HomeMy WebLinkAbout7233 (Res).(110
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RESOLUTION NO. 7233
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS
AND PROVIDING FOR THE PAYMENT OF $745,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF
1983.
BE IT RESOLVED by t`.', City Council of the City of Stillwater, Minnesota, as
follows:
Section 1. Authorization and Sale.
(a) This Council, by its Resolution No. 7223 adopted August 24, 1983, authorized
the issuance and public sale of $745,000 General Obligation Improvement Bonds of 1983
of the City, to finance the cost of the local improvements designated in Section 1
of said Resolution. Said Resolution is incorporated herein by reference.
(b) Notice of sale of the Bonds has been duly published, and this Council, having
examined and considered all bids received pursuant to the published notice, does hereby
find and determine that the most favorable bid received is that of Piper, Jaffray and
Hopwood, Inc., of Minneapolis, Minnesota, and associates, to purchase the Bonds at a
price of $734,570 plus accrued interest on all Bonds to the day of delivery and payment,
on the further terms and conditions hereinafter set forth.
(c) The sale of the Bonds is hereby awarded to said bidder, and the Mayor and the
City Clerk are hereby authorized and directed on behalf of the City to execute a contract
for the sale of the Bonds in accordance with the terms of said bid. The good faith
check of the successful bidder shall be retained by the City Clerk until the Bonds have
been delivered and the purchase price paid. The good faith checks of other bidders
shall be returned to them forthwith.
Section 2. Bond Terms; Registration; Execution and Delivery.
2.01. Maturities; Interest Rates; Denominations; Payment. The Bonds shall be
designated General Obligation Improvement Bonds of 1983, shall be originally dated as
of October 1, 1983, shall be in the denomination of $5,000 each, or any integral multiple
thereof, shall mature in order of serial numbers on February 1 in the respective years
and amounts stated below, and shall bear interest from date of issue until paid or duly
called for redemption at the respective annual rates set forth opposite such years and
amounts, as follows:
Year
Amount Rate
1985 $10,000 6.25%
1986 75,000 6.50'%
1987 75,000 6.75%
1988 75,000 7.00%
1989 75,000 7.20%
1990 75,000 7.40%
1991 75,000 7.60%
1992 75,000 7.80%
1993 75,000 8.00%
1994 75,000 8.207,
1995 60,000 8.40%
The Bonds shall be issuable only in fully registered form. The interest thereon
and, upon surrender of each Bond, the principal amount thereof shall be payable by check
or draft issued by the Registrar described herein.
2.02. Dates; Interest Payment Dates. Each Bond shall be dated as of the last
interest payment date preceding the date of authentication to which interest on the Bond
has been paid or made available for payment, unless (i) the date of authentication is
an interest payment date to which interest has been paid or made available for payment,
in which case such Bond shall be dated as of the date of authentication, or (ii) the
date of authentication is prior to August 1, 1984, in which case such Bond shall be
dated as October 1, 1983. The interest on the Bonds shall be payable on February 1
and August 1 in each year, commencing August 1, 1984, to the owner of record thereof
as of the close of business on the fifteenth day of the immediately preceding month,
whether or not such day is a business day.
2.03. Registration. The City shall appoint, and shall maintain, a bond registrar,
transfer agent and paying agent (the Registrar). The effect of registration and the
rights and duties of the City and the Registrar with respect thereto shall be as follows:
(a) Register. The Restrar shall keep at its principal corporate trust office a
bond register in which the Registrar shall provide for the registration of ownership of
Bonds and the registration of transfers and exchanges of Bonds entitled to be registered,
transferred or exchanged.
(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed
by the registered owner thereof or accompanied by a written instrument of transfer,
in form satisfactory to the Registrar, duly executed by the registered owner thereof
or by an attorney duly authorized by the registered owner in writing, the Registrar
shall authenticate and deliver, in the name of the designated transferee or trans-
ferees, one or more new Bonds of a like aggregate principal amount and maturity, as
requested by the transferor. The Registrar may, however, close the books for
registration of any transfer after the fifteenth day of the month preceding each
interest payment date and until such interest payment date. (continued page 111)
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RESOLUTION NO. 7233 - continued
(c) Exchange of Bonds. Whenver any Bonds are surrendered by the registered
Bonds for exchange geBistrar principalall amounthandimaturity,cate and dasirequestedone rby themore n
Bonds of a like aggregate
registered owner or the owner's attorney in writing.
