CC PACKET 05301989 - Laserfiche WebLink

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• the Redevelopment Plan, the Redevelopment Project, the Tax Increment Financing Plan and the District and the preparation, execution, delivery and performance of the Redevelopment Agreement, together with interest on any moneys advanced by the City or HRA to pay such administrative expenses at the rate of twelve percent ( 12%) per annum from the date of such payment until reimbursed from the Tax Increment; second, to pay interest on the Note when due; and third, to the payment of principal on the Note when due . On each January 1 , commencing January 1 , 1991 , any moneys remaining in the Bond Fund following the payment of all expenses of the HRA or City, together with any interest thereon, and interest then due and payable on the Note, shall be applied by the HRA to prepay the principal of the Note in whole or in part without premium. So long as the Note is outstanding, the HRA will not issue any additional obligations payable from the Tax Increment and will not take any action which results in a reduction in the amount of Tax Increment to be received from the District except to the extent required by law. 4 . 02 . No Representations or Warranties of HRA or City. Neither the HRA or City makes any representation or warranty as to the exemption from federal income taxation of the interest on the Note or that the Tax Increment will be sufficient to pay the principal of or interest on the Note when • due. Section 5 . County Auditor Registration, Certification of Proceedings , Investment of Moneys, Arbitrage, Designation cl Note as Qualified Tax Exempt Obligation and Maturity of Note. 5 . 01 . County Auditor Registration. The Executive Director is hereby authorized and directed to file a certified copy of this resolution with the County Auditors of Hennepin and Ramsey Counties, together with such other information as the County Auditors shall require, and to obtain from each County Auditor a certificate that the Note has been entered on his bond register as required by law. 5. 02 . Certification of Proceedings . The officers of the HRA and the County Auditors of Hennepin and Ramsey Counties are hereby authorized and directed to prepare and furnish to the purchaser of the Note and to Dorsey & Whitney, Bond Counsel, certified copies of all proceedings and records of the HRA, and such other affidavits, certificates and information as may be required to show the facts relating to the legality and marketability of the Note 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 HRA as to the facts recited therein. -9-