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HomeMy WebLinkAboutResolution 2691 .� �, + • .��r. "- � ' , 1 RESOLUTZON #2691. � Member Grabek introduced the following written resolution and moved its adoption: RESOLUTION AWARDING SALE OF GENERAL OBLIGATION ,. WATER AND SEWER REVENUE BONDS, SERIES 1989, � FIXING THE FORM AND SPECIFICATIONS THEREOF, PROVIDING FOR THEIR EXECUTION AND DELIVERY AND PROVIDING FUNDS FOR THEIR PAYMENT BE IT RESOLVED by the City Council of the City of Orono, Minnesota, as follows : SECTION 1 . AUTHORIZATION 1. 01. The City Council is authorized by Section 444 . 075 and Chapter 475, Minnesota Statutes, to issue its General Obligation Water and Sewer Revenue Bonds, Series 1989 (the "Bonds") , in order to provide funds for improvements to the Water and Sewer System of the City (the "Water and Sewer System" ) , and it is necessary and expedient to issue the Bonds for such purpose. 1. 02 . The Bonds are issued for the purposes of a • water and sewer system and are not subject to any provisions of law prescribing requiring an election or referendum therefor under Section 444 . 075, Minnesota Statutes. SECTION 2 . TERMS AND FORM OF THE BONDS. ' 2 • 0].. 1 . The bid of Dean Witter Reynol ds. Inc. � to purchase the $2 ,300, 000 General Obligation Water and Sewer Revenue Bonds, Series 1989 of the City is hereby found and determined to be the best bid received pursuant to advertised notice of sale and shall be and is hereby accepted, said bid being to purchase the Bonds bearing interest as follows according to year of maturity: . Year Interest Rate 1993 6.10 0 1994 6.20% � 1995 6.25% • 1996 6.25% 1997 6.25 0 1998 6.35 0 1999 6.45% 2000 6.50 0 2001 6.50% 2002 6.60 0 • at a price of $ 2.283,070.00 plus accrued interest. . -2- • The good faith check of the successful bidder shall be applied as provided in the Official Notice of Bond Sale pending delivery of and payment for the Bonds . 2 2 . The Bonds shall be in the aggregate principal amount, of $2, 300, 000, shall be dated September 16, 1989 , shall be issued in denominations of $5, 000 or any integral multiple thereof not exceeding the principal amount of Bonds maturing in �any year, shall be numbered from R-1 upwards in order of issuance or such other order as the Bond Registrar shall determine and shall bear interest at the rates set forth above, payable August 1, 1990 and semiannually thereafter on August 1 and February 1 of each year, and shall mature serially on February 1 in the years and amounts as follows : Year mo n Year Amo n 1993 $175, 000 1998 $225, 000 1994 $175, 000 1999 $250, 000 1995 $200, 000 2000 $275, 000 , 1996 � $200, 000 2001 $275, 000 1997 $225, 000 2002 $300, 000 • All Bonds maturing on or after February 1, 1997 are subject to redemption in whole or in part at the option of the City in inverse order of maturity and by lot within a maturity on February 1, 1996 and any interest payment date thereafter at par and accrued interest . In the event of redemption by lot of. Bonds of like maturity, the Bond Registrar shall assign to each Bond of such maturity then outstanding a distinctive number for each $5, 000 o.f the principal amount of such Bonds and shall select by lot in the manner it determines the order of numbers, at $5, 000 for each number, for all outstanding Bonds of like maturity. The order of selection of Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected, but only so much of the principal amount of each Bond of a denomination of more than $5, 000 shall be redeemed as shall equal $5, 000 for each number assigned to it and so selected. 2 . 03 . The Bonds shall be payable as to principal upon presentation at the main office of American National Bank & Trust Company in St. Paul , Minnesota as Registrar and Paying Agent, or at the offices of such other successor agents as the City may hereafter designate upon 60 days mailed notice to the registered owners at their registered addresses . Interest _ shall be paid by check or draft of the Registrar mailed to the registered owners at their addresses shown on the registration books . The City shall deposit immediately available funds with the Bond Registrar sufficient for the payment of principal and • interest when due. The reasonable charges of said bank for its -3- • services as Bond Registrar shall be paid by the City Clerk as an expense of the improvements . 2 . 