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2001.08.20 RESO 2001-0042
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2001.08.20 RESO 2001-0042
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City Council
Document Type
Resolutions
Meeting Date
8/20/2001
Meeting Type
Regular
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N <br />WHEREAS, the City is an obligated person under the provisions of Rule <br />15c2-12 (the "Rule") promulgated by the Securities and Exchange Commission pursuant <br />to the Securities and Exchange Act of 1934, as amended, and is therefore subject to <br />continuing disclosure requirements under the Rule and accordingly, the City will enter <br />into a Continuing Disclosure Agreement (the "Continuing Disclosure Agreement") with <br />the Trustee; <br />WHEREAS, unless an exception is available, bonds which are tax-exempt <br />are subject to the federal arbitrage requirement of rebating earnings in excess of the bond <br />yield on certain investments; <br />WHEREAS, ordinarily bonds are subject to rebate if issued by a <br />governmental unit that lacks general taxing powers, such as the Authority-, <br />WHEREAS, if the Authority issues bonds on behalf of a governmental <br />unit with general taxing powers, such as the City it will be treated as having general <br />taxing powers if the bonds do not exceed the lesser of $5,000,000 or such amount of the . <br />$5,000,000 small issuer limitation as a governmental unit with general taxing powers <br />may allocate to the Authority; and <br />WHEREAS, the City is a governmental unit with general taxing powers. <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Hugo, Minnesota, as follows: <br />1. Authorization of Bonds: Documents Presented. The Authority <br />proposes to issue its Public Facility Lease Revenue Bonds, Series 2001 (City of Hugo, <br />Minnesota Lease Obligation) (the "Bonds") payable from rental payments to be made by <br />the City under the Lease as hereinafter described. The Bonds shall be in an aggregate <br />principal amount of $1,870,000 (plus any amount representing original issue discount) <br />and shall bear interest at the rates as are prescribed by the Indenture. Forms of the <br />following documents (collectively, the "Bond Documents") relating to the Bonds and the <br />Project have been submitted to the City Council and are now on file in the office of the <br />Administrator: <br />(a) the Ground Lease; <br />(b) the Lease; and <br />(c) the Continuing Disclosure Agreement. <br />2. _Auuroval and Execution of Bond Documents. The Mayor and the <br />Administrator are hereby authorized and directed to execute, and deliver, on behalf of the <br />City the Bond Documents in substantially the forms on file with the Administrator. All <br />of the provisions of the Bond Documents when executed and delivered as authorized <br />herein shall be deemed to be a part of this resolution as fully. and to the same extent as if <br />incorporated herein and shall be in full force and effect from the date of execution and <br />delivery thereof. <br />1299457vl 2 <br />
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