3.2. SR 05-23-1994 - Laserfiche WebLink

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. e e required at this time. The City Clerk is directed to file a certified copy of this Resolution with the County Auditor of Sherburne County and to obtain the certificate of said official required by Minnesota Statutes, section 475.63. 18. General Obliaation Pledge. The full faith and credit and taxinq powers of the City are hereby pledqed to the paYment of the principal of and interest on the Bonds, and in the event of any current or anticipated deficiency of funds in the Debt Service Account of amounts needed to make any such paYment, when due, the Council shall levy ad valorem taxes on all taxable property in the City in the amount of such deficiency. If the balance in the Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable therefrom, the deficiency shall be promptly paid out of any other funds of the City which are available for such purpose, and such other funds may be reimbursed with or without interest from the Debt Service Account when a sufficient balance is available therein. 19. Records and Certificates. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser, and to the attorneys approvinq the leqality of the issuance of the Bonds, certified copies of all proceedinqs and records of the City relatinq to the Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relatinq to the leqality and marketability of the Bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, includinq any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 20. Negative Covenant as to Use of Improvements. The City hereby covenants not to use the Improvements or to cause or permit the Improvements to be used, or to enter into any deferred paYment arranqements for the cost of the Improvements, in such a manner as to cause the Bonds to be "private activity bonds" within the meaninq of Sections 103 and 141 throuqh 150 of the Code. 21. Tax-ExemDt Status of the Bonds: Rebate. The City shall comply with requirements necessary under the Code to establish and maintain the exclusion from qross income under section 103 of the Code of the interest on the Bonds, includinq without limitation (1) requirements relatinq to temporary periods for investments, (2) limitations on amounts invested at a yield qreater than the yield on the Bonds, and (3) the rebate of excess investment earninqs to the United States if and to the extent 264048.1 17