HomeMy WebLinkAboutCC RES 90-014 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AN DETAILS AND PROVIDING THE PAYMENT OF $315,000 GENERAL OBLIGATION EQUIPMENT CERRTIFICATES OF INDEBTEDNESS, SERIES 1990A Meeting Sheet
IIIIII VIII VIII VIII VIII VIII IIII IIII
103664
Box: 26
Folder: RES 1990
Document: CC RES 90-014 RESOLUTION AUTHORIZING ISSUANCE,
AWARDING SALE, PRESCRIBING THE FORMAN DETAILS AND
PROVIDING THE PAYMENT OF $315,000 GENERAL OBLIGATION
EQUIPMENT CERRTIFICATES OF INDEBTEDNESS, SERIES 1990A
CERTIFICATION OF MINUTES RELATING TO
• $315, 000 GENERAL OBLIGATION EQUIPMENT
CERTIFICATES OF INDEBTEDNESS, SERIES 1990A
Issuer: City of Saint Anthony, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting : A regular meeting
held Tuesday, March 13 , 1990 at 7: 30 o 'clock p.m. ,
at the City Hall .
Members present: Ranallo, Makowske, Enrooth, Marks
Members absent : Sundland
Documents Attached:
Minutes of said meeting (including) :
RESOLUTION NO. 90-014
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING
FOR THE PAYMENT OF $315, 000 GENERAL OBLIGATION
EQUIPMENT CERTIFICATES OF INDEBTEDNESS,
SERIES 1990A
I, the undersigned, being the duly qualified and
acting recording officer of the public corporation issuing the
Obligations referred to in the title of this certificate,
certify that the documents attached hereto, as described above,
have been carefully compared with the original records of said
corporation in my legal custody, from which they have been
transcribed; that said documents are a correct and complete
transcript of the minutes of a meeting of the governing body of
said corporation, and correct and complete copies of all
resolutions and other actions taken and of all documents
approved by the governing body at said meeting, so far as they
relate to said Obligations; and that said meeting was duly held
by the governing body at the time and place and was attended
throughout by the members indicated above, pursuant to call and
notice of such meeting given as required by law.
WITNESS my hand officially as such recording officer
this day of March, 1990 .
C�li'1l�u�J
Connie Kroeplin,
City Clerk
2794F
• The City Clerk presented to the Council affidavits
showing publication in the official newspaper and in
Northwestern Financial Review of a Notice of Sale of $315, 000
General Obligation Equipment Certificates of Indebtedness,
Series 1990A, of the City, for which bids were to be considered
at this meeting in accordance with the resolution adopted by
the City Council on February 13 , 1990 . The affidavits were
examined, found satisfactory and directed to be placed on file
in the office of the City Clerk.
It was reported that sealed bids for the
purchase of the Obligations had been received at or prior to
the time stated in the Notice of Sale. The bids having been
opened and tabulated as provided in the Notice of Sale, were
then publicly read and considered, were all found to conform to
the Notice of Sale and the Official Terms of Offering and the
purchase price, interest rates and net interest cost under the
terms of each bid were found to be as follows .-
Purchase
ollows:Purchase Interest Total Interest Cost
Bidder Price Rates And Net Average Rate
(See attached)
•
• Member Marks introduced the following
resolution and moved its adoption:
RESOLUTION NO. 90-014
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING
FOR THE PAYMENT OF $315, 000 GENERAL OBLIGATION
EQUIPMENT CERTIFICATES OF INDEBTEDNESS,
SERIES 1990A
BE IT RESOLVED by the City Council of the City of
Saint Anthony, Minnesota (the Issuer) , as follows :
Section 1. Authorization and Sale.
(a) This Council, by resolution adopted February 13 ,
1990, authorized the issuance and public sale of $315, 000
General Obligation Equipment Certificates of Indebtedness,
Series 1990A (the Obligations) to finance the cost of acquiring
capital equipment for city purposes .
(b) Notice of Sale has been duly published. Pursuant
to the Official Terms of Offering, sealed bids for the
purchase of the Obligations were received at or before the time
. specified for receipt of bids . The bids have been opened,
publicly read and considered and the purchase price, interest
rates and net interest cost under the terms of each bid have
been determined. The most favorable bid received is that of
of and associates (the Purchaser) to
purchase the Obligations at a price of $ plus accrued
interest on all Obligations to the day of delivery and payment,
on the further terms and conditions hereinafter set forth.
