RES 14-07 - Laserfiche WebLink

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E and hereby approved and made a part hereof. The Bonds shall be special obligations of the City payable solely from the net revenues of the electric utility system of the Commission and shall not constitute a debt for which the full faith and credit or taxing powers of the City will be pledged. 3. Terms of Sale. The City hereby approves the issuance of the Bonds and Terms of Proposal and delegates to the Commission the authority to award the sale of the Bonds in an aggregate principal amount not to exceed $2,250,000. The resolution of the Commission awarding the sale of the Bonds, fixing the form and details of the Bonds, establishing the terms of the Bonds and the security therefor, and providing for the execution and delivery of the Bonds shall have the same force and effect as if such resolution had been adopted by this Council. 4. Qualified Tax Exempt Obligations. In order to qualify the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City makes the following factual statements and representations: (a) the Bonds are not"private activity bonds" as defined in Section 141 of the Code; (b) the Prior Bonds were designated as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code, the proposed average maturity of the Bonds is not longer than the average maturity of the Prior Bonds and the Bonds are proposed to mature not later than 30 years after the date the Prior Bonds were issued and therefore the Bonds issued to refund the outstanding principal amount of the Prior Bonds are deemed designated as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code; (c) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds that are not qualified 501(c)(3) bonds) which will be issued by the City (and all subordinate entities of the City) during calendar year 2014 will not exceed $10,000,000; and (d) not more than $10,000,000 of obligations issued by the City during calendar year 2014 have been designated for purposes of Section 265(b)(3) of the Code; (e) the aggregate face amount of the issue of the Bonds is not greater than $10,000,000; and (f) the City, hereby designates the Bonds, to the extent the principal amount exceeds the outstanding principal amount of the Prior Bonds, as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code. 5. Consultants. This Council hereby approves the selection of Springsted Incorporated, in Saint Paul, Minnesota ("Springsted"), as financial advisor to the City and the Commission, to assist in the offer and sale of the Bonds, and hereby approves the selection of Kennedy & Graven, Chartered, as bond counsel to the City and the Commission, to render an approving legal opinion with respect to the Bonds. 438053v2 JSB ELI 85-25 2