(d) Cancellation. All Bonds surrendered upon any transfer or exchange shall be
promptly cancelled by the Registrar and thereafter disposed of as directed by the
City.
(e) Im ro er and UnYhe RelamayarefuseWhen
to transferBond s theresamesentuntil itthe
is
satisfies ha tthesenr, gistrar
satisedvalidfiandthat the endorsemnt on such Bod or genuine and that the requesteds transferislegallyuauthorized. The fer is
Registrar shall incur no liability for the refusal, in good faith, to make transfers
which it, in its judgment, deems improper or unauthorized.
(f) Persons Deemed owners. The City and the Registrar may treat the person in
whose nameany Bondwis at hetherssuch Bondg shallebed loverd a the °or not, for thend register as tpurposelofe
owner
ecer of such Bond,
receiving payment of, or °Daccount
such paymentscsoamade toand
anytsuchtregistered on such Bond
and for all other purposes, and
ttheelior upabilionty the oer's upon such Bond theshall
extentvalid
theand
sumeffectual
sumstsospaidfy and discharge
Fees and Charves. For every transfer or exchange of Bonds, the
Registt ( Taxes, upon the owner thereof sufficient to reimburse the
rar for anyota a c eror
Registrar for any tax, fee or other governmental charge required to be paid with
respect to such transfer or exchange.
(h) Mutilated Lost Stolen or Destro ed Bonds. In case any Bond shall become
mutilated or be beraturity date and tenorhinkexchange andistrar s substitutiondeliver a sew or8and of
like amount, number,
m
for
'1 upon cancellation of anysuch mutilated Bond or
thespayment oflieu of sthesreas nablsubstitution e expenses
and such Bond destroyed,
u
stolen or lost, Pand, in the case of a Bond
and charges,of the Registrar in connection t therewith;
tositoa, stolen or lost, upon filing wenh the Registrar andaof thevlownershipsatisfactory
and
to it that such Bond was destroyed, stolen or lost,in fo,
upon furnishing to the Registrar of aninpwhichlbothate bond
the City sa dsthe Registrars shall
sub-
stance and amount satisfactory to it,
be named as obligees.
All
BoBonds to surrendered to the Registrar y. I f the be cancelled
by
it ayed evidence
orflostsuch
Bondchasan alreadyamaturell be diorsbeento the called yforlmultredempttioniinted.
.. de accord c, stolen
accordance with its terms it shall not be necessary to issue a new Bond prior to
payment.
2.04. A ointment of Initial Re istrar. The City hereby appoints Norwest Bank -.
Minneapolis, N.A., Minneapo is, Minnesota, as the ininitial Registrar. TThe Mayor and the with
City Clerk are authorized execute and deliver,
said Registrar. Upon zedber to or consolidation of the Registrar with another corporation,
bif the usinessQ6 suchscorporationoshallabeaauthorizedttoo
actsasasuccessor Reconcmpay duct
such
City
agrees to pay the reasonable and customery charges of the Registrar for the services
performed. The City reserves
the
ofl ahsuccessorto vRegistrae the r, inawhir chseventtY the predecessor
_ notice and upon the appointment
Registrar shall deliver call cash and Bonds in its possession to the successor Registrar
without further order of this Council, the City Clerk
and shall deliver the bond register to the successor Registrar. On or before each
shall trl or interest due date, moneys suffi-
cient for sthe tpto the ayment ofgall rprincipal ar, from tand he Ainterest ccount ethen b duets Section 4,
2.05. Redemption. Bonds maturing in the years 1985 through 1990 shall not be
prepayment pin whole
subject to redemption prior to maturity, but Bonds maturing in the years 1991 through
, to
1995 shall be subject to redemption and de a and at the option of the City,
1990, and any interest
or in part, in inverse order of maturity dates and bylot, assigned in proportion
phyir principal amount, within any maturity, on February 1,
accrued date thereafterhat a price equal to. the eatithl yamount to be redeemed and
the CityClerk shall cause
accrued interest to the date of redemption. At least thirty days prior to the date set
for redemption of any Bond priorpto its stated maturity dain a te, or which cir-
cnotice of ulates call for
cityoftheefirstof tclass, or be s itsdmetropolitan area, weekly periodicali
culates throughout the state and furnishes financial news as a part of its service, and
shall cause notice of the call thereof for redemption to be mailed to the registered
on the bond
holders of any Bonds to be redeemed at their addresses as they appear
register described in Section 2.03 hereof, and to the bank at which principal and interest
2.06. Execution,Authentication and Deliver . The Bonds shall be prepared under
are then payable.
