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HomeMy WebLinkAboutResolution 87-38CITY OF COLUMBIA HEIGHTS, MINNESOTA Resolution No. 87-38 RESOLUTION AWARDING THE SALE OF, AND PROVIDING THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR $2,230,000 GENERAL OBLIGATION REFUNDING IMPROVEMENT BONDS OF 1987, SERIES A. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLUMBIA HEIGHTS, MINNESOTA, AS FOLLOWS: Section 1. Award of Sale~ Term of Bonds. 1.01. Award of Sale. The City Council (the "Council") of the City of Columbia Heights, Minnesota (the "Issuer") hereby awards the sale of $2,230,000 General Obligation Refunding Improvement Bonds of 1987, Series A (the "Bonds") to a syndicate headed by The First National Bank of Saint Paul (the "Purchaser") as the bidder offering the lowest net interest cost by its bid to purchase the Bonds at a price of $2,203,240 plus accrued interest to the date of delivery, the Bonds to bear interest at the rates per annum as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 1988 5.00% 1992 6.00% 1989 5.25 1993 6.20 1990 5.50 1994 6.40 1991 5.75 1995 6.60 The City Manager of the Issuer is directed to return the good faith checks of the unsuccessful bidders. 1.02. Contract for Sale. The Mayor and the City Manager are hereby authorized and directed to execute a contract for the sale of the Bonds on behalf of the Issuer in accordance with the terms of the accepted bid. The good faith check of the Purchaser shall be retained by the City Manager until the Bonds have been delivered and the purchase price has been paid. 1.03. Maturities. The Issuer shall issue the Bonds in the aggregate principal amount of $2,230,000 dated June 1, 1987 as fully registered bonds. The Bonds shall be in denominations of $5,000 or any integral multiple thereof not exceeding the principal amount of a single maturity, shall be numbered from R-1 upwards in order of issuance, and shall bear interest at the rates set forth above, payable September 1, 1987 and semiannually thereafter on each March I and September 1, and shall mature on March 1 in the years and amounts as follows: Year Amount Year Amount 1988 $245,000 1992 $275,000 1989 260,000 1993 280,000 1990 265,000 1994 300,000 1991 275,000 1995 330,000 Bonds issued in exchange for Bonds shall be dated as of the date of authentication thereof and shall bear interest from the date to which interest due and payable has been paid in full on the Bonds surrendered, except that Bonds issued upon a transfer or exchange prior to the first interest payment date shall be dated as of June 1, 1987. 1.04. Redemption. All Bonds maturing on or after March 1, 1992, shall be subject to redemption and prior payment in whole or in part in inverse order of maturity and by lot within maturity at the option of the Issuer on March 1, 199t, and any interest payment date thereafter at a price of the principal amount thereof plus accrued interest. Thirty days' prior notice of redemption shall be given by mail to the Registrar and to the registered owners of the Bonds, and notice of redemption will be published in the manner provided by Minnesota Statutes, Chapter 475. Upon notice having been so given, the Bonds or portions of Bonds therein specified shall be due and payable at the stated redemption date and price with accrued interest to the redemption date, and upon funds for such payment being held by or on behalf of the Registrar for such payment on the specified redemption date, interest thereon shall cease to accrue after such redemption date. No defect in the mailed notice of redemption shall affect the validity of the call for redemption of any Bond. 1.05. Registration. The Issuer shall appoint, and shall maintain, a bond registrar, transfer agent and paying agent (the Registrar). 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 Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, transferred or exchanged. (b) Transfer of Bonds. Upon surrender for transfer of any Bond 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 Bonds 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 Bonds. Whenever any Bond is surrendered by the registered owner for exchange, the Registrar shall authenticate and deliver one or more new Bonds of a like aggregate principal amount and maturity, as requested by the registered owner or the owner's attorney duty authorized in writing. (d) Cancellation. All Bonds 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 Bond is presented to the Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on such Bond or separate instrument of transfer is legally authorized. The Registrar shall incur no liability for its 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 Bond is at any time registered in the bond register as the absolute owner of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on such Bond 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 of the Issuer upon