8.2 SR 04-19-2021 - Laserfiche WebLink

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aggregate principal amount not to exceed $1,750,000 plus the amount of any premium. 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, delivery and payment of the Bonds and the execution and delivery related documents and certificates shall have the same force and effect as if such resolution had been adopted by this Council. The City Clerk or Commission staff is authorized and directed to file a certified copy of this resolution and the resolution of the Commission with the County Auditor of Sherburne County and to obtain the certificate required by Minnesota Statutes, Section 475.63. 4. No Designation of Qualified Tax -Exempt Obligations. The Bonds will not be designated as a "qualified tax-exempt obligation" within the meaning of Section 265(b)(3) of the Code. 5. General Obligation Pledge. For the prompt and full payment of the principal of and interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of the City will be and are hereby irrevocably pledged. If the balance in the debt service fund established by the Commission for the Bonds is ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable therefrom, the deficiency will be promptly paid out of monies in the general fund of the City which are available for such purpose, and such general fund may be reimbursed with or without interest from the debt service fund when a sufficient balance is available therein. The City hereby determines that the estimated collection of net revenues of the Water Utility pledged for the payment of principal and interest on the Bonds will produce at least 5% in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds. 6. Consultants. This Council hereby approves the selection of Baker Tilly Municipal Advisors, LLC, in Saint Paul, Minnesota ("Baker Tilly"), as municipal advisor to the City and the Commission, to assist in the offer and sale of the Bonds. The City and the Commission are authorized by Minnesota Statutes, Section 475.60, subdivision 2(9) to negotiate the sale of the Bonds, it being determined that the City and the Commission have retained an independent municipal advisor in connection with such sale. The actions of the City and Commission staff and the City's and Commission's municipal advisor in negotiating the sale of the Bonds are ratified and confirmed in all aspects. This Council 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. 7. 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. 8. Official Statement. In connection with said competitive negotiated sale, the Finance Manager and other officers or employees of the Commission and the officers or employees of the City are hereby authorized to cooperate with Baker Tilly 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. The motion for the adoption of the foregoing resolution was duly seconded by member and, after full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: 2 LL185-69-710070.vl