f of the
he
the direction o the City Clerk and shall be edtonton belalfiofatheeCityybyethelnted,
signatures of the Mayor and the City
Clerk, provided
engraved or lithographed facsimiles of the originals. In case any officer whose signature
or a facsimile of whose signature shall appear
sonnthere the Bondsfshall facsimile nevertheless
se to be such
officer before the delivery of any Bond, phe same as if he had
be valid and sufficient for all executes. dno Bond shall be valideoriobligatoryin office
foruany
delivery. Notwithstanding such execution, (continued on page 112)
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RESOLUTION NO. 7233- continued
purpose or entitled to any security or benefit under this Resolution unless and until
a certificate of authentication an such Bond has been duly executed by the manual
signature or an authorized representative of the Registrar. Cerfificates of authenti-
cation on different Bonds need not be signed by the same representative. The executed
certificate of authentication on each Bond shall be conclusive evidence that it has
been authenticated and delivered under this Resolution. When the Bonds have been so
prepared, executed and authenticated, the City Clerk shall deliver the same to the
purchaser thereof upon payment of the purchase price in accordance with the contract
of sale heretofore made and executed, and said purchaser shall not be obligated to
see to the application of the purchase price.
2.07 Form of Bonds. The Bonds shall be printed in substantially the following
form:
Rate
(Face of the Bonds)
UNITED STATES OF AMERICA
State of Minnesota
COUNTY OF WASHINGTON
CITY OF STILLWATER
GENERAL OBLIGATION IMPROVEMENT BOND OF 1983
Date of
Maturity Original Issue
October 1, 1983
CUSIP
NO.
KNOW ALL MEN BY THESE PRESENTS that the City of Stillwater, a duly organized
and exisiting municipal corporation of Washington County, Minnesota (the City), acknow-
ledges itself to be indebted and for value received hereby promises to pay DOLLARSto
on
or registered assigns, the principal sum of
the maturity date specified above, with interest thereon from the date hereof at the
annual rate specified above, payable on February 1 and August 1 in each year, commencing
August 1, 1984, to the person in whose name this Bond is registered at the close of
business on the 15th day (whether or not a business day) of the immediately preceding
month, all suSject to the provisions referred to herein with respect to the redemption
of the principal of this Bond before maturity. The interest hereon and, upon presentation
and surrender hereof, the principal hereof are payable in lawful money of the United
States of America by check or draft by , and in
, as Bond Registrar and Paying Agent, or its designated successor under
the Resolution described herein. For the prompt and full payment of such principal and
interest as the same respectively become due, the full faith and credit and taxing powers
of the City have been and are hereby irrevocably pledged.
Additional provisions of this Bond are contained on the reverse hereof and such
provisions shall for all purposes have the same effect as though fully set forth in this
place.
This Bond shall not be valid or become obligatory for any purpose or be entitled
hereonion til
to uder
the
byemanualficate of signatureofoneAuthentication benfit of its
authorized representatives.
IN WITNESS WHEREOF, the City of Stillwater, Washington County, Minnesota, by its
City of
tures0of the Mayorouncil, hascandeCityuasd ss Clerkdto be and hasecauseddthis its
Bondbehalf
be by
asfacsimile
the dattea
set forth below.
Attest: (facsimile)
City Clerk
CITY OF STILLWATER, MINNESOTA
(facsimile)
Mayor
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
By
Authorized Representative
(Reverse of the Bonds)
This Bond is one of an issue in the aggregate principal amount of $745,000, all
of like original date and tenor, except as to serial number, maturity date, interest
rate, denomination and redemption privilege, issued, pursuant
to a resolution oiaaree the onnadoptedon
by the City Council on September 20, 1983 (the Resolution), to
ui
of local improvements heretofore duly ordered to be madmadeiwithin thinethe Citynintaccordance
with provisions of Minnesota Statutes, Chapter 429,
full conformity with the Constitution and laws of the State of Minnesota thereunto
(continued on page 113)
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RESOLUTION NO. 7233 - continued
04 enabling. The Bonds of this series are issuable only as fully registered bonds, in
denominations of $5,000 or any multiple thereof, of single maturities.
