04-22-1991 CC - Laserfiche WebLink

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Maturity Year Amount Interest Rate 1994 $ 125,000 1995 135, 000 1996 140,000 1997 150, 000 1998 165, 000 1999 175, 000 2000 185, 000 2001 195, 000 2002 210, 000 2003 220, 000 2004 235, 000 2005 250, 000 2006 265, 000 2007 280, 000 2008 300, 000 2009 320,000 2010 345, 000 2011 365, 000 2012 390,000 $4,450,000 2 . Purpose 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 approves 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, j) no Bond is a private activity bonder (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