(c) The sale of the Obligations is hereby awarded to
the Purchaser and the Mayor and Manager are hereby authorized
and directed to execute a contract on behalf of the Issuer for
the sale of the Obligations in accordance with the terms of the
bid. The good faith check of the Purchaser shall be retained
by the Clerk until the Obligations have been delivered. The
good faith checks of other bidders shall be returned to them
forthwith.
Section 2 . Obligation Terms; Registration; Execution
and Delivery.
2 . 01. Issuance of Obligations . All acts, conditions
and things which are required by the Constitution and laws of
the State of Minnesota to be done, to exist, to happen and to
•
be performed precedent to and in the valid issuance of the
Obligations having been done, existing, having happened and
having been performed, it is now necessary for the Council to
establish the form and terms of the Obligations , to provide
security therefor and to issue the Obligations forthwith.
2 .02 . Maturities; Interest Rates; Denominations ;
Payment . The Obligations shall be originally dated as of
April 1, 1990, shall be in the denomination of $5, 000 each, or
any integral multiple thereof, shall mature on February 1,
without option of prior payment, in the respective years and
amounts stated below, and shall bear interest from date of
issue until paid at the respective annual rates set forth
opposite such years and amounts, as follows :
Year Amount Rate
1992 $60, 000
1993 80, 000
1994 85, 000
1995 90, 000
The Obligations shall be issuable only in fully registered
form. The interest thereon and, upon surrender of each
Obligation, the principal amount thereof shall be payable by
check or draft issued by the Registrar described herein.
• 2 . 03 . Dates; Interest Payment Dates . Each Obligation
shall bear a date of original issue as of April 1, 1990 . Upon
the initial delivery of the Obligations pursuant to Section
2 . 06 and upon any subsequent transfer or exchange pursuant to
Section 2 . 04, the date of authentication shall be noted on each
Obligation so delivered, exchanged or transferred. Interest on
the Obligations shall be payable on each February 1 and
August 1, commencing February 1, 1991, to the owners of record
thereof as of the close of business on the fifteenth day of the
immediately preceding month, whether or not such day is a
business day.
2 . 04 . Appointment of Initial Registrar. The Issuer
hereby appoints
in , Minnesota, as the initial bond registrar,
transfer agent and paying agent (the Registrar) . The Mayor and
the Manager are authorized to execute and deliver, on behalf of
the Issuer, a contract with the Registrar . Upon merger or
consolidation of the Registrar with another corporation, if the
resulting corporation is a bank or trust company authorized by
law to conduct such business, such corporation shall be
authorized to act as successor Registrar . The Issuer agrees to
pay the reasonable and customary charges of the Registrar for
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• the services performed. The Issuer reserves the right to
remove the Registrar upon thirty (30) days notice and upon the
appointment of a successor Registrar, in which event the
predecessor Registrar shall deliver all cash and Obligations in
its possession to the successor Registrar and shall deliver the
bond register to the successor Registrar.
2 . 05 . Registration. The effect of registration and
the rights and duties of the Issuer and the Registrar with
respect thereto shall be as follows:
(a) Register . The Registrar shall keep at its
principal corporate trust office a bond register in which
the Registrar shall provide for the registration of
ownership of Obligations and the registration of transfers
and exchanges of Obligations entitled to be registered,
transferred or exchanged.
(b) Transfer of Obligations . Upon surrender for
transfer of any Obligation duly endorsed by the registered
owner thereof or accompanied by a written instrument of
transfer, in form satisfactory to the Registrar, duly
executed by the registered owner thereof or by an attorney
duly authorized by the registered owner in writing, the
Registrar shall authenticate and deliver, in the name of
the designated transferee or transferees , one or more new
• Obligations of a like aggregate principal amount and
maturity, as requested by the transferor . The Registrar
may, however, close the books for registration of any
transfer after the fifteenth day of the month preceding
each interest payment date and until such interest payment
date.
