Resolution 8951 - Laserfiche WebLink

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to time through the final maturity date of the Certificates in accordance with the Joint Powers Agreement; and NOW THEREFORE, BE IT RESOLVED by the City Council (the "Council") of the City of Mounds View, Minnesota ("Mounds View"), as follows: 1. The Council hereby approves the Terms of Proposal for the issuance of Certificates in substantially the form attached hereto as Exhibit A, and authorizes the City of Blaine to accept the offer of the lowest bidder for the sale of the Certificates. 2. The Council hereby approves the Supplement in substantially the form attached as Exhibit B hereto, subject to modifications that do not alter the substance of the transaction and that are approved by the City Attorney and the City Administrator; provided that execution of the Agreement by the Mayor and City Administrator shall be conclusive evidence of approval. The Mayor and City Administrator are hereby authorized to execute, on behalf of Mounds View, the Supplement and any other instrument necessary in accordance with the Joint Powers Agreement and to carry out on behalf of Mounds View, Mounds View's obligations thereunder. 3. Mounds View hereby affirms its obligations under the Joint Powers Agreement, as modified by the Supplement, to pay its proportionate share of the debt service on the Certificates. 4. Under the Joint Powers Agreement, as modified by the Supplement, and to evidence Mounds View's obligation to pay its proportionate share of debt service on the Certificates, this Council finds it is necessary and expedient to the sound financial management of Mounds View to issue its General Obligation Equipment Certificate of Indebtedness, Series 2018, payable to Blaine, pursuant to the Act in a principal amount not to exceed Mounds View's proportionate share of the principal amount of the Certificates and bearing interest at the rates set forth in the Certificates but payable by the City in accordance with the Formula in substantially the form as attached hereto as Exhibit C (the "Mounds View Certificate"). The rates of interest, payment dates, maturity date, and any redemption dates shall be as set forth in the Mounds View Certificate as executed by the Mayor and City Administrator and such execution of the Mounds View Certificate by the Mayor and City Administrator shall be conclusive evidence of approval thereof in accordance with this Resolution. This Council understands and acknowledges that debt service on the Mounds View Certificate will always be payable by Mounds View in accordance with the percentages fixed from time to time by the Formula. 5. To reimburse Blaine for Mounds View's portion of the payment of principal and interest on the Certificates and to pay the Mounds View Certificate evidencing such obligation, Mounds View hereby irrevocably pledges the full faith and credit and taxing powers of Mounds View and authorizes a levy of ad valorem taxes on all taxable property, which taxes may be levied without limitation as to rate or amount. Mounds View will pay principal and interest on the Mounds View Certificate from the general fund of Mounds View, and the general fund may be reimbursed for those advances out of the proceeds of the taxes hereafter levied, when collected, and the proceeds of such ad valorem taxes hereafter levied are pledged to the payment of the 2 5199641 JSB BL140-35