such Bond to the extent of the sum or sums so paid. (g) Taxes~ Fees and Charges. For every transfer or exchange of Bonds, 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 Bonds. In case any Bond shall become mutilated or be lost, stolen or destroyed, the Registrar shall deliver a new Bond of like amount, number, maturity date and tenor in exchange and substitution for and upon cancellation of any such mutilated Bond or in lieu of and in substitution for any such Bond lost, stolen or destroyed, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a Bond lost, stolen or destroyed, upon filing with the Registrar of evidence satisfactory to it that such Bond was lost, stolen or destroyed, 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 Bonds so surrendered to the Registrar shall be cancelled by it and evidence of such cancellation shall be given to the Issuer. If the mutilated, lost, stolen or destroyed Bond has already matured or been called for redemption in accordance with its terms, it shall not be necessary to issue a new Bond prior to payment. 1.06. Api~ointment of Initial Registrar. The Issuer hereby appoints Marquette Bank Minneapolis, as the initial Registrar. The Mayor and the City Manager are authorized to execute and deliver, on behalf of the Issuer, a contract with Marquette Bank Minneapolis, as 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 the services performed. The Issuer reserves the right to remove any 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 Bonds in its possession to the successor Registrar and shall deliver the bond register to the successor Registrar. On or before each principal or interest due date, without further order of this Council, the Clerk-Treasurer of the Issuer shall transmit to the Registrar, from the Bond Fund described in Section 5.01 hereof, moneys sufficient for the payment of all principal and interest then due. 1.07. Manner of Payment. The Bonds shall be payable as to principal upon presentation at the main office of the Registrar. If the stated maturity date for payment of principal of any Bond shall not be a business day, then such payment shall be made on the next succeeding business day with the same force and effect as if made on the stated maturity, and without additional interest accruing thereon for the period after such stated maturity. Interest on each Bond shall be payable by check or draft of the Registrar mailed on the interest payment date or, if the interest payment date is not a business day, then such payment shall be mailed on the first business day following the interest payment date with the same force and effect as if payment were made on the interest payment date, to the person who was the registered holder thereof at the close of business on the 15th day (whether or not a business day) of the calendar month next preceding the interest payment date, at his or her address as it appears on the bond register. For purposes of this resolution "business day" shall mean any day other than a Saturday, Sunday, or other day on which banks in the city in which the principal office of the Registrar is located are authorized to be closed. Section 2. Form of the Bonds. 2.01. The Bonds shall be in substantially the following form, with the necessary variations as to number, CUSIP Number, rate of interest and date of maturity, the blanks to be properly filled in: 4 No. R- Rate UNITED STATES OF AMERICA STATE OF MINNESOTA ANOKA COUNTY CITY OF COLUMBIA HEIGHTS $ GENERAL OBLIGATION REFUNDING IMPROVEMENT BOND OF 1987, SERIES A Nominal Date Maturity of Original Issue CUSIP June 1, 1987 The City of Columbia Heights, Minnesota (the "Issuer"), for value received, hereby certifies that it is indebted and hereby promises to pay to or registered assigns, the principal sum of dollars ($ ) on the maturity date specified above, upon the presentation and surrender hereof, and to pay to the registered owner hereof interest on such principal sum at the interest rate specified above from June 1, 1987, or the most recent interest payment date to which interest has been paid or duly provided for as specified below, on March 1 and September 1 of each year, commencing September 1, 1987, until said principal sum is paid. Principal and the redemption price are payable in lawful money of the United States of America at as Registrar, Transfer Agent and Paying Agent, in Minnesota, or at the offices of such successor agent as the Issuer may designate upon 30 days notice to the registered owners at their registered addresses (the "Registrar"). Interest shall be paid on each March I and September I by check or draft mailed by first-class mail, postage prepaid, on the interest payment date, or if the interest payment date is not a Business Day, then on the first Business Day thereafter, to the person in whose name this Bond is registered at the close of business on the 15th day of the month preceding such