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278170 WHITE - CITY CLERK PINK.- - �FINANCE s CANARY - DEPARTMENT G I TY OF SA I NT ��U L COURCII �'V���� BLUE - MAYOR � r, File N 0. � � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date 14. The Director, Department of Finance and Management Services is hereby directed to file a certified copy of this resolution with the County Auditor of Ramsey County, Minnesota, together with such other information as he shall require, and to obtain from said Auditor his certificate that said Certificates have been entered in the said Auditor's Bond Register. COUNCILMEN Yeas Nays Requestgd by Department of: Hunt � f��SL, •. � C�,S Levine [n Favor � 1�I.id«• Q McMahon B showa�ter __ Against Y Tedesco Wilson FEB `�, �� Form Appr d by City Att rne Adopted by C ouncil: Date CertifiE:d • d�y ncil ret ` � BY ♦ By Ap v by ;Vlavor: D te Fe6 4 iGR� Appr v y Mayor for b sion to Council Y - — BY PUBUSHED FEB 13 1982 . • � r �'����� -7- 10. The proceeds from the issuance and sale of said bonds, as received by said City, shall except as hereinafter provided, be deposited in a special fund of said City desig- nated as "Urban Renewal and Development Fund; " and therein allocated to and subject to disbursement for the City' s obligations pertinent to said Central Core and Seventh Place urban renewal development projects for the payment of the cost of the aforesaid projects as estimated, as aforesaid, and for the further payment of any remaining cost of municipal buildings and improvements to be constructed within or adjacent to the project area. That despite the allocation of bond proceeds made in this resolution, the same shall be subject to reallocation in purpose and amount consistent with the laws under which said bonds are authorized to be issued; provided, that no part of the proceeds of the issuance and sale of any of said bonds shall be made the subject of any reallocation or disbursement except for the purpose of the payment or defray- ment of said City' s obligations assumed under and by authorized of said laws in respect to one or more of the several urban renewal development or code enforcement projects (including municipal buildings and improvements to be constructed within or adjacent to said project areas) authorized thereunder. 11. The full faith and credit and taxing power of the City is hereby pledged for the prompt and full payment of both the principal and interest of said bonds; 12. The proceeds of said bonds, except for any sums paid for said bonds in excess of $490,200 shall be credited to the Urban Renewal and Development Fund referred to above and shall be used as provided above, provided that any balance in said fund not used or reallocated as provided above together with any sums paid for said bonds in excess of $490,200 plus accrued interest received upon the delivery of said bonds shall be credited to the sinking fund account for such obligations; and 13. The City will not make any use of the proceeds of the bonds to be issued which, if such use had been reasonably expected on the date of delivery of and payment for the bonds, would have caused such obligations to be arbitrage bonds within the meaning of Section 103 (c) of the Internal Revenue Code of 1954, as amended and any applicable regulations promulgated thereunder; and the City will and will cause any other entity authorized to invest said bond proceeds for the City to comply with the requirements of said Section 103(c) and all applicable regulations pertaining thereto while the bonds to be issued hereunder remain outstanding.