04 . The Bonds shall be in substantially the following form, with the necessary variations as to number, . � interest rate and denomination, the blanks therein to be properly� filled in, to-wit: • �, � • -4- • (Form of Bond) UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN � CITY OF ORONO No. R $ GENERAL OBLIGATION WATER AND SEWER REVENUE BOND, SERIES 1989 Interest Rate Maturity Date of Original Issue CUSIP September 16, 1989 REGISTERED OWNER: PRINCIPAL AMOUNT: The City of Orono in the State of Minnesota, for value received, hereby certifies that it is indebted and hereby promises to pay to the registered owner specified above or • registered assigns, the principal sum specified above, on the maturity date specified above, upon the presentation and surrender hereof, and to pay to the registered owner hereof interest on such principal sum at the interest rate specified above from September 16, 1989 , or the most recent interest � payment date to which interest has been paid or duly provided for as specified below, on February 1 and August 1 of each year, commencing August l, 1990, until said principal sum is paid. Principal and the redemption price is payable in lawful money�,o,f. the United States of America at the office of in Minneapolis, Minnesota as Registrar and Paying Agent, or at the offi.ces of such successor agents as the City may designate upon 60 days ' notice to the registered owners at their registered addresses . Interest shall be paid on each February 1 and August 1 interest payment date by check or draft mailed to the person in whose name this Bond is registered at the close of business on the 15th day of the month next preceding each interest payment date (whether or not a business day) at the registered owner ' s address set forth on the registration books maintained by the Bond Registrar. Any such interest not punctually paid or provided for will cease to be payable to the person in whose name this Bond is registered . on such regular record dates and such defaulted interest may be paid to the person in whose name this Bond shall be registered at the close of business on a special record date for the payment of such defaulted interest established by the Bond • Registrar. -5- • ADDITIONAL PROVISIONS OF THIS BOND ARE SET FORTH ON THE REVERSE SIDE HEREOF WHICH ARE INCORPORATED HEREIN AS IF SET FORTH HERE. All Bonds maturing on or after February 1, 1997 are subject to redemption and prior payment in whole or in part at the option of the City, in inverse order of maturity and by lot within a maturity, on February 1, 1996 and any interest payment date thereafter at par and accrued interest. Thirty days ' prior notice will be given by mail to the registered owner hereof and published notice of redemption will be given in the manner provided by Minnesota Statutes, Chapter 475 . This Bond is one of a series of Bonds in the aggregate principal amount of Two Million Three Hundred Thousand Dollars ($2, 300, 000) , all of like date and tenor except for number, maturity, interest rate, redemption privilege and denomination and is issued pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota, including Section 444 . 075 and Chapter 475, Minnesota Statutes, for the purpose of providing funds for the costs of constructing improvements to the Water and Sewer System of the City (the "Water and Sewer System") , as set forth and described in the resolution of the City Council relating to the issuance • of the Bonds of this series adopted September 11, 1989 (the "Bond Resolution" ) . The principal of and interest on the Bonds of this series, are payable primarily from and are secured by a lien' on. and pledqe of the net revenues of the Water and Sewer System, but the full faith and credit of the City is hereby pledged to the prompt payment of the principal of and interest on the Bonds, and the City Council is obligated to levy ad valorem taxes .on all taxable property in the City, if necessary for . such purpose, without limitation as to rate or amount . Reference is hereby made to Section 444 . 075, Minnesota Statutes, and Chapter 475 , Minnesota Statutes, and to the Bond Resolution for a description of the covenants of the City as to the application of the proceeds of the Bonds of this series and the moneys pledged to the payment of the Bonds and interest thereon. This Bond is transferable, as provided in the Bond Resolution, only upon books of the City kept at the offices of the Bond Registrar by the registered owner hereof in person or by his duly authorized attorney, upon surrender of this Bond _ for transfer at the office of the Bond Registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Bond Registrar duly executed by, the registered owner hereof or his duly authorized attorney, and, • upon payment of any tax, fee or other governmental charge required to be paid with respect to such transfer, one or more -6- � fully registered Bonds of the series of the same maturity, principal amount and interest rate will be issued to the designated transferee or transferees . . � The Bonds of this series are issuable only as fully � registered bonds without coupons in