interest payment date (whether or not a Business Day) at his or her address set forth on the bond register maintained by the Registrar. Any such interest not punctually paid or provided for will be paid to the person in whose name this Bond is registered at the close of business on a special record date established by the Registrar for the payment of such defaulted interest. "Business Day" shall mean any day other than a Saturday, Sunday, or other day when banks located in the city in which the principal office of the Registrar is located are authorized to be closed. Bonds of this Series maturing in the years 1988 through 1991 are not subject to redemption prior to maturity. The Bonds of this series maturing on or after March 1, 1992, are subject to redemption at the option of the Issuer in whole or in part in inverse order of maturity and by lot within a maturity, on March 1, 1991 and any interest payment date thereafter at a price equal to the principal amount thereof and accrued interest. Thirty days' prior notice of redemption will be given by mail to the Registrar and to the registered owners, and notice of redemption will be published in the manner provided by Minnesota Statutes, Chapter 475. No defect in mailed notice will affect the validity of the call for redemption. 5 This Bond is one of a series of Bonds in the aggregate principal amount of Two Million Two Hundred Thirty Thousand Dollars ($2,230,000), all of like date and tenor except for number, interest rate, denomination, date of maturity and redemption privilege, and is issued for the purpose of providing funds to refund the outstanding principal amount of the Issuer's General Obligation Refunding Bonds of 1985, Series B, and is issued pursuant to an authorizing resolution (the "Resolution") duty adopted by the Issuer on May 26, 1987, and pursuant to and in full conformity with the City Charter of the Issuer and the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 475. The Bonds of this series are payable primarily from the Permanent Improvement Fund Bonds of 1982 Debt Service Account in the Issuer's Sinking Fund. All taxable property within the Issuer is subject to the levy of ad valorem taxes required by law to be levied and extended if needed for this purpose, without limitation of rate or amount. The issuance of this bond does not cause the indebtedness of the Issuer to exceed any constitutional, statutory, or charter limitation thereon. The Bonds of this series are issuable only as fully registered bonds without coupons in denominations of $§,000 or any integral multiple thereof not exceeding the principal amount maturing in any one year. As provided in the Resolution, and subject to certain limitations set forth therein, this Bond is transferable upon the books of the Issuer kept for that purpose at the principal office of the Registrar, by the registered owner hereof in person or by such owner's attorney duly authorized in writing, upon surrender of this Bond together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or such owner's duly authorized attorney; and may also be exchanged for Bonds of other authorized denominations. Upon such transfer or exchange and the payment of any tax, fee or governmental charge required to be paid by the Issuer or the Registrar with respect to such transfer, there will be issued in the name of the transferee a new Bond or Bonds of the same aggregate principal amount as the surrendered Bond, bearing interest at the same rate and maturing on the same date. It is hereby Certified and Recited that all acts, conditions and things required by the Constitution and taws of the State of Minnesota to be done, to exist, to happen and to be performed in order to make this Bond a valid and binding general obligation of the Issuer according to its terms, have been done, do exist, have happened and have been performed in due form, time and manner as so required. This Bond shall not be valid or become obligatory for any purpose until the Authentication Certificate hereon shall have been manually signed by a person authorized to sign on behalf of the Registrar. IN WITNESS WHEREOF, the City of Columbia Heights, Minnesota has caused this Bond to be executed with the facsimile signatures of its Mayor and by its City Manager, all as of the Nominal Date of Original Issue specified above. Dated: (Facsimile) City Manager CITY OF COLUMBIA HEIGHTS, MINNESOTA By (Facsimile) Mayor Certificate of Authentication This is one of the Bonds described in the within mentioned Resolution. Bond Registrar By Authorized Signature unto ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers (Please Print or Typewrite Name and Address of Transferee. Include information for all joint owners if the Bonds are held by joint account.) the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises. Dated: Signature Guaranteed by: Signature(s) must be guaranteed by a commercial