(c) Exchange of Obligations . Whenever any
Obligations are surrendered by the registered owner for
exchange the Registrar shall authenticate and deliver one
or more new Obligations of a like aggregate principal
amount and maturity, as requested by the registered owner
or the owner ' s attorney in writing .
(d) Cancellation. All Obligations surrendered upon
any transfer or exchange shall be promptly cancelled by the
Registrar and thereafter disposed of as directed by the
Issuer.
(e) Improper or Unauthorized Transfer. When any
Obligation is presented to the Registrar for transfer, the
Registrar may refuse to transfer the same until it is
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• satisfied that the endorsement on such Obligation or
separate instrument of transfer is valid and genuine and
that the requested transfer is legally authorized. The
Registrar shall incur no liability for the refusal, in good
faith, to make transfers which it, in its judgment, deems
improper or unauthorized.
(f) Persons Deemed Owners . The Issuer and the
Registrar may treat the person in whose name any Obligation
is at any time registered in the bond register as the
absolute owner of such Obligation, whether such Obligation
shall be overdue or not, for the purpose of receiving
payment of, or on account of, the principal of and interest
on such Obligation and for all other purposes, and all such
payments so made to any such registered owner or upon the
owner ' s order shall be valid and effectual to satisfy and
discharge the liability upon such Obligation to the extent
of the sum or sums so paid.
(g) Taxes . Fees and Charges . For every transfer or
exchange of Obligations, the Registrar may impose a charge
upon the owner thereof sufficient to reimburse the
Registrar for any tax, fee or other governmental charge
required to be paid with respect to such transfer or
exchange.
• (h) Mutilated. Lost. Stolen or Destroyed Obligations .
In case any Obligation shall become mutilated or be
destroyed, stolen or lost, the Registrar shall deliver a
new Obligation of like amount, number, maturity date and
tenor in exchange and substitution for and upon
cancellation of any such mutilated Obligation or in lieu of
and in substitution for any such Obligation destroyed,
stolen or lost, upon the payment of the reasonable expenses
and charges of the Registrar in connection therewith; and,
in the case of a Obligation destroyed, stolen or lost, upon
filing with the Registrar of evidence satisfactory to it
that such Obligation was destroyed, stolen or lost, and of
the ownership thereof, and upon furnishing to the Registrar
of an appropriate bond or indemnity in form, substance and
amount satisfactory to it, in which both the Issuer and the
Registrar shall be named as obligees . All Obligations so
surrendered to the Registrar shall be cancelled by it and
evidence of such cancellation shall be given to the
Issuer. If the mutilated, destroyed, stolen or lost
Obligation has already matured or been called for
redemption in accordance with its terms it shall not be
necessary to issue a new Obligation prior to payment .
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• 2 . 06 . Execution, Authentication and Delivery. The
Obligations shall be prepared under the direction of the
Manager and shall be executed on behalf of the Issuer by the
signatures of the Mayor and the Manager, provided that all
signatures may be printed, engraved or lithographed facsimiles
of the originals . In case any officer whose signature or a
facsimile of whose signature shall appear on the Obligations
shall cease to be such officer before the delivery of any
Obligation, such signature or facsimile shall nevertheless be
valid and sufficient for all purposes, the same as if he had
remained in office until delivery. Notwithstanding such
execution, no Obligation shall be valid or obligatory for any
purpose or entitled to any security or benefit under this
Resolution unless and until a certificate of authentication on
such Obligation has been duly executed by the manual signature
of an authorized representative of the Registrar . Certificates
of authentication on different Obligations need not be signed
by the same representative. The executed certificate of
authentication on each Obligation shall be conclusive evidence
that it has been authenticated and delivered under this
Resolution. When the Obligations have been so prepared,
executed and authenticated, the Manager shall deliver the same
to the Purchaser upon payment of the purchase price in
accordance with the contract of sale heretofore made and
executed, and the Purchaser shall not be obligated to see to
the application of the purchase price.