denominations of $5, 000 or any integral multiple thereof not exceeding the principal amount maturing in any one year. As provided in the Bond Resolution and subject to certain limitations therein set forth, the Bonds of this series are exchangeable for a like aggregate principal amount, maturity and interest rate of Bonds of this series of a different authorized denomination, as requested by the registered owner or his duly authorized attorney, upon surrender thereof to the Bond Registrar. It is Hereby Certified, Recited and Declared that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of this Bond do exist, have happened and have been performed in regular and due time, form and manner as required by law; and that this Bond, and the series of which it is a part, is within every debt and other limit prescribed by the Constitution and laws of the State of Minnesota. . This Bond shall not be valid or become obligatory for any purpose until the Authentication Certificate hereon shall have been signed by the Bond Registrar. � . In Witness Whereof, the City of Orono, Minnesota, � acting by and through its City Council, has caused this Bond to be executed with �he facsimile signature of its Mayor and attested with the facsimile signature of the City Clerk and a facsimile of the corporate seal of the City to be imprinted hereon,,..�all as of the Date of Original Issue specified above. Dated: CITY OF ORONO By (Facsimile) (Facsimile) City Clerk Mayor . • � -7- ! , Bond Registrar s Authentication Certificate This is one of the Bonds described in the within mentioned Bond Resolution. Bond Registrar By Authorized Signature ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (Please Print or Typewrite Name and Address of assignee) the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to transfer the within Bond on the books kept for registration thereof, with � full power of substitution in the premises . Dated: , Please Insert Social Notice: The signature to this Security Number or Other assignment must correspond wi�th t�he Identifying Number of name as it appears on the face of Assignee this Bond in every particular, without alteration or any change whatever . Signature Guaranteed: Signatures must be quaranteed by a national bank or trust company or by a brokerage _ firm having membership in one of the major stock exchanges . • -8- • (Form of Certificate) CERTIFICATE 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 of Faeqre & Benson, of 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 Bond 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 agrees to comply with the United States Securities Exchange Commission' s transfer turnaround rules, which in general presently require an agent to complete normal transfers in 72 hours . Upon surrender for transfer of any Bond at the � office 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 re�uir.ed to be paid with respect to such transfer, the City shall execute and the Bond Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more fully registered Bonds of the same series, of any authorized denominations and of a like aggregate principal amount, interest rate and maturity. Any Bonds, upon surrender thereof at the office of a Registrar may, at the option of the registered owner thereof, be exchanged for an 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 t subsequently issued shall be registered as of and bear interest from the last interest payment date to which interest was paid -9- � 1 F • or dul rovided for . For ever such exchange or transfer of Y P Y Bonds , whether temporary or definitive, the City or the Bond Registrar may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to such exchange or transfer, which sum or sums shall be paid by the person requesting such exchange or transfer as a condition precedent to the exercise of the privilege of making such exchange or transfer. Notwithstanding any other provision of this Resolution, the cost of preparing each new Bond upon � each exchange or transfer, and any other expenses of the City or the Bond Registrar incurred in connection therewith (e�cept any applicable tax, fee or other governmental charge) shall be paid by the City. The City and the Bond Registrar shall not be obligated to make any such exchange or transfer of Bonds during the fifteen (15) days next preceding the date of the first publication or the mailing (if there is no publication) of notice of redemption of Bonds . The City and the Bond Registrar � shall not be required to make any transfer or exchange or any Bonds called for redemption for which notice was published or mailed. 2 . 