PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF $800,000 GENERAL
OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 2004A; ESTABLISHING
THE TERMS AND FORM THEREOF; CREATING A DEBT SERVICE FUND THEREFOR;
AND AWARDING THE SALE THEREOF.
BE IT RESOLVED,
by the city council (the "City Council") of the city of Duluth, St. Louis
County, Minnesota (the "City"), as follows:
Under and pursuant to the provisions of Minnesota Statutes, Section 410.326
(the "Act") and Chapter 475, the City is authorized to issue its general
obligation bonds to fund capital improvements pursuant to an approved
capital improvement plan.
to Minnesota Statutes, Section 410.326, the City Council has authorized
preparation of a capital improvement plan for the years 2004 through 2008
The City Council
held a public hearing on the proposed Plan and approved the Plan on December
A. On January
12, 2004, the City Council held a public hearing on the issuance of bonds
in an amount not to exceed $800,000 to provide funds for design and installation
of a City Hall air-conditioning system; modify customer service areas
of City Hall offices to meet ADA requirements; restore the granite and
brick facades of City Hall; replace fire station overhead doors; install
ventilation system in firehalls; roof replacement at firehall #1; update
and expand locker room at firehall #1; restore exterior masonry at firehall
#10; and remodel first floor police offices in City Hall in accordance
with the Plan (collectively, the "Project"). Each element of the Project
is a capital improvement within the meaning of the Act.
Pursuant to Resolution of the City Council adopted on January 12, 2004,
the City Council has determined that it is necessary and expedient to
issue $800,000 General Obligation Capital Improvement Bonds, Series 2004A,
of the City (the "Bonds") to provide funds to finance the Project and
for payment of the costs of issuing the Bonds.
A notice of intent to issue the Bonds was published in accordance with
the Act on January 15, 2004.
No petition calling for a vote on the proposed issuance of the Bonds,
as permitted by the Act, has been filed with the city clerk.
The maximum amount of principal and interest to become due in any year
on the Bonds and all the outstanding bonds issued by the City pursuant
to Section 410.326 of the Act will not exceed $1,823,404.12, which is
an amount equal to 0.05367 percent of taxable market value of property
in the City for taxes payable in 2004.
Public Financial Management, Inc., financial consultant to the City, has
given notification by mail to at least five firms determined by Public
Financial Management, Inc. to be prospective bidders on the Bonds at least
two days (omitting Saturdays, Sundays and legal holidays) before the date
set for receipt of bids on the Bonds. All actions of the mayor, the clerk
and Public Financial Management, Inc. taken with regard to the sale of
the Bonds are hereby ratified and approved.
Pursuant to such solicitation for bids for the sale of the Bonds, the
City Council has received and considered all bids presented pursuant to
the official terms of offering and has determined that the most favorable
bid is that of ___________ of ___________ (the "Purchaser"), to purchase
the Bonds at a cash price of $_______, plus accrued interest on the total
principal amount from March 1, 2004, to the date of delivery of the
Bonds and upon condition that the Bonds mature and bear interest at the
times and annual rates set forth in Section 2. The City, after due consideration,
finds such offer reasonable and proper and the offer of the Purchaser
is hereby accepted. The mayor and the city clerk are authorized and directed
to execute on the part of the City a contract for the sale of the Bonds
in accordance with the Purchaser's bid. The city treasurer is directed
to deposit the good faith check of the successful bidder.
Terms of Bonds.
A. The Bonds
to be issued hereunder shall be dated March 1, 2004, as the date of original
issue, shall be issued in the denomination of $5,000 each, or any integral
multiple thereof, in fully registered form and lettered and numbered R-1
and upward. The Bonds shall mature on February 1 in the respective years
and amounts and shall bear interest at the annual rates stated as follows:
The Bonds maturing on February 1 in the years ____ and ____ shall be
subject to mandatory redemption prior to maturity pursuant to the requirements
of this Section 2.01B at a redemption price equal to the stated principal
amount, as hereinafter provided, plus interest accrued thereon to the
redemption date, without premium. The Bond Registrar, as designated
below, shall select for redemption, by lot or other manner deemed fair,
on February 1 in each of the following years, the following stated principal
For Bonds maturing on February 1, ____ (the "____ Term Bonds"):
remaining $______ stated principal amount of the ____ Term Bonds shall
be paid at maturity on February 1, ____.
