CC PACKET 11271995 - Laserfiche WebLink

Home Browse Search

interest to become due thereon to maturity or, if notice of redemption as herein required has been duly provided for, to such earlier redemption date. Section 6. Registration Certification of Proceedings. Investment of Moneys Arbitrage Interest Disallowance and Official Statement. 6.01. .Registration. The City Clerk 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 he shall require, and to obtain from each County Auditor a certificate that the Bonds have been entered on upon the Auditor's register as required by law. 6.02. Certification of Proceedings. The officers of the City and the County Auditors of Hennepin and Ramsey Counties are hereby authorized and directed to prepare and furnish to the Purchaser, and to Dorsey & Whitney P.L.L.P., 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. 6.03. Covenant. 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 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 such Code and Regulations. The City represents and covenants that the City will be the owner of all facilities financed by the Bonds and said facilities will be available for use by all members of the general public on a substantially equal basis. So long as the Bonds are outstanding, the City will not enter into any lease, use agreement or other contract or agreement respecting said facilities which would cause the Bonds to be .considered "private activity bonds" or "private loan bonds'-' pursuant to the provisions of Section 141 of the Code. 6.04. Arbitrage. The Mayor and City Manager being the officers of the City charged with the responsibility for issuing the Bonds pursuant to this resolution, are authorized and directed to execute and deliver to the Purchaser a certificate in accordance with the provisions of Section 148 of the Code, and Sections 1.148 of the Regulations, stating the facts, estimates and circumstances in existence on the date of issue and delivery of the Bonds which make it reasonable to expect -16-