09-11-1989 - Agenda Packet City Council - regular meeting

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(Form of Certificate) CERTIFTCATE AS TO LEGAL OPINION I, Dorothy Hallin, City Clerk of the City of Orono, Minnesota, hereby certify that except for the date line, the above is a full, true and compared copy of the legal opinion c1f Faegre & Benson, Df Minneapolis, Minnesota, which was delivered to me upon delivery of the bonds and is now on file in my office. _(Facsimile) _ City Clerk 2,06. As long as any of the Bonds issued hereunder shall remain outstanding, the City shall maintain and keep at the office of the Ronri Registrar an office or agency for the payment of the principal of and interest on such Bonds, as in this Resolution provided, and for the registration and transfer of such Bonds, and shall also keep at said office of the Bond Registrar books for such registration and transfer. The Bond Registrar shall be a bank or trust company which is subject to or who aarees to comply with the United States Securities Exchange Commission's transfer turnaround rules, nich in general presently require an agent to complete normal transfers in 72 hours. Upon surrender for transfer of any Bond at the of c:e of Bond Registrar with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or the owner's duly authorized attorney, and upon payment of any tax, fee or other governmental charge required to be paid with respect to such transfer, the City shall execute and the Bend Registrar :hall authenticate and deliver, in the name of the designated transferee or transferees, one or more fully registered £ -is of the same series, of any authorized denominations and .. a like aggregate principal amount, interest rate and maturity. Any Bonds, non surrender thereof at the office of a Registrar may, at the option of the registered owner thereof, be exchanged for a►, equal aggregate principal amount of Bonds of the same maturity and interest rate of any authorized denominations. In all cases in which the privilege of exchanging Bonds or transferring Bonds is exercised, the City shall execute and the Bond Registrar shall deliver Bonds in accordance with the provisions of this Resolution. All Bonds originally issued hereunder or issued pursuant to a transfer or exchange prior to the first interest payment date shall be registered as of and bear interest from September 16, 1989 and all Bonds subsequently issued shall be registered as of and bear interest from the last interest payment date to which interest was paid -9-