bank or trust company or by a brokerage firm having membership in one of the major stock exchanges. Notice: The signature(s) on this assignment must correspond with the name(s) which appear on the face of this Bond in every particular, without alteration or any change whatever. Please Insert Social Security Number or Other Identifying Number of Assignee (Form of Certificate) CERTIFICATE AS TO LEGAL OPINION I, Robert S. Bocwinski, City Manager of the City of Columbia Heights, Minnesota, hereby certify that except for the date line, the above is a full, true and compared copy of the legal opinion of Holmes & Graven, Chartered, of Minneapolis, Minnesota, which was delivered to me upon delivery of the bonds and is now on file in my office. (Facsimile) City Manager Section 3. Execution and DeliverV. The Bonds shall be executed on behalf of the Issuer by the signatures of the Mayor and the City Manager of the Issuer, and shall be sealed with the official corporate seal of the Issuer; provided that said signatures and the corporate seal may be printed, engraved, or lithographed facsimiles thereof. In case any officer whose signature, or a facsimile of whose signature, shall appear on the Bonds shall cease to be such officer before the delivery of any Bond, such signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. Notwithstanding such execution, no Bond 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 Bond has been duly executed by the manual signature of an authorized representative of the Registrar. Certificates of authentication on different Bonds need not be signed by the same representative. The executed certificate of authentication on each Bond shall be conclusive evidence that it has been authenticated and delivered under this resolution. When the Bonds have been so executed and authenticated, and upon receipt of the approving legal opinion of Holmes & Graven, Chartered, they shall be delivered by the City Manager to the Purchaser thereof upon payment of the purchase price in accordance with the contract of sale to be made and executed, and the purchaser shall not be obligated to see to the application of the purchase price. Section 4. Refunding of Prior Issue. 4.01. Application of Proceeds. The proceeds of the Bonds are hereby appropriated as follows: (a) an amount sufficient to redeem the outstanding balance of the Issuer's General Obligation Refunding Bonds of 1985, Series B (the "Prior Issue") (currently estimated to be $2,195,000) shall be deposited in United States Treasury Obligations maturing on or before September 1, 1987, and shall be applied to the redemption of the outstanding principal balance of the Prior Issue ($2,195,000) on September 1, t987; and (b) an amount equal to the costs of issuing the Bonds (currently estimated to be $10,000) shall be applied to the payment thereof. Section 5. Bond Fund~ Rebate Account~ Pledges, Appropriations. 5.01. Bond Fund. The Issuer's Permanent Improvement Fund Bonds of 1982 Debt Service Account in the Issuer's Sinking Fund (the "Debt Service Account") created on the official records of the Issuer by Resolution No. 82-55, adopted on October 25, 1982, shall continue to be held and administered by the Clerk- Treasurer, deposited in one or more banks duly qualified as depositories of funds of the Issuer, separate from all other bank accounts, and invested and reinvested in accordance with resolutions of the Issuer and Minnesota Statutes, Section 475.66, and shall be used only to pay principal and interest and expenses of payment when due on general obligation improvement bonds of the Issuer made payable therefrom, including the Bonds, until ali such principal and interest and expenses have been fully paid and the Issuer has been fully reimbursed from special assessments as provided in Resolution No. 82-55; provided that if any payment falls due when the balance in the Debt Service Account is insufficient to pay it, the deficiency shall be paid out of any other funds of the Issuer available for that purpose, and advances so made may be repaid from the Debt Service Account when a sufficient balance is available therein. 5.02. Rebate Account. (a) There is hereby created an additional account in the Issuer's Sinking Fund, designated the "Series 1987A Refunding Improvement Bonds Rebate Account". (b) No later than one year following the date of the closing on the Bonds, on each anniverary thereof, and on the date of retirement of the last outstanding Bond, the Issuer shall calculate or cause to be calculated (i) the amount to be transferred to the Rebate Account, if any, necessary to increase the amount in the Rebate Account to the amount of Excess Earnings (as defined below) for the preceding twelve month period, or (ii) the amount to be transferred from the Rebate Account to the Debt Service Account, if any, necessary to reduce the amount in the Rebate Account to the amount of the Excess