For Bonds maturing on February 1, ____ (the "____ Term Bonds"):
remaining $______ stated principal amount of the ____ Term Bonds shall
be paid at maturity on February 1, ____.
less than such amount of the Term Bonds is outstanding on such payment
date, the City shall pay the remaining balance of the Term Bonds then
outstanding. The Bond Registrar shall select and call for redemption,
in accordance with Sections 2.01C and D hereof, from the Term Bonds
the amounts specified above and the Term Bond selected by the Bond Registrar
shall become due and payable on such date.
In the event any of the Term Bonds are called for redemption, notice
thereof identifying the Bonds to be redeemed will be given by the Bond
Registrar by mailing a copy of the redemption notice by first class
mail (postage prepaid) at least 30 days but not more than 60 days prior
to the date fixed for redemption to the registered owner of each Bond
to be redeemed at the address shown on the registration books kept by
the Bond Registrar; provided however, that so long as the Bonds are
registered in the name of Cede & Co. as nominee of The Depository
Trust Company, New York, New York ("DTC"), notice of redemption shall
be given in accordance with the terms of the Representation Letter hereinafter
described. Failure to give notice by mail to any registered owner, or
any defect therein, will not affect the validity of any proceeding for
the redemption of Bonds not affected by such defect or failure. Bonds
so called for redemption will cease to bear interest after the specified
redemption date, provided that the funds for the redemption are on deposit
with the place of payment at that time.
If less than all the Term Bonds of a maturity are called for redemption
while the Bonds are registered in the name of Cede & Co., the Bond
Registrar designated below will notify DTC of the particular amount
of such maturity to be prepaid. DTC will determine by lot the amount
of each participant's interest in such maturity to be redeemed and each
participant will then select by lot the beneficial ownership interest
in such maturity to be redeemed. If less than all of the Term Bonds
of a maturity are called for redemption and the Bonds are not registered
in the name of Cede & Co., the Bond Registrar will determine by
lot or other manner deemed fair, the amount of each maturity to be redeemed.
All prepayments shall be at a price equal to the principal amount thereof
plus accrued interest.
are not subject to optional redemption and prepayment before maturity.
Interest on the Bonds shall be payable semiannually on February 1 and
August 1 in each year (each referred to herein as an "Interest Payment
Date"), commencing August 1, 2004. Interest will be computed on the
basis of a 360-day year of twelve 30-day months and will be rounded
pursuant to the rules of the Municipal Securities Rulemaking Board.
The Bond Registrar designated below shall make all interest payments
with respect to the Bonds by check or draft mailed to the registered
owners of the Bonds shown on the bond registration records maintained
by the Bond Registrar at the close of business on the 15th
day (whether or not a business day) of the month next preceding the
Interest Payment Date at such owners' addresses shown on such bond registration
A. The Bonds
shall be prepared for execution in accordance with the approved form
and shall be signed by the manual or facsimile signature of the mayor
and attested by the manual or facsimile signature of the city clerk.
In case any officer whose signature or a facsimile of whose signature
shall appear on the Bonds shall cease to be an officer before delivery
of the Bonds, such signature or facsimile shall nevertheless be valid
and sufficient for all purposes, as if he or she had remained in office
The city clerk is authorized and directed to obtain a copy of the proposed
approving legal opinion of Fryberger, Buchanan, Smith & Frederick,
P.A. of Duluth, Minnesota, which is to be complete and cause the opinion
to be attached to each Bond, together with a certificate to be signed
by the manual signature of the city clerk in substantially the form
set forth in Section 2.11, but only if the opinion is not manually executed.
The city clerk is authorized and directed to execute the certificate
in the name of the City upon receipt of the opinion, if required by
the preceding sentence, and to file the opinion in the City offices.
The City hereby appoints Wells Fargo Bank, National Association, in
Minneapolis, Minnesota, as registrar, authenticating agent, paying agent
and transfer agent for the Bonds (such bank or its successor is herein
referred to as the "Bond Registrar"). To provide for the Bond Registrar
services, the mayor and the clerk are authorized and directed to execute
a bond registrar/paying agent agreement substantially in the form of
the agreement currently on file in the office of the city clerk as Public
Document No. __________. No Bond shall be valid or obligatory for any
purpose until the Bond Registrar's authentication certificate on such
Bond, substantially set forth in Section 2.11 hereof, shall have been
duly executed by an authorized representative of the Bond Registrar.
