Agenda Packets - 1993/12/13 - Laserfiche WebLink

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but the registered owners of said percentage of bonds may, either at law or in equity, by suit, action or other available proceed- ing, protect and enforce the rights of all registered owners of such bonds and compel the performance of any and all of the covenants required herein to be performed by the City and its officers and agents, including but not limited to the establish- ment and maintenance of charges and fees and the collection and proper segregation of revenues and the use thereof. The registered owners of a majority in principal amount of such Outstanding bonds will have the right to direct the time, method and place of conducting any proceeding for any remedy available to such registered owners or the exercise of any power conferred upon them, and the right to waive a default in the performance of any such covenant, and its consequences, except a default in the payment of the principal of or interest on any such bonds when due. However, nothing herein will impair the absolute and unconditional right of the registered owner of each such bond to receive payment of the principal thereof and interest thereon as such principal and interest respectively become due, from the revenues and other sources pledged and appropriated for the payment thereof, and to institute suit for the enforcement of any such payment. 21. Debt Service Coverage. It is hereby determined and reasonably anticipated that the estimated collections of the revenues available to the Debt Service Account will produce at least 5% in excess of the amount needed to meet, when due, the principal of and interest on the Bonds. The City Clerk- Administrator is directed to file a certified copy of this Resolution with the Director of Property Taxation of Ramsey County and to obtain the certificate of said official required by Minnesota Statutes, Section 475. 63. 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 1I . - _ . ' ' . . - i . . . .same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 23 . Negative Covenant as to Use of Improvements. The City hereby covenants not to use the Improvements or to cause or 244882 27