07 . Interest on any Bond which is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid to the person in whose name that Bond (or • one or more Bonds for which such Bond was exchanged) is registered at the close of business on the 15th day of the month preceding such interest payment date. Any interest on any Bond which is payable, but is not punctually paid or duly provided for, on any interest payment date shall forthwith . cease to be payable to the registered holder on the relevant regular record date solely by virtue of such holder have been such holder; and such defaulted interest may be paid by the City in any lawful manner, if, after notice given by the City to���the...Bond Registrar of the proposed payment pursuant to this paragraph, such payment shall be deemed practicable by the Bond Registrar. Subject to the foregoing provisions of this paragraph, each Bond delivered under this Resolution upon transfer of or in exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond and each such Bond shall bear interest from such date that neither gain nor loss in interest shall result from such transfer, exchange or substitution. . 2 • O8 . As to any Bond, the City and the Bond Registrar and their respective successors, each in its discretion, may _ deem and treat the person in whose name the same for the time being shall be registered as the absolute owner thereof for all purposes and neither the City nor the Bond Registrar nor their respective successors shall be affected by any notice to the - • contrary. Payment of or on account of the principal of any such Bond shall be made only to or upon the order of the -10- • registered owner thereof, but such registration may be changed as above provided. Al1 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. SECTION 3 . EXECUTION AND DELIVERY. 3 . 01. The Bonds shall be prepared under the direction of the City Clerk and when so prepared shall be executed by the 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 shall not be valid for any purpose until authenticated by the Registrar . Bonds initially issued hereunder shall be issued in such authorized denominations and • registered in such 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 the 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- • below and the signed approving legal opinion of Faegre & Benson. 3 . 04 . The City Clerk is authorized and directed to prepare and furnish to the purchaser and bond counsel approving � the issue certified copies of this Resolution and all ordinances, resolutions and proceedings relating to the Water and Sewer System and the Bonds and such other proceedings or records as may be required to show the right, power and authority of the City to issue the Bonds and to impose charges and provide covenants for its payment and security, and such certified copies and certi�ficates shall be deemed representations of the City as to all facts stated therein. SECTION 4 . APPLICATION OF PROCEEDS. 4 . 01. The proceeds of the Bonds after payment of issuance costs of the Bonds shall be used for improvements to the Water and Sewer system and any remaining moneys and funds shall be deposited in and credited to the Water and Sewer Bond Account of the Water and Sewer Fund. SECTION 5 . WATER FUND. • 5 . 01. There is hereby established a Water and Sewer Fund (herein the "Water and Sewer Fund" ) , within which fund the following accounts : a . Operation and Maintenance Account, to which has � been and shall be credited the gross revenues of the Water and Sewer System; and b. Water and Sewer Bond Account (the "Water and . Sewer Bond Account") , to which shall be credited ' the net revenues of the Water and Sewer System after payment of operation and maintenance expenses . 5 • 02 . Al1 revenues of the Water and Sewer System shall be promptly deposited when received and credited to the Operation and Maintenance Account, and the operation and maintenance expenses shall be payable as a first charge from such revenues of the Water and Sewer System and be payable from the Operation and Maintenance Account of the Water and Sewer Fund. The City may retain from the net revenues of the Water and Sewer System a reasonable amount as a maintenance and _ operation reserve for the purpose of paying anticipated maintenance and operation expenses . • 5 . 03 . From the net revenues of the Water and Sewer System, there shall be credited to the Water and Sewer Bond Account on the first day of each month an amount not less than -12- � one-twelfth of the total amount of principal of and interest on the Bonds due and payable during the following year. Amounts credited and to be credited to the Water and Sewer Revenue Bond Account shall be used only for payment of principal of and interest on the Bonds . 5 . 