Laserfiche WebLink
• deficiency should arise in the receipt of such allotments, the City shall levy an ad valorem tax <br /> upon all taxable property in the City in accordance with Minnesota Statutes, Section 475.61, in <br /> an amount sufficient to eliminate the actual or anticipated deficiency. <br /> Section 5. Defeasance. When any Bond has been discharged as provided in this <br /> Section 5, all pledges, covenants and other rights granted by this resolution to the holders of such <br /> Bonds shall cease, and such Bonds shall no longer be deemed outstanding under this Resolution. <br /> The City may discharge its obligations with respect to any Bond which is due on any date by <br /> irrevocably depositing with the Registrar on or before that date a sum sufficient for the payment <br /> thereof in full; or, if any Bond should not be paid when due, the City may nevertheless discharge <br /> its obligations with respect thereto by depositing with the Registrar a sum sufficient for the <br /> payment thereof in full with interest accrued to the date of such deposit. The City may also at <br /> any time discharge its obligations with respect to any Bonds, subject to the provisions of law <br /> now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, <br /> with a bank qualified by law as an escrow agent for this purpose, cash or securities which are <br /> authorized by law to be so deposited, bearing interest payable at such times and at such rates and <br /> maturing on such dates as shall be required, without reinvestment, to pay all principal and <br /> interest to become due thereon to maturity or, if notice of redemption as herein required has been <br /> duly provided for, to such earlier redemption date. <br /> Section 6. County Auditor Registration Certification of Proceedings, Investment <br /> of Money, Arbitrage, Official Statement and Fees. <br /> • 6.01. County Auditor Registration. The City Clerk is hereby authorized and <br /> directed to file a certified copy of this Resolution with the County Auditors of Hennepin and <br /> Ramsey Counties, together with such other information as the County Auditor shall require, and <br /> to obtain from said County Auditors a certificate that the Bonds have been entered on his bond <br /> register as required by law. <br /> 6.02. Certification of Proceedings. The officers of the City and the County <br /> Auditors of Hennepin and Ramsey Counties are hereby authorized and directed to prepare and <br /> furnish to the Purchaser and to Dorsey & Whitney LLP, Bond Counsel to the City, certified <br /> copies of all proceedings and records of the City, and such other affidavits, certificates and <br /> information as may be required to show the facts relating to the legality and marketability of the <br /> Bonds as the same appear from the books and records under their custody and control or as <br /> otherwise known to them, and all such certified copies, certificates and affidavits, including any <br /> heretofore furnished, shall be deemed representations of the City as to the facts recited therein. <br /> • <br /> -16- <br />