93-042 RES - Laserfiche WebLink

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. . . 12. It is hereby determined that the funds available to the Debt Service Account pursuant to this Resolution (including from the foregoing ad valorem tax levies) will be in amounts not less than 5% in excess of the amount needed to meet, when due, the principal of and interest on the certificate. The City Finance Director is directed to file a certified copy of this Resolution with the County Auditor of Sherburne County and to obtain the certificate of the County Auditor required by Minnesota Statutes, Section 475.63. 13. The officers of the City are hereby authorized and directed to prepare and furnish upon request to the Purchaser and to the attorneys approving the Certificate, certified copies of proceedings and records of the City relating to the Certificate and to the financial condition and affairs of the City, and to furnish such other certificates, affidavits, and transcripts as may be required to show facts within their knowledge or as shown by the books and records in their custody and under their control relating to the validity and marketability of the certificate, and such instruments, including any heretofore furnished, shall be deemed representations of the City as to the facts stated therein. 14. The City covenants and agrees with the Registered Owner from time to time of the certificate that the City 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 Certificate to become generally subject to taxation under the Internal Revenue Code of 1986, as amended (the "Code"), and regulations issued thereunder, as now existing or as hereafter amended or proposed and in effect at the time of such action, and that the City will take, or it will cause to be taken, all affirmative actions within its power which may be necessary to insure that such interest will not become subject to income taxation under the Code. 15. The City shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income under section 103 of the Code of the interest on the Certificate, including without limitation (1) requirements relating to temporary periods for investments, (2) limitations on amounts invested at a yield greater than the yield on the Certificate, and (3) the rebate of excess investment earnings to the' United States if the Certificate (together with other obligations reasonably expected to be issued and outstanding at one time in this calendar year) exceed the small issuer exception amount of $5,000,000. For purposes of qualifying for the small issuer exception to the federal arbitrage rebate requirements, the City hereby finds, determines and declares that (1) the 245850 8