Resolution 09-17 - Laserfiche WebLink

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2. Authorization for Issuance. The City shall forthwith issue the Bonds, which shall be in fully registered form without interest coupons and shall be dated, mature, bear interest, if applicable, be subject to redemption and be payable as provided in the forms of the Series 2009A Bond attached hereto as Exhibit B and the Series 2009B Bonds attached hereto as Exhibit C. 3. Purpose. The Bonds shall provide funds to finance the Project. The total cost of the Project, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds. Work on the Project shall proceed with due diligence to completion. The City covenants that it shall do all things and perform all acts required of it to assure that work on the Project proceeds with due diligence to completion and that any and all permits and studies required under law for the Project are obtained. 4. Security and Pledge of Pledged Revenues. The City hereby pledges to the payment of the principal and interest on the Bonds (i) any collection of donations to the City specifically for the library which are not required by the donor to be used for a purpose other than repayment of the bonds or the acquisition of the library building; (ii) all funds remaining in the Acquisition Account after and payment of the costs and expense payable therefrom; (iii) all investment earnings on funds held in the Debt Service Account; and (iv) any and all other moneys which are properly available and are appropriated by the governing body of the City to the Debt Service Account (collectively, the "Pledged Revenues"). As security for the payment of the principal of and interest on the Series 2009A Bond, the City Council hereby further pledges to the Series 2009A Bond only amounts held in the City's Library Endowment Fund (together with the Pledged Revenues,the"Series 2009A Pledged Revenues"). 5. Registrar. The Clerk-Treasurer of the City, is appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Registrar"), and shall do so unless and until a successor Registrar is duly appointed. Any successor Registrar shall act as bond registrar and transfer agent pursuant to any contract the City and successor registrar shall execute which is consistent herewith. The Registrar shall also serve as paying agent unless and until a successor paying agent is duly appointed. Principal and interest, if applicable, on the Bonds shall be paid to the registered holder (or record holder) of the Bonds in the manner set forth in the form of Bonds. 6. Form of Bond. The Bonds, together with the Certificate of Registration and the Register of Partial Payments, shall be in substantially the attached forms hereto as Exhibits B and C: 7. Execution; Bonds. The Bonds shall be executed on behalf of the City by the manual signatures of its Mayor and Clerk-Treasurer, the seal having been omitted as permitted by law. In the event of disability or resignation or other absence of either such officer, the Bonds may be signed by the signature of that officer who may act on behalf of such absent or disabled officer. In case either such officer whose signature shall appear on the Bonds shall cease to be such officer before the delivery of the Bonds, such signature shall nevertheless be valid and sufficient for all purposes,the same as if the officer had remained in office until delivery. 8. Delivery; Application of Proceeds; Legal Opinion. The Bonds when so prepared and executed shall be delivered by the Clerk-Treasurer to the Purchasers upon receipt of the 2 2369329v1