Earnings for such period; and the Issuer shall deposit such amount in the Rebate Fund no later than the fifteenth (15th) day of the same month. (c) The Issuer shall pay to the United States of America from monies on deposit in the Rebate Account the Excess Earnings on the fifth anniversary of the date of issuance of the Bonds, and on such date in each fifth year thereafter. (d) All amounts in the Rebate Account shall be used and withdrawn by the Issuer as required above solely for the purposes set forth in (b) and (c) above. In the event that the amount in the Rebate Account is for any reason insufficient to pay to the United States the amounts due as calculated in this Section, the Issuer shall transfer to the Rebate Account the amount of such deficiency. (e) Investment earnings on amounts held in the Rebate Account shall be retained in the Rebate Account. (f) For purposes of this resolution, "Excess Earnings" shall mean for any given period (1) the aggregate amount of interest, profits and other income earned in such period from the investment of amounts in the Bond Fund, and the investment of Bond proceeds in the Escrow Fund, less (2) the aggregate amount which would have been earned in such period if such investments had been at the yield on the Bonds, calculated pursuant to Section 148 of the Code compounded semiannually, plus (3) investment earnings allocable to the difference between (1) and (2) above. The amount described in clause (1) of this definition shall take into account any gain or loss realized on the disposition of investment securities credited to any such fund or account. On the date of retirement of the last Bond remaining unpaid, the amount described in clause (1) of this definition shall include any unrealized gain or loss as of such date. Excess Earnings shall not include any amount earned on the Debt Service Account if (i) the gross earnings on such account for the bond year is less than $100,000, and (ii) the Debt Service Account is depleted at least once in such bond year except for a carryover amount which does not exceed the greater of one year's earnings on the debt service account or one-twelfth of annual debt service on the Bonds. 5.03. Appropriations. The following sums are hereby appropriated and shall be credited as received to the Debt Service Account: (a) From the proceeds of the Bonds: (i) the accrued interest paid by the Purchaser from the date of issue to the date of delivery thereof; and (ii) the amount of proceeds in excess of $3,240.00 received from the sale of the Bonds. (b) All income and gain from investment of the Debt Service Account (to which all loss from such investment shall be charged) other than Excess Earnings required to be deposited in the Rebate Account. (c) All special assessments paid to the Issuer pledged to the payment of the Prior Issue pursuant to Resolution No. 85-43 of the Issuer adopted on September 9, 1985. (d) Any sums collected from taxes extended and assessed in connection with the Bonds. 5.04. Pledge of Full Faith and Credit. The full faith and credit and taxing powers of the Issuer are irrevocably pledged for the prompt and full payment of the principal of and interest on the Bonds and such other general obligation indebtedness as may be made payable from the Debt Service Account, as such principal and interest respectively become due. 5.05. Revenues Sufficient. It is estimated that the revenues pledged for the payment of the Bonds will produce sums in an amount not less than 5% in excess of the amounts needed to meet when due payments of principal of and interest on the Bonds, and accordingly no tax is levied by this Resolution for that purpose. 5.06. The Clerk-Treasurer of the Issuer is directed to keep on file in his office a tabulation of the dates and amounts of the principal and interest payments to become due and amounts of the principal and interest payments to become due on all bonds payable from the Debt Service Account. Section 6. Defeasance. When all of the Bonds have been discharged as provided in this Section 6, all pledges, covenants and other rights granted by this resolution to the holders of the Bonds shall cease. The Issuer may discharge its obligations with respect to any Bonds which are due on any date by irrevocably depositing with the Registrar on or before that date a sum sufficient for the 10 payment thereof in full; or, if any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The Issuer may also discharge its obligations with respect to any prepayable Bonds called for redemption on any date when they are prepayable according to their terms, by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full, provided that notice of the redemption thereof has been duty given as provided in Section 1.04 hereof. The Issuer may also at any time discharge its obligations with respect to any Bonds, 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 general obligations of the United States or securities of United States agencies which are authorized by law to be so deposited, bearing interest payable at such time and at such rates and maturing on such dates as shall be required, without reinvestment, to pay all principal and interest to become due thereon to maturity or, if notice or redemption as herein required has been duly provided for, to such earlier redemption date. Section 7. Non-Arbitrage Covenants; Certification of Proceedings; General Covenants. 