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.
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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.
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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
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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~ ~