Authentication certificates on different Bonds need not be signed by
the same representative. The manual signature of one officer of the
City or the executed authentication certificate on each Bond shall be
conclusive evidence that it has been authenticated and delivered under
A. In order
to make the Bonds eligible for the services provided by DTC, the City
has previously agreed to the applicable provisions set forth in the
Blanket Issuer Letter of Representations which has been executed by
the City and DTC (the "Representation Letter").
All of the
Bonds shall be registered in the name of Cede & Co., as nominee
for DTC. Payment of interest on and principal of any Bond registered
in the name of Cede & Co. shall be made by wire transfer or New
York Clearing House or equivalent same day funds by 10:00 a.m. CT or
as soon as possible thereafter following the Bond Registrar's receipt
of funds from the City on each Interest Payment Date to the account
of Cede & Co. on each Interest Payment Date at the address indicated
in or pursuant to the Representation Letter.
Additional matters with respect to, among other things, notices, consents
and approvals by bond holders and payments on the Bonds are set forth
in the Representation Letter.
The City shall cause to be kept by the Bond Registrar a bond register
in which, subject to such reasonable regulations as the Bond Registrar
may prescribe, the City shall provide for the registration of the Bonds
and the registration of transfers of the Bonds entitled to be registered
or transferred as herein provided. In the event of the resignation or
removal of the Bond Registrar or its incapability of acting as such,
the bond registration records shall be maintained at the office of the
successor Bond Registrar as may be appointed by the city council. Upon
surrender for transfer of any Bond at the principal corporate office
of the Bond Registrar, the City shall execute and the Bond Registrar
shall authenticate, if required by law or this Resolution, and deliver,
in the name(s) of the designated transferee or transferees, one or more
new Bonds of the like aggregate principal amount, as requested by the
Each Bond delivered upon transfer of or in exchange for or in lieu of
any other Bond shall carry all of the rights to interest, accrued and
unpaid and to accrue, which are carried by such other Bond. Each Bond
shall be dated by the Bond Registrar as of the date of its authentication.
The City and the Bond Registrar shall not be required to make any transfer
or exchange of any Bonds called for redemption or to make any such exchange
or transfer of the Bonds during the 15 days next preceding the date
of the mailing of the notice of redemption in the case of a proposed
redemption of the Bonds.
The City and the Bond Registrar may treat the person in whose name any
Bond is registered as the owner of such Bond for the purpose of receiving
payment of principal of and interest on such Bond and for all other
purposes whatsoever, whether or not such Bond be overdue, and neither
the City nor the Bond Registrar shall be affected by notice to the contrary.
The principal of and interest on the Bonds shall be payable by the Bond
Registrar, as paying agent, in such funds as are legal tender for the
payment of debts due the United States of America. The City shall pay
the reasonable and customary charges of the Bond Registrar for the disbursement
of principal and interest.
The Bonds shall be printed or typewritten in substantially the following
STATES OF AMERICA
OF ST. LOUIS
OBLIGATION CAPITAL IMPROVEMENT BOND, SERIES 2004A
of Original Issue
OWNER: CEDE & CO.
The City of Duluth, in St. Louis County, Minnesota (the "City"), for
value received, promises to pay to the registered owner specified
above, or registered assigns, the principal amount specified above
on the maturity date specified above, and to pay interest on said
principal amount to the registered owner hereof from March 1, 2004,
or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, until the principal amount is paid
or discharged, said interest being at the rate per annum specified
above. Interest is payable semiannually on February 1 and August 1
of each year (each referred to herein as an "Interest Payment Date")
commencing on August 1, 2004. Both principal and interest are payable
in lawful money of the United States of America by check or draft
at the office of Wells Fargo Bank, National Association, in Minneapolis,
Minnesota, as the registrar, paying agent, transfer agent and authenticating
agent (the "Bond Registrar"), or at the office of such successor bond
registrar as may be designated by the city council. The Bond Registrar
shall make the interest payment with respect to this Bond directly
to the registered owner hereof shown on the bond registration records
maintained on behalf of the City by the Bond Registrar at the close
of business on the 15th day of the month next preceding
the Interest Payment Date (whether or not a business day), at such
owner's address shown on said bond registration records, without,
except for payment of principal on the Bond, the presentation or surrender
of this Bond, and all such payments shall discharge the obligations
of the City to the extent of the payments so made. Payment of principal
shall be made upon presentation and surrender of this Bond to the
Bond Registrar when due. For the prompt and full payment of such principal
and interest as they become due, the full faith and credit of the
City are irrevocably pledged.