• 2 . 07 . Form of Obligations . The Obligations shall be
printed in substantially the following form:
•
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• [Face of the Obligations]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTIES OF HENNEPIN AND RAMSEY
CITY OF SAINT ANTHONY
GENERAL OBLIGATION EQUIPMENT CERTIFICATE
OF INDEBTEDNESS, SERIES 1990A
Date of
Rate Maturity Original Issue CUSIP
April 1, 1990
REGISTERED OWNER:
PRINCIPAL AMOUNT: DOLLARS
FOR VALUE RECEIVED, the City of Saint Anthony,
Hennepin and Ramsey Counties, Minnesota (the Issuer) ,
acknowledges itself to be indebted and hereby promises to pay
• to the registered owner named above, or registered assigns, the
principal sum specified above on the maturity date specified
above, without option of prior payment, with interest thereon
from the date hereof at the annual rate specified above,
payable on February 1 and August 1 in each year, commencing
February 1, 1991, to the person in whose name this Certificate
is registered at the close of business on the 15th day (whether
or not a business day) of the immediately preceding month. The
interest hereon and, upon presentation and surrender hereof,
the principal hereof are payable in lawful money of the United
States of America by check or draft by
, in , Minnesota, as Bond Registrar,
Transfer Agent and Paying Agent (the Registrar) , or its
designated successor under the Resolution described herein.
For the prompt and full payment of such principal and interest
as the same respectively become due, the full faith and credit
and taxing powers of the Issuer have been and are hereby
irrevocably pledged.
Additional provisions of this Certificate are
contained on the reverse hereof and such provisions shall for
all purposes have the same effect as though fully set forth in
this place.
•
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• This Certificate shall not be valid or become
obligatory for any purpose or be entitled to any security or
benefit under the Resolution until the Certificate of
Authentication hereon shall have been executed by the Registrar
by manual signature of one of its authorized representatives .
IN WITNESS WHEREOF, the City of Saint Anthony,
Hennepin and Ramsey Counties, Minnesota, by its City Council,
has caused this Certificate to be executed by the facsimile
signatures of the Mayor and City Manager and has caused this
Certificate to be dated as of the date set forth below.
Date of Authentication:
(Facsimile Signature) (Facsimile Signature)
City Manager Mayor
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates delivered pursuant to
the Resolution mentioned within.
as Registar
By
Authorized Representative
•
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• (Reverse of the Obligations]
This Certificate is one of an issue in the aggregate
principal amount of $315,000, issued pursuant to a resolution
adopted by the City Council on March 13 , 1990 (the Resolution) ,
to finance the acquisition of capital equipment, and is issued
pursuant to and in full conformity with the Constitution and
laws of the State of Minnesota thereunto enabling, including
Minnesota Statutes, Section 412 .301 and Chapter 475 . The
Certificates of this issue are issuable only in fully
registered form, in denominations of $5, 000 or any multiple
thereof, of single maturities .
In the Resolution, the Council determined that in
calendar year 1990, the Issuer does not expect to issue tax
exempt obligations in an aggregate principal amount greater
than $10, 000, 000 (exclusive of "private activity bonds") , and
designated the Certificates as "qualified tax-exempt
obligations" within the meaning of Section 265(b) of the
Internal Revenue Code of 1986, as amended.
As provided in the Resolution and subject to certain
limitations set forth therein, this Certificate is transferable
upon the books of the Issuer at the principal office of the
Registrar, by the registered owner hereof in person or by the
owner ' s attorney duly authorized in writing upon surrender
• hereof together with a written instrument of transfer
satisfactory to the Registrar, duly executed by the registered
owner or the owner' s attorney, and may also be surrendered in
exchange for Certificates of other authorized denominations .
Upon such transfer or exchange the Issuer will cause a new
Certificate or Certificates to be issued in the name of the
transferee or registered owner, of the same aggregate principal
amount, bearing interest at the same rate and maturing on the
same date, subject to reimbursement for any tax, fee or
governmental charge required to be paid with respect to such
transfer or exchange.
