RES 16-30 - Laserfiche WebLink

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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 $10,000,000. 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 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 2016 will not exceed $10,000,000; and (c) not more than $10,000,000 of obligations issued by the City during calendar year 2016 have been designated for purposes of Section 265(b)(3) of the Code; (d) the aggregate face amount of the issue of the Bonds is not greater than $10,000,000; and (e) 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 municipal 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. 6. Continuing Disclosure. The City and the Commission will enter into a Continuing Disclosure Certificate (the "Certificate"), dated the date of closing, a form of which is on file with the City. The Mayor and City Clerk of the City are hereby authorized to sign the Certificate. 7. Official Statement. In connection with said competitive negotiated sale, the Finance and Office Manager and other officers or employees of the Commission and the officers or employees of the City are hereby authorized to cooperate with Springsted and participate in the preparation of an official statement for the Bonds, and to execute and deliver it on behalf of the Commission and the City upon its completion. 479010v1 JSB EL185-41 2