CC PACKET 09271988 - Laserfiche WebLink

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United States agencies which are authorized by law to be so deposited, bearing interest payable at such time and at such rates and maturing on such dates as shall be required, without reinvestment , to pay all principal and interest to become due thereon to maturity. Section 5 . County Auditor Registration, Certification of Proceedings , Investment of Moneys , Arbitrage, Official Statement and Fees . 5 . 01 . County Auditor Registration . The City Manager is hereby authorized and directed to file a certified copy of this resolution with the County Auditor of Hennepin County and the County Auditor of Ramsey County, together with such other information as the County Auditor shall require, and to obtain from said County Auditor a certificate that the Bonds have been entered on his bond register as required by law. 5 . 02 . Certification of Proceedings . The officers of the City and the County Auditor of Hennepin County are hereby authorized and directed to prepare and furnish to the purchaser of the Bonds and to Dorsey & Whitney, Bond Counsel , certified copies of all proceedings and records of the City, and such other affidavits , certificates and information .as- may be - required to show the facts relating to the legality and marketability of the Bonds as the 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. 5 . 03 . Covenants . The City covenants and agrees with the holders from time to time of the Bonds that it will not take or permit to be taken by any of its officers , employees or agents any action which would cause the interest on the Bonds to become subject to taxation under the Internal Revenue Code of 1986, as amended (the Code) , and the Treasury Regulations promulgated thereunder (the Regulations) , as such are enacted or promulgated and in effect on the date of issue of the Bonds , and covenants to take any and all actions within its powers to ensure that the interest on the Bonds will not become subject to taxation under the Code and the Regulations . For purposes of complying with the requirements of Section 148(f) (4) (C) of the Code relating to the exemption of certain small governmental units from the rebate requirements of the Code, the City represents that : ( i) the City is a governmental unit with general taxing powers ; -14-