This Bond is one of a series issued by the City in the aggregate amount
of $800,000, all of like date and tenor, except as to number, amount,
maturity date, redemption privilege and interest rate, pursuant to
the authority contained in Minnesota Statutes, Section 410.326 and
Chapter 475, the City's approved Capital Improvement Plan for
the years 2004 through 2008 (the "Plan") and all other laws thereunto
enabling, and pursuant to an authorizing resolution adopted by the
governing body of the City on February 19, 2004 (the "Resolution").
This Bond is issued for the purpose of providing funds for capital
improvement projects designated by the City Council and pursuant to
the Plan and a portion of the costs of issuing the Bonds, as more
fully set forth in the Plan and the Resolution and for the payment
of part of the interest cost of the Bonds. The City has levied a direct,
annual ad valorem tax upon all taxable property within the City which
shall be extended upon the tax rolls for the years and in the amounts
sufficient to produce sums not less than five percent in excess of
the amounts of principal and interest on the Bonds, as such principal
and interest respectively come due.
The Bonds maturing in the years ____ and ____ shall be subject to
mandatory redemption and redeemed in installments as provided in the
Resolution, at par plus accrued interest to the date of redemption.
Not less than 30 nor more than 60 days prior to the date fixed for
redemption and prepayment of any Term Bonds, notice of redemption
shall be mailed to each registered owner of a Bond to be redeemed;
provided, however, that so long as the Bonds are registered in the
name of Cede & Co., as nominee for The Depository Trust Company,
New York, New York ("DTC"), notice of redemption shall be given in
accordance with the terms of the Blanket City Letter of Representations
executed by the City and DTC.
The Bonds are not subject to optional redemption and prepayment before
The Bonds of this series are issued as fully registered bonds without
coupons, in the denomination of $5,000 or any integral multiple thereof.
Subject to limitations set forth in the Resolution, this Bond is transferable
by the registered owner hereof upon surrender of this Bond for transfer
at the principal corporate office of the Bond Registrar, duly endorsed
or accompanied by a written instrument of transfer in form satisfactory
to the Bond Registrar and executed by the registered owner hereof
or the owner's attorney duly authorized in writing. Thereupon the
City shall execute and the Bond Registrar shall authenticate, if required
by law and this Resolution, and deliver, in exchange for this Bond,
one or more new fully registered bonds in the name of the transferee,
of an authorized denomination, in an aggregate principal amount equal
to the unpaid principal amount of this Bond, of the same maturity
and bearing interest at the same rate.
IT IS CERTIFIED AND RECITED that all acts and conditions required
by the Charter of the City and by the laws and the Constitution of
the State of Minnesota to be done, and to exist precedent to and in
the issuance of this Bond in order to make it a valid and binding
general obligation of the City in accordance with its terms, have
been done and do exist in form, time, and manner as so required; that
all taxable property within the corporate limits of the City is subject
to the levy of ad valorem taxes to the extent needed to pay the principal
hereof and the interest hereon when due, without limitation as to
rate or amount; and that the issuance of this Bond does not cause
the indebtedness of the City to exceed any constitutional, statutory
or charter limitation.
This Bond shall not be valid or become obligatory for any purpose
or be entitled to any security or benefit under the Resolution until
the Bond Registrar's Authentication Certificate hereon shall have
been executed by the Bond Registrar by one of its authorized representatives.
IN WITNESS WHEREOF, the City of Duluth, by its city council, has caused
this Bond to be executed in its name by the signatures of the mayor
and the city clerk.
of Execution: __________________
The Bond Registrar confirms that the books reflect the ownership of
the Bond registered in the name of the owner named above in the principal
amount and maturing on the date stated above and this Bond is one
of the Bonds of the series issued pursuant to the Resolution hereinabove
FARGO BANK, NATIONAL ASSOCIATION
This Bond must be registered as to both principal and interest in
the name of the owner on the books to be kept by Wells Fargo Bank,
National Association of Minneapolis, Minnesota, as Bond Registrar.
No transfer of this Bond shall be valid unless made on said books
by the registered owner or the owner's attorney thereunto duly authorized
and similarly noted on the registration books. The ownership of the
unpaid principal balance of this Bond and the interest accruing thereon
is registered on the books of Wells Fargo Bank, National Association
in the name of the registered owner last noted below.
of Bond Registrar
The Depository Trust Company
York, NY 10041
Taxpayer I.D. No.: 13-2555119
FOR VALUE RECEIVED, the undersigned sells, assigns, and transfers
and Address of Assignee)
Social Security or other Identifying Number of
within Bond and all rights thereunder and does hereby irrevocably
constitute and appoint _______________________ attorney to transfer
the said Bond on the books kept for registration thereof with full
power of substitution in the premises.
