Agenda Packets - 1989/09/25 - Laserfiche WebLink

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5.03. Interest earnings from the investment of money in the Capital Account and the Debt Service Account shall be deposited in the respective a,:counts. 5.04. The City Finance Director is directed to keep on file in his office a tabulation of the dates and amounts of the principal and interest payments to become due and amounts of the principal and interest payments to become due on bonds payable from the Bond Fund, and of the balance required in the Bond Fund on October 1 in each year in order to cancel the taxes levied pursuant to this Resolution for collection the following year. Section 6. Non -Arbitrage Covena,its: Designation . as Qualified Tat - Exempt Bonds. 6.01 The Issuer covenants and agrees with the Purchaser and holders of the Bonds that the investments of proceeds of the Bonds, including the investment of any amounts pledged to the Bonds which are considered proceeds under the applicable regulations, and accumulated sinking funds, if any, shall be limited as to amount and yield in such manner that the Bonds shall not be arbitrage bonds within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"), and any regulations thereunder. On the basis of the existing facts, estimates and circumstances, including the foregoing findings and covenants, the Issuer hereby certifies that it is not expected that the proceeds of the Bonds will be used in such manner as to cause the Bonds to be arbitrage bonds under Section 148 of the Code and any regulations thereunder. The Mayor and City Clerk Administrator shall furnish an arbitrage certificate to the Purchaser embracing or based on the foregoing certification at the time of delivery of the Bonds to the Purchaser. The proceeds of the Bonds will likewise be used in such manner that the Bonds are not private activity bonds under Section 103(b) of the Code. The Issuer does not expect to issue more than $5,000,000 aggregate face amount of tax- exempt bonds (other than private activity bonds) in calendar year 1989. 6.02 The Issuer hereby designates the Bonds as "Qualified Tax -Exempt Obligations" within the meaning of Section 265 of the Code. With respect to such designation, the Issuer covenants that it does not reasonably anticipate issuing qualified tax-exempt obligations in an aggregate amount greater then $10,000,000 in calendar year 1989. Section 7. Miscellaneous. 7.01. The City Clerk Administrator is hereby authorized and directed to certify a copy of this Resolution and to cause the same to be filed in the office of the Ramsey County Auditor, together with such other information as such auditor may require, and to obtain from the county auditor a certificate that the Bonds have been entered upon his bond register, and the levy contained in this resolution has been made. 7.02. The officers of the Issuer are authorized and directed to prepare and furnish is the Purchaser and to the attorneys approving the Bonds, certified copies of all proceedings and records of the Issuer relating to the power and authority of the Issuer to issue the Bonds within their knowledge or as shown by the books and records in their custody and control, and such certified copies and certificates shall be deemed representations of the Issuer as to the facts stated therein. 10