Bonds of this issue maturing in 1990 and ealirer years are payable on their
rior
stated
1991dates
andwithout
yearson arefeach subjectnt, but Bonds to redemptionandhaving
prepayment at the option of the City, in whole or in part, and if in part in inverse
order of maturity dates an.I by lot, assigned in proportion to their principal amount,
efts
within any maturity, on February 1, 1990 and any interest payment date therto eafter,
t
a price equal to the principal amount oetrredeemed
edtplus useifterest toaccruedetomtteoddate
te
of rBondporio At least thirty daysuric prior
any Bond orior to its stated maturity date, the City will cause notice of the call for
redemption to be published in a daily or weekly
iodicaltps lishedhintlished in atMinsesotaacity
of the first Bass, or its metropolitan area, furnishes financial news as part of its mrvice, and will cause notice of the call thereof
t
to be mailed to the registered owner of any Bond to be redeemed atnhis address bankas
appears on the bond register maintained by the Bond Registrar,
which principal and interest are than payable. Upon partial redemption
oseofiagany
tBond, a
new Bond or Bonds will be delivered to the owner without charge, p
maining principal amount outstanding.
As provided in the Resolution and subject to certain limitations set forth there-
in,
e City at
Bonds Registrar, byrthefregistered owner bhereof finhperson or by hislattorney ncipal ffice of the
duly
authorized in writing upon surrender hereof
togetherer d ithtaewritteteinstrumertoofhtrans-
fer satisfactory to the Bond Registrar, y
attorney; and may also be surrendered in exchange for Bonds of other authorized
ew Bond or Bo
to• n
beiissueds in theonamecofsthes transferee org
gregistered ranfer or exane the City will cause
ofe then same aggregate s
paturing on
oireimbl mnt, bearing interest,fee orsthe same governmentalse and chargemrequired to thesame
paaiid with respects
to reimbursementtnfer for any eh tax,
to such eaCity or exchange.
The City and the Bond Registrar may deem and treat the person in whose name this
er this Bond
e or not,
fo• rd this reisteed as the abolute owner theeof, e purposerof receivings
spayment and forr
rall other hpurposes, and neither uneitherthe City
nor the Bond Registrar shall be affected by any notice
ceDto the oGtheDcontrary.
all acts, conditions
IT IS HEREBY CERTIFIED, RECITED, CONVENATED
and things required by the Constitution and laws of the State of Minnesota this "acond
be done, to
a, eniorderotoamake itdasvalidperformed
and bindingegeneralyobligation ofthe
theissuance
insaccordance
with its terms, have been done, do exist, have happened and have been performed as to
required; that, prior to the issuance hereof the City has levied and convenanted and
agreed to levy special assessments which upon
assessmentsawillbenefited
collectiblethe
forlocal
theyars
improve-
ments financed by the Bonds, P
and inamounts sufficient to produce isms not less than 5, in ppophsuchlncispecial
of and
interest on the Bonds of this
h
is issue when due, and has appropriated
assessments
rinci althe
andyinterest, ad valoremataxes areinterest;
requiredthat
tolf benlevied uponfor
allyment
tf able p P
taxable property in the City, without limitation as to rate or amount; and that issuance
of this Bond does not cause the indebtedness of the City to exceed any constitutional
or statutory limitation of indebtedness.
(Form of certificate to be prints on the reverse side of each Bond,
following a full copy of the legal opinion)
We vertify that the above is a full, true and correct copy of the legal
opinion rendered by bond tinsel on the issue of Bonds of the City of Stillwater, Minnesota,
which includes the within Bond, dated as of the date of delivery of and payment for the
Bonds.
(Facsimile Signature) (Facsimile Signature)Mayor
City Clerk
The following abgreviations, when used in the inscription on the face of this
Bond, shall be construed as though they were written out in full according to applicable
laws or regulations:
TEN COM -- as tenants llNIF GIFT MIN ACT CustodianCust) Minor
in common
TEN ENT -- as tenants under Uniform Gifts to
by entireties Minors
JT TEN -- as joint tenants Act
with right of (State)
survivorship and
not as tenants in
common
Additional abbreviations may also be used though not in
the above list.
(continued on page 114)
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RESOLUTION NO. 7233 - continued
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
the within Bond and all rights thereunder, and does
hereby irrevocably constitute aad appoint attorney to transfer
the said Bond on the books kept for registration of the within Bond, with full power
of substitution in the premises.
Dated:
Notice: The assignor's signature to this assignment must
correspond with the name as it appears upon the
face of the within Bond in every particular, without
alteration or englargement or any change whatever.
Signature Guaranteed:
agefirmhavinga
nemust
membershipguaranteed
one ofnational
the majorbank
stock exchangesPany or by a broker -
The Bond registrar will not effect transfer of this Bond unless the information
concerning the assignee requested below is provided.
