88-028 RES - Laserfiche WebLink

Home Browse Search

'. . condition precedent thereto, the Issuer hereby covenants and agrees that it will forthwith do all such further things and take all such further proceedings as shall be required by law to make such assessment a valid and binding lien upon said property. 4.03. Pledqe of Full Faith and Credit. The Issuer pledges its full faith and credit to the payment of the Bonds. In the event that said special assessments do not prove sufficient to pay principal and interest on the Bonds, the Issuer will promptly levy taxes as necessary for such payment without limitation as to rate or amount. Section 5. Miscellaneous. 5.01. Qualified Tax Exempt Obliqations. The Bonds are hereby designated as "Qualified Tax-Exempt obligations" as such term is defined in Section 265(b)(3) of the Code. The Issuer represents and covenants that it does not reasonably anticipate issuing bonds which would constitute Qualified Tax Exempt obligations in an aggregate amount greater than $10,000,000 in 1988. 5.02. County Auditor Registration. The Clerk is directed to file with the County Auditor of Sherburne County a certified copy of this resolution and to obtain from the County Auditor a certificate stating that the Bonds have been entered upon his . bond register. 5.03. Authentication of Transcript. The officers of the Issuer and said County Auditor are authorized and directed to prepare and furnish to the purchasers of the Bonds, and to bond counsel, certified copies of all proceedings and records of the Issuer relating to the authorization and issuance of the Bonds and such other affidavits and certificates as may reasonably be required to show the facts relating to the legality and marketability of the Bonds as such facts appear from the officers' books and records or are otherwise known to them. All such certified copies, certificates, and affidavits, including any heretofore furnished, shall be deemed representations of the Issuer as to the correctness of all statements contained therein. . 5.04. Arbitraqe. (a) The Issuer covenants and agrees with the holders from time to time of the Bonds herein authorized 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 payable on the Bonds to become subject to taxation under the Code; and that it will take, or will cause its officers, employees, or agents to take, all affirmative actions within its powers which may 15.