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26. Certificate of Recristration. The Clerk -Treasurer <br />is hereby directed to file a certified copy of this resolution <br />-_with the County Auditor of Washington County, Minnesota, together <br />with such other information as he or she shall require, and to <br />obtain -the County Auditor's Certificate that the Bonds have been <br />entered -in the County Auditor's Bond Register, that the tax levy <br />for the Prior Bonds has been cancelled, and that the tax levy <br />required by law for the Bonds has been made. <br />27.- Records and Certificates. The officers of the <br />City awe hereby authorized.. -and directed. to prepare and furnish to <br />the Purchaser, and to the attorneys approving the legality of the <br />issuance of the Bonds, certified copies of all proceedings and <br />records -of -the City relating to the Bonds and to the financial <br />condition and affairs of the City, and such other affidavits, <br />-condition <br />and information as are required to show the facts <br />relating to the legality and marketability of the Bonds -as the <br />same appear from the books and records under their custody and <br />`control -or as otherwise known to them, and all such certified <br />copies; --certificates and affidavits, including any re furnished, <br />shall -'be deemed representations of the City as to the facts <br />recited therein. <br />28. Negative Covenant as to Use of Proceeds and <br />Project-: The City hereby covenants not to use the proceeds of <br />the Bonds or to use the Project, or to cause or permit them to be <br />used, or to enter into any deferred payment arrangements for the <br />cost of the Project, in such a manner as to cause the Bonds to be <br />"private activity bonds" within the meaning of Sections 103 and <br />141 through 150 of the Code. <br />29. Tax -Exempt Status of the Bonds;- Rebate. The City <br />shall comply with requirements necessary under the Code to <br />establish and maintain the exclusion from gross income under <br />Section 103 of the Code of the interest on the Bonds, including <br />without limitation (1) requirements relating to temporary periods <br />for investments, (2) limitations on amounts invested at a yield <br />greater than the yield on the Bonds, and (3) the rebate of excess <br />investment earnings to the United States if the Bonds (together <br />with other obligations reasonably expected to be issued and <br />outstanding at one time in this calendar year) exceed the <br />small -issuer exception amount of $5,000,000. <br />For purposes of qualifying for the exception to the <br />federal arbitrage rebate requirements for governmental units <br />issuing $5,000,000 or'less of bonds, the City hereby finds, <br />determines and declares that (1) the Bonds are issued by a <br />governmental unit with general taxing powers, (2) no Bond is a <br />private activity bond, (3) ninety-five percent (95%) or more of <br />the net proceeds of the Bonds are to be used for local <br />913727.01 23 <br />