Name and Address:
(Include information for all joint owners if
this bond is held by joint account)
Please insert social security or
other identifying number of asignee
r
Section 3. 1983 Improvement Construction Fund. There is hereby established on
the official books and records of the City a 1983 Improvement Construction Fund, and
an account for each improvement financed by the Bonds, and the City Clerk shall continue
to maintain each account until payment of all costs and expenses incurred in construction of the improvement for which it is established. To each account there shall be credited 0,'
from the proceeds of the Bonds, exclusive of unused discount and accrued interest, an
amount equal to the estimated cost of the improvement for which the account was estab-
lished less such amount as was established to be necessary to pay interest incurred
during construction; and such other funds as may from time to time be appropriated by Y}I
this Council; and from each account there shall be paid all costs and expenses of said
improvement. There shall also be credited to each account all special assessments
collected with respect to the improvement financed by the Bonds, until all costs of
said improvement have been fully paid. After payment of all costs incurred with respect
to each improvement, the account for it shall be discontinued and any Bond proceeds
remaining therein may be transferred to the other funds or accounts established for
construction of other improvements instituted pursuant to Minnesota Statutes, Chapter
429. All special assessments on hand in each account when terminated or thereafter
received.and any Bond proceeds not so transferred, shall be credited to the 1983
Improvement Band Account in the Sinking Fund of the City.
Section 4. 1983 Improvement Bond Account. The Bonds to be issued shall be
payable from a separate and special 1983 Improvement Bond Account of the Sinking Fund
of the City, which Account the City agrees to maintain until said Bonds have been paid
in full. If the money in said Account should at any time be insufficient to pay
principal and interest due on the Bonds, such amounts shall be paid from moneys on
hand in said Sinking Fund or from other moneys on hand in other funds of the City,
which other funds shall be reimbursed therefor when sufficient money becomes available
in said Account. The moneys on hand in said Account from time to time shall be used
only to pay the principal of and interest on the Bonds. Into said Account
a shall of be paid
all Bond proceeds received from the purchaser in excess of $730,400, such
proceeds of the Bonds as is estimated to be necessary to pay interest on the Bonds
during the construction period ($65,683), all special assessments collected after the
costs of the improvement have been paidin fell, all taxes collected pursuant to Section
6 hereof, and any excess Bond proceeds, as provided in Section 3 hereof.
Srction 5. Special Assessments. The City hereby covenants and agrees that, for
the payment of the cost of improvements financed by the Bonds, the City has done and
will do and perform all acts and things necessary for the final and valid levy of
special assessments in an amount,nd the y than 20authorizese ost of the levych of of saide specials
asses financed, by the Bonds, City hereby
assessments, pursuant to Minnesota Statutes, Section 475.55. It is presently estimated
400
assessments have been and will be levied in the aggregate amount of $747,453. The
principal of said assessments shall be payable in annual installments, with interest
on unpaid installments thereof from time to time at the rate of not greater than 12%
per annum, provided that it is presently estimated that interest on said unpaid in-
stallments shall accrue at the rate of not less than 9.00% per annum, and that the
principal and interest on such special assessments will be collected in the years and
amounts as follows:
(continued on page 115)
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RESOLUTION NO. 7233 - continued
Collection Year Amount
1984 $
31,770
1985 168,465
1986 134,104
1987 127,377
1988 120,650
1989 113,922
1990 107,195
1991 100,468
1992 93,741
1993 87,013
1994 67,124
In the event that any such assessment shall at any time be held invalid with respect
to any lot or tract of land, due to any error, defect or irregularity in any action
or proceeding taken
y, either inCity
thermaking10sf ouncsuchiassessmentany
orfinthe
officers rr nYees of the Cit
the performance
employees
of any condition precedent thereto, the City hereby covenants and
agrees that it will forthwith do all such further things and take all such further
proceedings as shall be requbed by law to make such assessment a valid and binding
lien upon said property.
Section 6. Pled a of Toxin ers Pow . For the prompt and full payment of the
principal of and intinssidSenas as such payments respectively become due,
the full faith, credit and unlimited taxing powers of the City shall be and are
hereby irrevocably pledged. It is, however, presently estimated that collections
of special assessments, together with Bond proceedsnapptropsriated to to payeinterest
t
coming due during the construction period, and therefore no tax levy is presently
principal and interest on the Bonds when due,
required.
