Agenda Packets - 1994/04/25 - Laserfiche WebLink

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upon all taxable property within the City sufficient for such purposes. 18. prior Bonds; Security. Until retirement and full payment of the Prior Bonds, all provisions heretofore made for the security thereof shall be observed by the City; provided, however, that the Council hereby finds and determines that the proceeds of the sale of the Bonds to be used to refund the Refunded Bonds, together with other funds available and appropriated to the Escrow Account for said purpose, will be sufficient, together with the earnings on the investment of such funds in the Escrow Account, to pay when called for redemption as herein provided all of the principal of the Refunded Bonds. 19. Redemption of Refunded Bonds. The Prior Bonds which mature in 1997 and thereafter shall be redeemed and prepaid on February 1, 1996, and, at least 30 and not more than 60 days prior to said date, the paying agent/registrar for the Prior Bonds is hereby authorized and directed to cause notice of said redemption (1) to be published substantially in the form attached hereto as Exhibit A (but with such additions or deletions as said paying agent/registrar may deem desirable or necessary) and (2) to be mailed to the registered owners of the Prior Bonds, all in the manner required by law and by the terms of the Prior Bonds. 20. Escrow Agreement. On or prior to the date of delivery of the Bonds the Mayor and City Clerk-Administrator shall, and are hereby authorized and directed to, execute on behalf of the City the Escrow Agreement substantially in the form heretofore presented to the City but with such insertions and modifications as shall be deemed by them to be necessary to accomplish its purposes, as evidenced by their execution and delivery thereof. All terms and conditions of such Escrow Agreement, as so executed and delivered, are hereby approved and adopted and made a part of this Resolution. 21. Purchase of Securities. Springsted Incorporated, the City' s public finance advisor for the Bonds, is hereby authorized and directed to purchase or cause to be purchased for and on behalf of the City and/or the Escrow Agent the appropriate securities (including United States Treasury Securities) to be placed in the Escrow Account and to execute all such documents (including the appropriate subscription form, if applicable) required to effect such purchase. 22 . Records and Certificates. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the issuance of the Bonds, certified copies of all proceedings and records of the City relating to the Bonds and to the financial condition and affairs 'of the City, and such other affidavits, certificates and information as are required to show the facts relating to the Bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and 262142.1 16