7.01. Non-Arbitrage Covenants. (a) The Issuer covenants and agrees with the Purchaser and owners from time to time of the Bonds that the investments of gross proceeds of the Bonds, including the investment of any revenues pledged to the Bonds which are considered proceeds under the applicable regulations, and accumulated sinking funds, if any, shall be limited as to amount and yield in such manner that the Bonds shall not be arbitrage bonds within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended, and applicable Treasury Regulations. On the basis of the existing facts, estimates and circumstances, including the foregoing covenant, the Issuer hereby certifies that it is not expected that the proceeds of the Bonds will be used in such manner as to cause the Bonds to be arbitrage bonds under Section 148 and the applicable Treasury Regulations. The Mayor and the City Manager shall furnish an arbitrage certificate to the Purchaser embracing or based on the foregoing certification at the time of delivery of the Bonds to the Purchaser. (b) The Issuer further covenants to the United States of America any rebate payments required to be made pursuant to Section 148 of the Code as and at the times provided in Section 5.02 hereof. 7.02. Certification of Proceedings. The staff and officers of the Issuer are hereby authorized and directed to prepare and furnish to the Purchaser and to Holmes & Graven, Chartered, Bond Counsel, certified copies of all proceedings and records of the Issuer, and such other affidavits, certificates and information as may be required to show the facts relating to the legality and marketability of the Bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the Issuer as to the facts recited therein. 11 7.03. General Covenant. The Issuer covenants and agrees with the holders from time to time of the Bonds 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 on the Bonds to become subject to taxation under the Internal Revenue Code of 19547 as in effect immediately prior to the enactment of the Tax Reform Act of 1986, (the "Act") and read as including certain provisions of the Act as required by Section 1313(b) thereof, and the applicable Treasury Regulations, and covenants to take any and all actions within its powers to ensure that the interest on the Bonds will not become subject to taxation under the Code and such Treasury Regulations. 7.04. CountV Auditor Certificate. The City Manager is authorized and directed to certify a copy of this resolution, file the same with the County Auditor of Anoka County and obtain a certifications from such Auditor that the Bonds have been entered upon the bond register maintained by the Auditor. Mayor Attest: City M~ger 12 CERTIFICATION OF MINUTES Municipality: Governing body: Meeting: Members present: City of Columbia Heights, Minnesota City Council A meeting of the City Council of the City of Columbia Heights, held on the 26th day of May, 1987, at Y:30 p .m. at 590 40th Avenue Northeast, Columbia Heights, Minnesota. Mayor Nawrocki Councilmembers Paulson, Petkoff, Carlson, Peterson Members absent: None Documents: A copy of a resolution adopted by the City Council of the City of Columbia Heights at said meeting. Certification: I, Robert S. Bocwinski Heights do hereby certify the following: , City Manager of the City of Columbia Attached hereto is a true and correct copy of a resolution on file and of record in the offices of the City of Columbia Heights, which resolution was adopted by the City Council, at the meeting referred to above. Said meeting was a regular meeting of the City Council, was open to the public, and was held at the time and place at which meetings of the City Council are regularly held. Member Peterson moved the adoption of the attached resolution. The motion for adoption of the attached resolution was seconded by Member Car] son A vote being taken on the motion, the following voted in favor of the resolution: Nawrocki, Pau}son, Petkoff,. Carlson, Peterson and the following voted against the resolution: None Whereupon said resolution was declared duly passed and adopted. The attached resolution is in full force and effect and no action has been taken by the City Council of the City of Columbia Heights which would in any way alter or amend the attached resolution. Witness my hand officially as the City Manager of the City of Columbia Heights, this 26th day of ~ay , 198~ ~