NOTICE: The signature of this assignment must correspond with the
name of the registered owner as it appears upon the face of the
within Bond in every particular, without alteration or enlargement
or any change whatsoever.
Trust Company, member of
Unless this Bond is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the City
or its agent for registration of transfer, exchange, or payment, and
any bond issued is registered in the name of Cede & Co. or in
such other name as is requested by an authorized representative of
DTC (and any payment is made to Cede & Co. or to such other entity
as is requested by an authorized representative of DTC), ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL, inasmuch as the registered owner hereof, Cede & Co.,
has an interest herein.
to Legal Opinion)
I certify that attached hereto is a full, true, and correct copy of
the legal opinion rendered by Bond Counsel on the issuance of the
General Obligation Capital Improvement Bonds, Series 2004A, of the
City of Duluth which includes the within Bond, dated as of the original
date of delivery of and payment for the Bonds.
Revenues, Accounts and Covenants.
The City has
created a separate account designated the 2004 Capital Improvement Bonds
Construction Account (the "Construction Account") within its Capital Improvement
Project Fund 0450, Agency 015, to which there shall be credited the proceeds
of the Bonds, less discount, together with any additional funds, which
may be available and are appropriated for the Project. This account shall
be used to pay, or reimburse, expenses duly approved and allowed, which,
under generally accepted accounting principles, constitute capital expenditures
for the Project and to pay the costs of issuance for the Project.
A separate debt service account is hereby created and designated as the
"2004 Capital Improvement Bonds Debt Service Account" (the "Debt Service
Fund") within the City's Debt Service Fund. The money in the Debt Service
Fund shall be used for no purpose other than the payment of principal
and interest on the Bonds; provided, however, that if any payment of principal
or interest shall become due when there is not sufficient money in the
Debt Service Fund, the treasurer shall pay the same from any other funds
of the City and said funds shall be reimbursed for such advance out of
the proceeds of the taxes hereinafter levied when collected. Into the
Debt Service Fund shall be credited unused discount, if any, plus the
amount of accrued interest paid by the Purchaser upon closing and delivery
of the Bonds and the ad valorem taxes levied pursuant to Section 3.03
A. The full
faith and credit and taxing power of the City are hereby irrevocably pledged
for the prompt and full payment of the principal of and interest on the
Bonds, as such principal and interest respectively become due. To provide
monies for the payment of the principal and interest on the Bonds, there
is hereby levied a direct, annual ad valorem tax upon all taxable property
within the City which shall be extended upon the tax rolls and collected
with and part of the other general property taxes of the City for the
years and in the amounts as follows:
levies are such that if collected in full they will produce at least 5%
in excess of the amount needed to meet when due the principal and interest
on the Bonds.
tax levies shall be irrevocable as long as any of the Bonds issued hereunder
are outstanding and unpaid; provided, however, that prior to approval
of its budget each year (approximately December 1) while any Bonds issued
hereunder remain outstanding, the city council shall reduce or cancel
the above levies to the extent of an irrevocable appropriation to the
Debt Service Fund of monies actually on hand for payment of the principal
and interest payable in the ensuing year and shall direct the county auditor
to reduce the levy for such calendar year by that amount.
If the balance
in the Debt Service Fund is ever insufficient to pay all principal and
interest then due on the Bonds, the treasurer shall nevertheless provide
sufficient money from any other funds of the City which are available
for that purpose, and such other funds shall be reimbursed from the Debt
Service Fund when the balance therein is sufficient.
the Bonds on deposit in the Construction Account and in the Debt Service
Fund may, in the discretion of the city treasurer, be invested in securities
permitted by Minnesota Statutes, Chapter 118A; provided, that any such
investment shall mature at such time and in such amounts as will permit
the payment of costs for the improvement program and/or payment of the
principal and interest on the Bonds when due.
The city council
covenants and agrees with the holders of the Bonds that the City will
(i) take all action on its part necessary to cause the interest on the
Bonds to be excluded from gross income for federal income taxes including,
without limitation, restricting, to the extent necessary, the yield on
investments made with the proceeds of the Bonds and investment earnings
thereon, making required payments to the federal government, if any, and
maintaining books and records in a specified manner, where appropriate,
and (ii) refrain from taking any action which would cause interest on
the Bonds to be subject to federal income taxes, including, without limitation,
refraining from spending the proceeds of the Bonds and investment earnings
thereon on certain specified purposes.
