Resolution 12-22 - Laserfiche WebLink

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be reimbursed without interest from the Payment Account or Debt Service Account when a sufficient balance is available therein. 21. Prior Bonds; Security and Prepayment. Until retirement of the Prior Bonds, all provisions theretofore made for the security thereof shall be observed by the City and all of its officers and agents. The actions taken on the City's behalf by Springsted in notifying the holder of the Prior Bonds,the United States of America, Department of Agriculture, St. Paul, Minnesota, Rural Development Office, about the prepayment of the Refunded Bonds on the Call Date, is hereby approved. 22. Supplemental Resolution. The Prior Resolution authorizing the issuance of the Prior Bonds is hereby supplemented to the extent necessary to give effect to the provisions hereof 23. Certificate of Registration. The Clerk-Treasurer is hereby directed to file a certified copy of this resolution with the County Auditor of Crow Wing County, Minnesota, together with such other information as the County Auditor shall require, and to obtain a County Auditor's Certificate that the Bonds have been entered in the Bond Register. 24. Records and Certificates. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the issuance of the Bonds, certified copies of all proceedings and records of the City relating 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 relating to the legality 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, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 25. Negative Covenant as to Use of Bond Proceeds and Project. The City hereby covenants not to use the proceeds of the Bonds or to use the improvements financed by the Prior Bonds (the "Project"), or to cause or permit them to be used, or to enter into any deferred payment arrangements for the cost of the Project, in such a manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. 26. Tax-Exempt Status of the Bonds; Rebate. 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 Bonds, including without limitation (a)requirements relating to temporary periods for investments, (b) limitations on amounts invested at a yield greater than the yield on the Bonds, and(c)the rebate of excess investment earnings to the United States. The City is subject to the rebate requirement imposed by Section 148(f) of the Code for the Bonds by reason that the final maturity date of the Bonds is longer than thirty years. The City shall pay to the United States rebates of excess investment earnings in amounts at least equal to the amounts, and at times not later than the times, required by Section 148(f) of the Code and any regulations promulgated pursuant thereto. 17 4767714v1