The Issuer and the Registrar may deem and treat the
person in whose name this Certificate is registered as the
absolute owner hereof, whether this Certificate is overdue or
not, for the purpose of receiving payment and for all other
purposes, and neither the Issuer nor the Registrar shall be
affected by any notice to the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED
that all acts, conditions and things required by the
Constitution and laws of the State of Minnesota to be done, to
exist, to happen and to be performed preliminary to and in the
issuance of this Certificate in order to make it a valid and
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• binding general obligation of the Issuer in accordance with its
terms, have been done, do exist, have happened and have been
performed as so required; that, prior to the issuance hereof
the Issuer has levied ad valorem taxes on all taxable property
in the Issuer, which taxes will be collectible- for the years
and in amounts sufficient to produce sums not less than 5% in
excess of the principal of and interest on the Certificates of
this issue when due, and has appropriated such taxes to the
payment of such principal and interest; that if necessary for
payment of such principal and interest, additional ad valorem
taxes are required to be levied upon all taxable property in
the Issuer, without limitation as to rate or amount; and that
the issuance of this Certificate does not cause the
indebtedness of the Issuer to exceed any constitutional or
statutory limitation of indebtedness .
(Form of certificate to be printed on the reverse
side of each Certificate, following a full copy
of the legal opinion)
We certify that the above is a full, true and correct
copy of the legal opinion rendered by Bond Counsel on the issue
of General Obligation Equipment Certificates of Indebtedness ,
Series 1990A, of the City of Saint Anthony, Hennepin and Ramsey
Counties, Minnesota, which includes the within Certificate,
• dated as of the date of original delivery of and payment for
the Certificates .
(Facsimile Signature) (Facsimile Signature)
City Manager Mayor
The following abbreviations, when used in the
inscription on the face of this Certificate, shall be construed
as though they were written out in full according to applicable
laws or regulations :
TEN COM -- as tenants UTMA. . . . as Custodian for . . . . .
in common (Cust) (Minor)
TEN ENT -- as tenants
by the entireties
under Uniform Transfers to
JT TEN -- as joint tenants Minors
with right of
survivorshipand Act . . . . . . . . . . . . . . . . . . . . . ..
not as tenants in (State)
common
•
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• Additional abbreviations may also be used.
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto ,
the Certificate and all rights thereunder, and hereby
irrevocably constitutes and appoints
attorney to transfer the Certificate on the books kept for
registration thereof, with full power of substitution in the
premises .
Dated:
NOTICE: The signature to this
assignment must correspond with
the name as it appears upon the
face of the Certificate in every
SIGNATURE GUARANTEE: particular, without alteration,
enlargement or any change
whatsoever.
Signature(s) must be guaranteed
• by a commercial bank or trust
company or by a brokerage firm
having a membership in one of
the major stock exchanges .
PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE:
•
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• Section 3 . Series 1990A Equipment Certificate Sinking
Fund. The Obligations to be issued shall be payable from a
separate Series 1990A Equipment Certificate Sinking Fund (the
Sinking Fund) of the Issuer, which Sinking Fund the Issuer
agrees to maintain until the Obligations have been paid in
full . If the money in the Sinking Fund should at any time be
insufficient to pay principal and interest due on the
Obligations, such amounts shall be paid from moneys on hand in
other funds of the Issuer, which other funds shall be
reimbursed therefor when sufficient money becomes available in
the Sinking Fund. Into the Sinking Fund shall be paid all
proceeds received from the purchaser of the Obligations in
excess of $312, 637, all taxes collected pursuant to Section 4
hereof, any excess Obligation proceeds remaining after
acquisition of the equipment is complete and any other funds
appropriated by the Council to the payment of the Obligations .
Section 4 . Pledge of Taxing Powers . For the prompt
and full payment of the principal of and interest on the
Obligations as the payments respectively become due, the full
faith, credit and unlimited taxing powers of the Issuer shall
be and are hereby irrevocably pledged. In order to produce
aggregate amounts not less than 5% in excess of the amount
needed to meet when due the principal and interest payments on
the Obligations, ad valorem taxes are hereby levied on all
taxable property in the Issuer . The taxes are to be levied and
• collected in the following years and amounts :
Levy Collection
Year Year Amount
1990 1991
1991 1992
1992 1993
1993 1994
The taxes shall be irrepealable as long as any of the
Obligations are outstanding and unpaid, provided that the
Issuer reserves the right and power to reduce the tax levies in
accordance with the provisions of Minnesota Statutes,
Section 475. 61.
