Agenda Packets - 1989/02/27 - 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 end the City Clerk -Administrator as set forth in the form of Bond. The seal as permitted by low. The text of 'tile of tha Issuer shall pion of Holmes b Graven, omitted from the sCharteed, of Minn apolis, Minnesota, approving legal Opinion anted on the reverse side of each Bond and shell be as bond counsel, shall be p cersitied by the facsimile s:, afore of the City Clerk -Administrator. When said Bonds shall have been duly executed and authenticated by the Registrar In er upon accordance with this resolurice, tandhe sii Ee eceupbenfethe :eY Clerk -Add to the ministrator st ator payment of the purchase p 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, an file with thety Clerk -Administrator p,esao.. tc tniu meeting. is hereby approved, or Bonds is furnishinthereof to confirmed; insofar as the rsame relates to he Bonds eand the sale thebeof 8tu�ed ai u 4.03. if such officers find the same to be accurate, the Mayor and the City Clerk-Administrstor are authorized and directed to furnish to the Purchaser at the the closingl cf such officer%. the certificate doeshat, to the best not, at the date oftclosingknowledge and did at the time of sale of the Bonds, contain any untrue statement of a maierial fact or emit 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 f enho divgnq questioning ong this Bonor ds, revenues pledged for psymentb 01 •.• �•• 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 do Graven, Chartered, as to the validity and enforceability of the Bonds. Section 5. Bond Fund and Accounts Appropriations Pledge. 5.01. There is hereby created a special fund of the Issuer designated "General Obligation Tax Increment Bond ,Series 1989A Purd" (the "Bond Fund held and administered b;, 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 ail of the Ponds 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 iully aiand the Issuer has been fuBy reimbursed from for any of the pri c pal and interest of the Bonds paid bpledge y the issued 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 l accrued interest received thereon, shall be credited to the Capital Account, from 8