Resolution 2540 - Laserfiche WebLink

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. Section 4. Execution and Delivery 4.01. The Bonds shall be executed by the respective facsimile signatures of Mayor and the City Clerk-Administrator as set forth in the form of Bond. The seal of the Issuer may be omitted from the Bonds as permitted by law. The text of the approving legal opinion of Holmes de Graven, Chartered, of Minneapolis, Minnesota, as bond counsel, shall be printed on the reverse side of each Bond and shall be certified by the facsimile signature of the City Clerk-Administrator. 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 Purchaser upon payment of the purchase price, and the receipt of the City Clerk-Administrator 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. 4.02. The Official Statement relating to the Bonds, on file with the City Clerk-Administrator presented to this meeting, is hereby approved, and the furnishing thereof to prospective bidders for the Bonds is hereby ratified and confirmed, insofar as the same relates to the Bonds and the sale thereof. . 4.03. If such officers find the same to be accurate, the Mayor and the City Clerk-Administrator are authorized and directed to furnish to the Purchaser at the closing a certificate' that, to the best of the 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 fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. 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 the City Clerk- Administrator shall execute and deliver to the successful bidder a suitable certificate as to absence of material litigation, and a certificate as to payment for and delivery of the Bonds, with the signed approving legal opinion of Holmes de Graven, Chartered, as to the validity and enforceability of the Bonds. Section 5. Bond Fund and Accounts, Appro!)riations, Pledge. 5.01. There is hereby created a special fund of the Issuer designated "Taxable General Obligation Tax Increment Bonds, Series 1989C Fund" (the "Bond Fund") held and administered by the City Finance Director separate and apart from all other Funds of the Issuer. The Bond Fund shall be maintained in the manner specified until all of the Bonds herein authorized, any refunding bonds issued to refund the Bonds, and any other general obligation tax increment bonds hereafter issued and made payable from the Bond Fund, and the interest thereon, have been fully paid and the Issuer has been fully reimbursed from the pledge of tax increment for any of the principal and interest of the Bonds paid by the Issuer from general ad valorem taxes levied on property in the Issuer. In the Fund there shall be maintained two separate accounts, to be designated as the "Capital Account" and the "Debt Service Account," respectively. . Capital Account. The proceeds from the sale of the Bonds, less the amount of the proceeds of the Bonds deposited in the Debt Service Account, and less any accrued interest received thereon, shall be credited to the Capital Account, from 8