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<br />21. Escrow Agreement. On or prior to the date of delivery <br />of the Bonds the Mayor and City Administrator are hereby . <br />authorized to execute, on behalf of the City, the Escrow <br />Agreement substantially in the form'heretofore presented to the <br />City but with such insertions and modifications as shall be <br />deemed by them to be necessary to accomplish its purposes, as <br />evidenced by their execution and 'delivery thereof. All terms and <br />conditions of such Escrow Agreem"ent, as so executed and <br />delivered, are hereby approved and; adopted and made a part of <br />this Resolution. <br /> <br />22." Purchase of Securities. Springsted Incorporated, the <br />City's public finance advisor for the Bonds, is hereby <br />authorized, in consultation and coordination.with the City <br />Finance Director to solicit sufficient bids and to purchase or <br />cause to be purchased for and on behalf of the City and/or the <br />Escrow Agent the appropriate securities (including United States <br />Tre~surySecurities) to be placed in the Escrow Account and to <br />execute all such documents (including the appropriate <br />subscription forms, if applicable) required to effect such <br />purchase. <br /> <br />23. Records and Certificates. The officers of the City are <br />hereby authorized and directed to prepare and furnish to the <br />Purchaser, and to the attorneys approving the legality of the <br />issuance o~ the Bonds, certified copies of all proceedings and <br />records of the City relating to the Bonds and to the ~inancial <br />condition and affairs of the City, and such other affidavits, . <br />certificates and information as are required to show the facts <br />relating to the Bonds as the same appear from the books and <br />records under their custody and control or as otherwise known to <br />them, and all such certified copies, certificates and affidavits, <br />including any heretofore furnished, shall be deemed <br />representations of the City as to the facts recited therein. <br /> <br />24. Negative Covenant as to Use of Proceeds and <br />Improvements. The City hereby covenants not to use the <br />Improvements or to cause or permit the Improvements to be used, <br />or to enter into any deferred paYment arrangements for the cost <br />of the Improvements, in such a manner as (or to take any action <br />or permit any other circumstance to exist or any action to be <br />taken, the effect to which would be) to cause the Bonds to be <br />"private activity bonds" within the meaning of Sections 103 and <br />141 through 150 of the Code. In particular, but without <br />limitation, the City"covenants to forebear the implementation, <br />effectuation or enforcement of any and all contracts or other <br />agreements respecting the Improvements or any property benefitted <br />thereby or assessed with respect thereto, which it may now or in <br />the future have with developers, contractors, owners, lessees, <br />managers, or any other person or parties to the extent that such <br />implementation, effectuation or enforcement would (individually <br />or in the aggregate) cause the Bonds to become such "private <br />activity bonds," and to said limited extent the City would and . <br />hereby does (solely for the benefit of the owners of the Bonds) <br /> <br />1079939.2 <br /> <br />22 <br />