A. No portion
of the proceeds of the Bonds shall be used directly or indirectly to acquire
higher yielding investments or to replace funds which were used directly
or indirectly to acquire higher yielding investments, except for a reasonable
temporary period until such proceeds are needed for the purpose for which
the Bonds were issued. To this effect, any proceeds of the Bonds and any
sums from time to time held in the Debt Service Fund (or any other City
account which will be used to pay principal and interest to become due
on the Bonds) in excess of amounts which under the applicable federal
arbitrage regulations may be invested without regard as to yield shall
not be invested at a yield in excess of the applicable yield restrictions
imposed by the arbitrage regulations on such investments after taking
into account any applicable temporary periods of minor portion made available
under the federal arbitrage regulations.
In addition, the proceeds of the Bonds and money in the Debt Service Fund
shall not be invested in obligations or deposits issued by, guaranteed
by or insured by the United States or any agency or instrumentality thereof
if and to the extent that such investment would cause the Bonds to be
federally guaranteed within the meaning of Section 149(b) of the Internal
Revenue Code of 1986, as amended (the "Code").
The City hereby
covenants not to use the proceeds of the Bonds, or to cause or permit
them to be used, in such a manner as to cause the Bonds to be "private
activity bonds" within the meaning of Sections 103 and 141 through 150
of the Code.
to Section 1.148-7(d) of the Treasury Regulations, relating to exception
from rebate, the City hereby covenants that with respect to the gross
proceeds of the Bonds, the following schedule will be met: (i) at least
15% of the gross proceeds of the Bonds will be allocated to expenditures
for the governmental purpose of the Bonds within six months of the date
of issue of the Bonds; (ii) at least 60% of such proceeds will be allocated
for such purposes within the one year period of such date; and (iii) 100%
of such proceeds will be allocated for such purposes within the 18-month
period beginning on such date; subject to an exception for reasonable
retainage of 5% of the available proceeds of the Bonds, and that 100%
of the available proceeds of the Bonds will be allocated within 30 months
from the date of issue of the Bonds.
The City shall use its best efforts to comply with any federal procedural
requirements which may apply in order to effectuate the designation made
by this section.
Disclosure. The City acknowledges that the Bonds are subject to the continuing
disclosure requirements of Rule 15c2-12 promulgated by the Securities
and Exchange Commission under the Securities Exchange Act of 1934 (17
C.F.R. §240.15c2-12) (the "Rule"). The Rule governs the obligations of
certain underwriters to require that issuers of municipal bonds enter
into agreements for the benefit of the bondholders to provide continuing
disclosure with respect to the Bonds. To provide for the public availability
of certain information relating to the Bonds and the security therefor
and to permit underwriters of the Bonds to comply with the Rule, which
will enhance the marketability of the Bonds, the mayor and the clerk are
hereby authorized and directed to execute a continuing disclosure certificate
substantially in the form of the certificate currently on file in the
office of the city clerk as public document No. _____________.
Certificate of Proceedings.
The city clerk
is directed to file with the county auditor a certified copy of this resolution
and such other information as the county auditor may require, and to obtain
from the county auditor a certificate stating that the Bonds herein authorized
have been duly entered on his register.
The officers of the City are authorized and directed to prepare and furnish
to the Purchaser and to bond counsel certified copies of all proceedings
and records of the City relating to the authorization and issuance of
the Bonds and other affidavits and certificates as may reasonably be requested
to show the facts relating to the legality and marketability of the Bonds
as such facts appear from the official books and records of the officers'
custody or otherwise known to them. All of such certified copies, certificates
and affidavits, including any heretofore furnished, constitute representations
of the City as to the correctness of facts recited therein and the actions
stated therein to have been taken.
The officers of the City are hereby authorized and directed to certify
that they have examined the official statement prepared and circulated
in connection with the sale of the Bonds and that to the best of their
knowledge and belief the official statement is a complete and accurate
representation of the facts and representations made therein as of the
date of the official statement.
OF PURPOSE: This resolution establishes the terms and form
and awards the sale of the city's $800,000 general obligation capital
improvement bonds, Series 2004A, to __________________ at a true interest
cost of _____%.