04 . After making. the required payments into the Water and Sewer Bond Account, all remaining net revenues in the Water and Sewer Fund shall be used for improvements, extensions, reconstruction or additions to the Water and Sewer System, and to redeem outstanding obligations payable from the net revenues of the Water and Sewer System, or to the extent authorized by the City Council for any other lawful purpose; provided that the City Council shall first determine that the � moneys and investments remaining in said fund and net revenues from collections of such charges in succeeding years will be in amounts and available at times sufficient to provide for all remaining installments of principal and interest on the Bonds and any additional obligations payable therefrom and a sum at least 5% in excess thereof . If the moneys and investments credited to the Water and Sewer Bond Account shall be or become insufficient to pay principal and interest on the Bonds (and any additional obligations authorized hereby) , any moneys in the General Fund of the City shall be credited to the Water and � Sewer Bond Account to the extent of such deficiency and the amount so credited shall thereafter be reimbursed from the net revenues of the Water and Sewer System. It is hereby estimated, found and determined that the said collections of net revenues derived from the Water and Sewer System will be� . sufficient to pay when due principal of and interest on the Bonds and a sum at least 5% in excess thereof, and no tax levy will be required for such payment; but the said Bonds shall be the general obligation of the City, and the City will levy a general,_:_ad valorem tax for the payment of the principal thereof and interest thereon whenever it may appear necessary in order to provide for the full and timely payment thereof . 5 . 05 . Moneys on deposit to the credit of the Operation and Maintenance Account and the Water and Sewer Bond Account may be invested in any obligations eligible for the investment of municipal debt service funds . Obligations so purchased shall be deemed at all times to be part of said Accounts and any interest accruing thereon and profit realized from such investments shall be credited to such Accounts . The City shall sell, at the best price obtainable, any obligations so purchased whenever it shall be necessary to do so in order _ to provide moneys to meet any payment of principal or interest on the Bonds or other obligations payable from the revenues of the Water and Sewer System and authorized hereby. Amounts on . deposit in the Operation and Maintenance Account and the Water • and Sewer Bond Account shall be limited as to amount an� yield of investment to the extent necessary to prevent the Bonds from ' -13- . • becoming arbitrage bonds under Section 148 of the Internal Revenue Code of 1986 and regulations thereunder. SECTION 6 . PRIOR AND PARITY LIEN. 6 . 01. The Bonds and any additional obligations, to the extent authorized by this Section 6, shall be equally and ratably secured by a first lien on and pledge of the net revenues of the Water and Sewer System, without regard to Bond series, serial numbers, or'der of execution or otherwise. 6 . 02 . The City shall have the right to issue additional obligations to be secured by a parity lien on and ratably payable from the net revenues of the Water and Sewer System for the purpose of providing money for improvements or extensions to the Water and Sewer System of the City. 6 • 03 . Without regard to the limitations provided by paragraph 6 . 02 the City may issue bonds payable from the net revenues of the Water and Sewer System: (a) for the purpose of refunding the principal of all Bonds outstanding; or • (b) for the purpose of refunding the principal of and interest on outstanding Bonds not paid when due for lack of available net revenues . SECTION 7 . FURTHER COVENANTS. So long as any of the • Bonds are outstanding, the City covenants with and for the benefit of each Bond holder that : 7 . 01. The City will establish, maintain and collect su�h charges of the nature authorized by Section 444 . 075, Minnesota Statutes, at the times and in the amounts necessary so that the net revenues of the Water and Sewer System will be sufficient to make the required payments into the Water and Sewer Bond Account . � 7. 02 . The City will continue to own, operate and maintain the Water and Sewer System of the City as a . revenue-producing utility free from all liens on the property � thereof and income therefrom other than the liens herein described or provided. 7 . 