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25. Taxable Status of the Bonds. It is hereby determined that the Bonds are to <br />be issued as fully taxable obligations, and all interest received on the Bonds is to be included in <br />the gross income of the Holder of any Bond for federal income taxation purposes and, to the <br />same extent, in both gross income and taxable net income for state income taxation purposes. <br />26. Payment of Issuance Expenses. The City authorizes the Purchaser to <br />forward the amount of Bond proceeds allocable to the payment of issuance expenses to Resource <br />Bank & Trust Company, Minneapolis, Minnesota on the closing date for further distribution as <br />directed by the City's financial advisor, Ehlers and Associates, Inc. <br />27. Severability. If any section, paragraph or provision of this resolution shall <br />be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such <br />section, paragraph or provision shall not affect any of the remaining provisions of this resolution. <br />28. Headings. Headings in this resolution are included for convenience of <br />reference only and are not a part hereof, and shall not limit or define the meaning of any <br />provision hereof. <br />The motion for the adoption of the foregoing <br />resolution was duly seconded by member Leroux and, <br />after a full discussion thereof and upon a vote being taken thereon, the following voted in favor <br />thereof: <br />Mayor Stoltzman; Council Members Barnes, Haas, Leroux, Petryk. <br />and the following voted against the same: <br />None <br />Whereupon said resolution was declared duly passed and adopted. <br />Walter Stoltzman <br />Mayor <br />TTEST: <br />Mary AiftY Crea er (� <br />City -Treasurer <br />STATE OF MINNESOTA <br />1221%8.1 22 <br />