Section 5. Defeasance. When all of the Obligations
have been discharged as provided in this section, all pledges,
covenants and other rights granted by this resolution to the
holders of the Obligations shall cease. The Issuer may
discharge its obligations with respect to any Obligations which
are due on any date by depositing with the Registrar on or
before that date a sum sufficient for the payment thereof in
full; or, if any Obligation should not be paid when due, it may
nevertheless be discharged by depositing with the Registrar a
•
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• sum sufficient for the payment thereof in full with interest
accrued from the due date to the date of such deposit . The
Issuer may also at any time discharge its obligations with
respect to any Obligations, 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 time and at such rates and maturing or callable
at the holder 's option on such dates as shall be required to
pay all principal and interest to become due thereon to
maturity.
Section 6. Registration of Obligations . The 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 additional information as the
Auditors may require, and to obtain a certificate from each
Auditor that the Obligations have been duly entered upon their
bond registers and the tax required by law has been levied.
Section 7. Authentication of Transcript. The
officers of the Issuer 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, the
attorneys rendering an opinion as to the legality thereof,
• certified copies of all proceedings and records relating to the
Obligations and such other affidavits, certificates and
information as may be required to show the facts relating to
the legality and marketability of the Obligations, 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 8 . Tax Covenant .
(a) The Issuer covenants and agrees with the
registered owners from time to time of the Obligations 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 Obligations to become subject
to taxation under the Internal Revenue Code of 1986, as
amended (the Code) and applicable Treasury Regulations (the
Regulations) ; and that it will take, or it will cause its
officers, employees or agents to take, all actions which
may be necessary to insure that such interest will not
become subject to taxation under the Code, including,
without limitation, compliance with Section 148 of the
•
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Code. References to the Code herein include all
regulations, amended regulations and proposed regulations
issued thereunder as now existing or as hereafter amended
or proposed. The Issuer represents and covenants that the
capital equipment financed by the issuance of the
Obligations will be owned by the Issuer and used in its
municipal operations. The Issuer will not enter into any
lease or other agreement respecting the equipment which
would cause the Obligations to be considered "private
activity bonds" or "private loan bonds" pursuant• to Section
141 of the Code.
(b) The Mayor and the Manager being the officers of
the Issuer charged with the responsibility for issuing the
Obligations pursuant to this resolution, are authorized and
directed to execute and deliver to the Purchaser a
certificate in order to satisfy the provisions of Section
148 of the Code and the Regulations .
Section 9 . Arbitrage Rebate Exemption. It is hereby
found that the Issuer has general taxing powers, that no
Obligation is a "private activity bond" within the meaning of
Section 141 of the Code, that 95% or more of the net proceeds
of the Obligations are to be used for local governmental
activities of the Issuer, and that the aggregate face amount of
all tax-exempt obligations (other than private activity bonds)
issued by or on behalf of the Issuer and all subordinate
entities thereof during the year 1990 is not reasonably
expected to exceed $5, 000,000 . Therefore, pursuant to the
provisions of Section 148(f) (4) (C) of the Code, the Issuer
shall not be required to comply with the arbitrage rebate
requirements of paragraphs (2) and (3) of Section 148(f) of the
Code.
Section 10 . Qualified Tax-Exempt Obligations . This
Council hereby designates the Obligations as "qualified
tax-exempt obligations" for purposes of Section 265(b) (3) of
the Code relating to the deductibility of certain interest
expenses of financial institutions, and hereby finds that the
reasonably anticipated amount of qualified "tax-exempt
obligations" (within the meaning of Section 265(b) (3) of the
Code) which will be issued by or on behalf of the Issuer and
all subordinate entities thereof during calendar year 1990 does
not exceed $10, 000, 000 .
•
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h
• Section 11. Official Statement . The Official
Statement relating to the Obligations, dated February 27, 1990,
and the addendum thereto, prepared and delivered on behalf of
the Issuer by Springsted Incorporated, is hereby approved. The
officers of the Issuer are hereby authorized and directed to
execute such certificates as may be appropriate concerning the
accuracy, completeness and sufficiency thereof .
Approved i: -11ze2
Ma or 'Pro Tem
Attest :
Cit Clerk
•
The motion for the adoption of the foregoing
resolution was duly seconded by Member Makowske and
upon vote being taken thereon, the following voted in favor
thereof :
Ranallo, Makowske, Marks , Enrooth
and the following voted against the same:
None
whereupon the resolution was declared duly passed and adopted.
•
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