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12_ The said,, bonds when fully executed shall be delivered
<br />�. by the City Treasurer to the purchaser thereof upon receipt of the
<br />aurchase price, and the purchaser shall not be obligated to•see to
<br />the proper application of the purchase price.
<br />r
<br />13. The City Clerk -Administrator and City Treasurer are
<br />r'authorized ' and directed to prepare and Turn h to tbe purchaser and
<br />„.
<br />to the attorneys approving the issue, certifies: copies of all proceed-
<br />ings and records relating,to the issuance of said General obligation
<br />;;•:Refunding Bonds of 1976 and to the right, power and authority of
<br />has caused notice of such redemption ,o be published in Commercial
<br />}s "in
<br />} Y Ile st accordance with 'Section 475 '54, Subd. 4, , Minnesota Statutes,'
<br />and has mailed a,�copy of the notice.to the First National Bank of
<br />`
<br />"h
<br />ry
<br />, �Iinneapolzs in riinneapolis, Minnesota, 'the banks`' where such bonds
<br />are payable":
<br />9 The form° of Escrow A regiment
<br />g proposed to be
<br />entered into between,�the 'City"and .F,,irst flat ionaI Bank' of -Minneapolis `
<br />:of , `Minneapol is , 'Minnesota,'as escrow
<br />agent, ishereby approved and.shall be'executed
<br />.;."
<br />by the Mayor and
<br />Clerk-Admnistrat or' in substantiallythe form on file with such
<br />changes therein not inconsistent with Section 475.67, Minnesota
<br />Statutes; 'or other'law as the officers executing ,the same may
<br />F, approve, which approval shall be conclusively, evidenced by -the
<br />{' execution thereof. The Escrow Agreement shall be irrevocable
<br />,
<br />�} and the. City hereby covenants to perform'the terms and conditions
<br />:.
<br />r. ,'thereof for so long as the Improvement Bonds of 1974, Improvement
<br />,.
<br />`
<br />Bonds of 1970, Series A, and Improvement Bonds of 1970, Series B
<br />are outstanding: .The City hereby agrees to pay the reasonable
<br />,charges of the escrow agent for acting as such.':'
<br />-
<br />ay 10., Upon delivery of the..bbnds and receipt of the purchase
<br />Price therefor, the Cityshall deposit $20721 7 .Consisting
<br />'
<br />of $ 2.635;417.g
<br />t* I3 of proceeds of the Bon sand of 86'326.72
<br />of :amounts -in the Improvement Bond 'Redemption Fund and general
<br />available funds, of the':*City which are hereby appropriated for
<br />such purpose, into the Escrow Fund as provided by the Escrow
<br />,' Agreement ., --j Simultaneously with such deposit, $2 719 919.33 of
<br />Fj, the foregoing sum shall be invested`�in the securities described
<br />F� in,Exhibit .B.to the Escrow Agreement and the remaining $ 1.824.52
<br />. .: hall be mal -rota ned as a cash balance.. To the extent necessary to
<br />prevent tAeGere,ral Obligation Refunding Bonds of.1976 from being
<br />w�� adeemed' arbitrage bonds under Section* 103 (d) 'of the Internal Revenue
<br />' Code and proposed regulations thereunder, the securities acquired
<br />�. ,with' the major portion, -of the proceeds of such bands may be purchased
<br />prices:;exceeding market
<br />g r prices for such securities. Securities'
<br />, purchased _with, the major portion of',the proceeds shall be purchased'..
<br />from or, through Ehlers':& Associates .Inc. and The First National ��- .. I Bank
<br />Saint Paul— Securities_ acquired-Aiith the minor portion of the
<br />y�
<br />4. proceeds .R
<br />.of theefunding Bonds shall be acquired at the then market
<br />'prices f' om;' any ava°ilable ,source.
<br />The firm of Ernst &.Ernst,`independent certified public
<br />-`
<br />.,•ry accountants -and consulting actuaries,.' is hereby authorized and directed
<br />verify, that the deposits in the Escrow Fund under the Escrow Agree
<br />'^rent.will
<br />be 'suffl6ieiit to meet the requirements of Section 475.67,
<br />' 2•innesota. Statutes;, and to compute the adjusted actuarial yield on
<br />�faL the bonds and the 'cash and investment constituting the major portion.
<br />o= bond proceeds and to�make_any other calculations necessary for:the,
<br />purpose of: -determining compliance, with Section 103(d) of the Internal
<br />"
<br />Revenue Code and proposed regulations thereunder.
<br />12_ The said,, bonds when fully executed shall be delivered
<br />�. by the City Treasurer to the purchaser thereof upon receipt of the
<br />aurchase price, and the purchaser shall not be obligated to•see to
<br />the proper application of the purchase price.
<br />r
<br />13. The City Clerk -Administrator and City Treasurer are
<br />r'authorized ' and directed to prepare and Turn h to tbe purchaser and
<br />„.
<br />to the attorneys approving the issue, certifies: copies of all proceed-
<br />ings and records relating,to the issuance of said General obligation
<br />;;•:Refunding Bonds of 1976 and to the right, power and authority of
<br />
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