03 . The City will use its best efforts to comply _ with all applicable laws and regulations of the United States of America and the State of Minnesota and each department and agency thereof, including laws and regulations relating to public health and water and sewer quality. The City will � continue to use and operate the System to the extent such use and operation is not prohibited by court order or regulation, -14- • but the Cit ma contest the validit or a licabilit of an Y Y Y PP Y Y law or regulation so long as the System is not thereby subject to unreasonable penalties or risk of damage or forfeiture. The City shall construct the improvements or extensions ultimately determined to be necessary to comply with applicable laws or regulations so that the System may be used and operated as a revenue-producing utility, and the City may issue additional obligations secured by a parity lien on and ratably payable from the net revenues of the System, as provided in Section 6 hereof, for the purpose of providing money for said necessary improvements or extensions . SECTION 8 . MISCELLANEOUS. 8 . 01. The City covenants and agrees with the owners of the Bonds that the investments of proceeds of the Bonds, including the investment of any revenues pledged pursuant to Section 6 hereof, any grant proceeds or any other revenues pledged to the Bonds which are considered proceeds under the applicable regulations, and accumulated sinking funds , if any, shall be limited as to amount and yield in such manner that the Bonds shall not be arbitrage bonds within the meaning of Section 148 of the Internal Revenue Code of 1986 (the "Code" ) , and regulations thereunder. On the basis of the existing • facts, estimates and circumstances, including the foregoing findings and covenants, the City Council hereby certifies that it is not expected that the proceeds of the Bonds will be used in such manner as to cause the Bonds to be arbitrage bonds under Section 148 of the Code and regulations thereunder . The . City Council also finds that the e�ception for small governmental units available under Section 148(f) (4) (C) is applicable to the Bonds because (i) the City has general taxing powers, (ii) the Bonds are not private activity bonds under Section ,.141(a) of the Code, (iii) ninety-five percent or more of the' net proceeds of the Bonds are to be used for local governmental activities of the City and (iv) the aggregate face amount of all tax-exempt bonds (other than private activity bonds) during the current calendar year is not reasonably expected to exceed $5, 000, 000 . The City Clerk shall furnish an arbitrage certificate to the Purchaser embracing or based on the foregoing certification at the time of delivery of the Bonds to the Purchaser . 8 • 02 . The City Council hereby designates the Bonds to be "qualified tax-exempt obligations" for the purposes of Section 265 of the Code and finds that the reasonably . anticipated amount of qualified tax-exempt obligations (other than private activity bonds) which will be issued by the City during the current calendar year does not exceed $10, 000, 000 . • � 8 . 03 . The City Clerk is hereby authorized and directed to certify a copy of this Resolution and to cause the -15- . �, Y • same to be filed in the office of the County Auditor under Section 475 . 63, Minnesota Statutes , and to obtain a certificate as to registration of the Bonds . 8 . 04 . The City Clerk and other officers and employees of the City are hereby authorized and directed to furnish to the attorneys approving the Bonds, on behalf of the Purchaser of the Bonds, certified copies of all proceedings and certificates as to facts as shown by the books and records of the City, to show the proceedings taken in connection with the improvements to be financed and the Bonds, and the right and authority of the City to issue the Bonds, and all such certified copies and certifications shall be deemed representations of fact on the part of the City. � The motion for the adoption of the foregoing resolution was duly seconded by Member Goetten and upon vote being taken thereon the following voted in favor thereof: Grabek, Goetten, Peterson, Callahan, Nettles and the following voted against the same: • None whereupon said resolution was declared duly passed and . adopted. • -16- �w 4 r • STATE OF MINNESOTA ) ) SS. COUNTY OF HENNEPIN ) . I, the undersigned, being the duly qualified and acting City Clerk of the City of Orono, Minnesota, hereby certify that I have carefully compared the attached and . foregoing extract of minutes of a meeting of the City Council of said City held September 11, 1989 with the original thereof on file and of record in my office and the same is a full, true and complete transcript therefrom insofar as the same relates to the issuance and sale of $ 2,300, 000 General Obligation Water and Sewer Revenue Bonds, Series 1989 , of said City. � WITNESS My hand officially and the seal of the City this llth day of September, 1989 . ' �PI,�"i � - . � - City k - ' City of Orono, Minnesota __ � - �`. r,- (Seal)` 2758e i � _17_