed and complied with all of its obligations and covenants made by the City in connection with the issuance of the Prior Bonds. 5. Interest. The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing August 1, 1996, calculated on the basis of a 360-day year consisting of twelve 30-day months, at the respective rates per annum set forth opposite the maturity years, as follows: 31 1080. 1 7