CC RES 90-043 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR PAYMENT OF $1,500,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 1991A

Home Browse Search

subject to the provisions of law now or hereafter authorizing and regulating such • action, by depositing irrevocably in escrow, with a bank qualified by law as an escrow agent for this purpose, cash or securities which are authorized by law to be so deposited, bearing interest payable at such times and at such rates and maturing or callable at the holder's option on such dates as shall be required to pay all principal, interest and redemption premiums to become due thereon to maturity. Section 7. Registration of Bonds. The Clerk is hereby authorized and directed to file a certified copy of this resolution with the County Auditors of Hennepin and Ramsey Counties and obtain a certificate that the Bonds have been duly entered upon the Auditors' bond register. Section 8. Authentication of Transcript. The officers of the Issuer and County Auditors of Hennepin and Ramsey Counties are hereby authorized and directed to prepare and furnish to the Purchaser and to Dorsey & Whitney, Bond Counsel, certified copies of all proceedings and records relating to the Bonds 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 in their custody and control or as otherwise known to them, and all such certified copies, affidavits and certificates, including any heretofore furnished, shall be deemed representations of the Issuer as to the correctness of all statements contained therein. • Section 9. Tax Covenant; Arbitrage Certificate. (a) The Issuer covenants and agrees with the registered owners from time to time of the Bonds herein authorized, 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 payable on the Bonds to become subject to taxation under the Internal Revenue Code of 1986, as amended (the Code) and regulations issued thereunder, in effect at the time of such action, and that it will take, or it will cause its officers, employees or agents to take, all affirmative actions within its powers which may be necessary to insure that such interest will not become subject to taxation under the Code and applicable Treasury Regulations, as presently existing or as hereafter amended and made applicable to the Bonds. The Bonds are being issued pursuant to the transition provisions contained in Section 1313(a) of the Tax Reform Act of 1986. In connection with the requirements of that Section, it is hereby found and determined that : (1) No public hearing is required for the issuance of the Bonds since the average maturity date of the Bonds (and the specific maturity date of each Bond) is not later than the average maturity date of the Refunded Bonds (and the specific maturity date of each Refunded Bond); -12-