Section 7. Defeasance. When all of the Bonds issued and all coupons apper-
taining thereto have been discharged as provided in this section, all pledges,
covenants and other rights granted by this resolution to the holders of the Bonds
ligations
areldueeone
anyTdate tby depositing with tthe Registrar ontorh rbefore that espect to ndate y nas which
he may discharge sum
y
sufficient for the payment thereof in full; or, if any Bond should not be paid when
due, it may nevertheless be discharged by depositing with the Registrar a sum
sufficient for the payment thereof in full with interest accured from the due date
to the date of ity may
o
arge its oblig
with
to any prepayable cB ndsocalled T Cforreds
emptionondany hdate when theyaarenprepayablepect
according to their terms, by depositing with the Registrar on orbefore
thathdate an
amount equal to the principal, interest and redemption premium. any, as
then due, providedCthat
alsonotice
anyftime dischargeoitshas
obligations withnrespectvtoeany
Bonds. The City may
Bonds, subject to the provisions of law now or ,hereafterha bank qualifieddby regulating
waas
such action„by depositing irrevocably, or secures,
an escrow agent for thisiimpose, cash or securities which are authorized nd law to
be so or callablelatdtheeholder'sterest optionponable suchat dateshasl shalldbetsuch requiredtes and to pay maturing
principal, interest and redemption premiums to become due thereon to maturity or
said redemption date.
Section 8. Registration of Bonds. The City Clerk is hereby authorized and
directed to file a certified copy of this resolution with the County Auditor of
andhtog
obtainufrom saidtCountytAuditoraadcertificate othat1the on aBonds s yhave lrequire, been duly
entered upon his bond register as required by law.
Section 9. Authentication of Transcript. The officers of the City and said
County
or of Washington County
hereby
and directed prepare
and furnish to thepurchsersoteBondsandtothe atorneysrenderingan
roinionelatinga to thehBondsaandysuchrothercaffidavits,pcertificates roand dinfings and retheeof,ertifiecoies of all cords
mab
ty of
Bonds, asq the esame appearhfromc thed to show te fatsrbooksnand records legality
tintheir dcustody aand icothe
elatig to the control
or as otherwise known to them, and all such certified copies, affidavits and
certificates, including any heretofot, furnished, shall be deemed representations
of the City as to the correctness of all statements contained therein.
Section 10. Arbitrage. (a) The City covenants and agrees with the he holders to
ed, that it will
beotakenebyto tie of te Bonds anymof itshofficerst, employeesoorerein zagents, any action owhich t ewould cause
the interest payable on the Bonds to become
subject
cthtoCtax)tiondunderTthesUnithe United
States Internal Revenue Code of 1954, as amendedcause its
Regulations issued thereunder,allnd that it affirmativetactions within itswill
powers which mayors,
employees or agents to take,
be necessary to insure that such interest will not become subject to taxation under
the Code.
(b) From and after February 1, 1990, the City Clerk shall ascertain monthly,
the amount on deposit in the Account referred to in Section 4 hereof. It the amount
cipalpandtinterest duerandcpayable onrthe hBonds an lwithin t 13 monthsofhe aggregate amount thereafter,sucprih
excess shall either (ii) not be invested except at a (contended less
than page or
equal to the
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RESOLUTION NO. 7233 - continued
yield on the Bonds, based upon their amounts, maturities and interest rates on
their date of issue, computed by the actuarial method, or (ii) to be used to prepay
and redeem Bonds. The City reserves the right to amend the provisions of this
Section 10(b) at any time, whether prior to or after the delivery of the Bonds, if
and to the extent that this Council determines that the provisions of this Section
10(b) are not necessary in order to assure that the Bonds are not arbitrage bonds
under Section 103 (c) of the Code and the applicable Treasury Regulations.
(c) The Mayor and the City Clerk being the officers of the City charged with
the responsibility for issuing the Bonds pursuant to this resolution, are authorized
and directed to execute and deliver to the purchaser a certification in order to
satisfy the provisions of Section 103(c) of the Code and the Treasury Regulations
promulgated thereunder.
Adopted by the Council this 20th day of September, 1983.
Published: September 28, 1983
Attest:
Ci4& Clerk
RESOLUTION NO. 7234
Mayor
RESOLUTION FIXING COMPENSATION.
BE IT RESOLVED, by the City Council of the City of Stillwater, Minnesota, that the
compensation of Gwen Monty, Planning Commission Secretary, be increased from the
sum of $5.00 to $6.00 per hour, said increase to be effective from and after
September 19, 1983.
Adopted by the Council this 20th day of September, 1983
Published: September 27, 1983
Attest:
CitClerk
107 Mayor
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