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

Home Browse Search

registered owner thereof, but such registration may be changed as above provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. "Vey 0 • • ; • •_.� 3,01. The Bonds shall be prepared under the direction of the City Clerk and when so prepared shall be executed by i_h respective facsimile signatures of the Mayor and City Clerk and facsimile of the corporate seal of the City as set forth in the form of Bond. The text of the approving legal opinion of Faegre & Benson, of Minneapolis, Minnesota, as bond counsel, shall be printed on the reverse side of each Bond and shall be certified by the facsimile signature of the City Clerk. When said Bonds shall have been duly executed and authenticated by the Bond Registrar in accordance with this Resolution, the same shall be delivered to the purchaser Upon payment of the purchase price, and the receipt of the Finance Director to the purchaser shall be a full acquittance; and the purchaser shall not be bound to see to the application of the purchase money. The Bonds slidll not be valid for any purpose until authenticated by the Registrar. Bonds ii►itially issued hereunder shall be issued in such authorized denominations and registered in s,,:h names as shall be designated by the Purchaser to the Bond Registrar. 3,02. The Official Statement relating to the Bonds, on file with the City Clerk and presented to this meeting, is hereby approved, and the furnishing thereof to prospective purchasers of the Bonds is hereby ratified and confirmed, insofar as the same relates to the Bonds and the sale thereof. 3,03. If such officer finds the same to be accurate, the Mayor or the City Clerk is authorized and directed to furnish to the purchaser at the closing a certificate that, to the best of the knowledge of such officer, the official Statement does not, at the date of closing, and did not, at the time of sale of the Bonds, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. Unless litigation shall have been commenced and be pending questioning the Bonds, proceedings for the improvements to be financed with the proceeds of the Bonds, or the organization of the City or incumbency of its officers, at the closing, the Mayor and City Clerk shall also execute and deliver to the successful bidder a suitable certificate as to absence of material litigation, and she City Clerk shall also execute and deliver his certificate as to payment for and delivery of the Bonds, together with the arbitrage certificate referred to -11-