Resolution 3048 - Laserfiche WebLink

Home Browse Search

RESOLUTION #3048 • NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Orono, Minnesota (the "City"), as follows: 1. Approval and Execution of Lease. The Lease, substantially in the form presented to this Council, is hereby approved. The Mayor and the City Clerk (or, in the event of their absence or disability, the acting Mayor or the acting City Clerk, respectively) are hereby authorized and directed to execute and deliver the Lease in the name of and on behalf of the City. All of the provisions of the Lease, when executed and delivered as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated herein. The Lease shall be substantially in the form now on file in the office of the City Clerk, with such necessary and appropriate variations, omissions and insertions as the Mayor shall determine to be necessary or appropriate, and the execution thereof by the Mayor shall be -conclusive evidence of such determinations. 2. Approval of Official Statement. The Official Statement is approved and it is hereby determined that the information contained therein regarding the City is accurate and complete. The officers of the City are hereby authorized and directed to execute such certificates as may be appropriate concerning the accuracy, completeness and sufficiency of the Official Statement insofar as it contains information describing the City and the Lease. • 3. Execution of Other Documents. Officers of the City are hereby authorized and directed to execute such other certificates and documents as may be necessary and appropriate to effectuate the transactions contemplated by the Lease and the Official Statement. 4. Arbitrage Rebate Exemption. (a) The City hereby represents that it is eligible for the $5,000,000 exception for small governmental units to the arbitrage rebate provisions contained in Section 148(f) of the Internal Revenue Code of 1986, as amended (the "Code"). 'Specifically, the City represents that the aggregate face amount of all "tax-exempt bonds" (including warrants, contracts, leases and other indebtedness, but excluding private activity bonds) issued by or on behalf of the City and all subordinate entities thereof during 1991 is not reasonably expected to exceed $5,000,000. To date in 1991, neither the City nor its subordinate entities has issued any such tax-exempt bonds. (b) The City hereby irrevocably allocates to the Authority, with respect to the Series 1991 Bonds, a portion of the City's $5,000,000 limitation under Section 14*8 (f) (4) (D) (i) (IV) of the Code, equal to $4,000,000. It is hereby determined and declared that all of the facilities to be financed by the Series 1991 Bonds will be of direct and primary benefit to the City, and that the amount allocated to the Authority pursuant hereto bears a reasonable relationship to the benefits received by the City from • the issuance of the Series 1991 Bonds.