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HomeMy WebLinkAboutCity Council Resolution 1980-602After due consideration of the bids, Councilmember Hoyt introduced the following resolution and moved its adoption: RESOLUTION NO. 80- 602 RESOLUTION AWARDING THE SALE OF $6,660,000 GENERAL OBLIGATION BONDS OF 1980; CONSISTING OF: $5,900,000 GENERAL OBLIGATICN IMPROVEMENT BONDS OF 1980; $385,000 GENERAL OBLIGATION STORM SEWER BONDS OF 1980; AND $375,000 GENERAL OBLIGATION WATER AND SEWER REVENUE BONDS OF 1980; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT. BE IT RESOLVED By the City Council of the City of Plymouth, Minnesota, as follows: 1. The bid of Piper, Jaffray & Hopwood, Inc. in association with BancNorthwest to purchase $6,660,000 General Obligation Bonds of 1980, consisting of $5,900,000 General Obligation Improvement Bonds of 1980, $385,000 General Obligation Storm Sewer Bonds of 1980, and $375,000 General Obligation Water and Sewer Revenue Bonds of 1980, of the City described in the notice of sale thereof is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted, such bid being to purchase such bonds at a price of $ 6,555,662.60 plus accrued interest to date of delivery, such bonds to bear interest as follows: E.50% 1982 6.60% 1983/84 6.70% 1985/86 6.75% 1987 6.90% 1988 7.00% 1989 7.20% 1990 7.40% 1991 7.60; 1992 7.75% 1993 7.90% 1994 8.00% 1995/96 * The sum of $ 462.60 being the amount bid in excess of $6,555,200, shall be credited to the respective bond sinking funds for the Improvement, Storm Sewer, and Water and Sewer Revenue Bonds, respectively, as deter- mined by the City's fiscal consultants, Ehlers and Associates. The City Clerk is directed to retain the good faith check of the successful bidder pending completion of the sale and delivery of the bonds. The City Clerk is directed to return the checks of the unsuccessful bidders forthwith. *$409.82 to Improvement Bond Fund; $26.74 to Storm Sewer Bond Fund; $26.04 to Water and Sewer Revenue Bond Fund. 2. $5,900,000 GLNERAL OBTIGATION IMPROVEMENT BONDS OF 1980. a. The City of Plymouth shall forthwith issue and sell its General Obligation Improvement Bonds of 1980 (the "Improvement Bonds"), in the principal amount of $5,900,000, dated September 1, 1980, the Improvement Bonds being 1,180 in number and numbered 1 to 1,180, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable March 1, 1981, and semiannually thereafter on March 1 and September 1 in each year, and which Bonds mature serially on March 1 in the years and amounts as follows: YEAR 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 The Bonds maturing after March 1, tion in inverse order of serial interest payment date thereafter interest to date of redemption. AMOUNT $630,000 620,000 615,000 635,000 635,000 485,000 475,000 475,000 475,000 465,000 90,000 85,000 80,000 80,000 55,000 1990, are subject to prior redemp- numbers on said date and on any at a price of par plus accrued b. Both principal of and interest on the Improvement Bonds shall be payable at the main office of the Northwestern National Bank of Minneapolis, Minnesota in Minneapolis, Minnesota and the City of Plymouth shall pay the reasonable charges of said bank for its services as paying agent. C. The Improvement Bonds and the interest coupons to be thereto attached shall be in substantially the following form: No. UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF PLYMOUTH GENERAL OBLIGATION IMPROVEMENT BOND OF 1980 $;,000 KNOW ALL MEN BY THESE PRESENTS that the City of Plymouth, Hennepin County, Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to bearer out of its General Obliga- tion Improvement Bonds of 1980 Fund the sum of FIVE THOUSAND DOLLARS on the 1st day of March, 19_ , and to 'pay interest thereon from the date hereof until the principal amount is paid at the rate of. percent ( %) per annum, interest to maturity payable March 1, 1981, and semi- annually thereafter on the 1st day of March and the 1st day of September in each year in accordance with and upon presentation and surrender of the interest coupons hereto attached as they severally become due. Both prin- cipal of and interest on this bond are payable at the main office of the Northwestern National Bank of Minneapolis in Minneapolis, Minnesota in any coin or currency of the United States of America which on the date of payment is legal tender for public and private debts. All bonds of this issue maturing after March 1, 1990, are subject to redemption at the option of the City in inverse numerical order on said date and any interest payment date thereafter at a price of par plus accrued interest to date of redemption. This bond is one of an issue of bonds in the total principal amount of $5,900,000, all of like date and tenor except as to maturity, interest rate, redemption privilege and serial number, all issued by the City for the purpose of providing money to defray the expenses incurred and to be incurred in making local improvements, pursuant to and in full con- formity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 429, and is payable primarily from special assessments against property specially benefited thereby, but constitutes a general obligation of the City, and, to provide moneys for the prompt and full payment of said principal and interest on bonds as the same become due, the full faith and credit of the City is hereby irrevocably pledged, and the City Council will levy ad valorem taxes, if required for such purpose, which taxes may be levied on all of the taxable property in the City without limitation as to rate or amount. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and thinks required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed precedent to and in the issuance of this bond have been done, have happened and have been performed in regular and due form, time and manner as required by law; and that this bond, together with all other indebtedness of the City outstanding on the date hereof and on the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation thereon. IN WITNESS WHEREOF, the City of Plymouth, Hennepin County, Minnesota, by its City Council, has caused this bond to be executed by the facsimile signatures of its Mayor and City Manager and sealed with a fac- simile of the corporate seal of the City and the interest coupons hereto attached to be executed and authenticated by the facsimile signatures of said officers, except for the manual signature of its duly authorized authenticating agent on the reverse side of this bond, all as of September 1, 1980. (facsimile sixnature Mayor (facsimile signature) City Manager (facsimile seal) (Form of Coupon) No On the 1st day of March (September), 19_ , the City of Plymouth, Hennepin County, Minnesota, will pay to bearer, out of its General Obliga- tion Improvement Bonds of 1980 Fund at the main office of the Northwestern National Bank of Minneapolis in Minneapolis, Minnesota the amount shown hereon for interest then due on its General Obligation Improvement Bond of 1980, dated September 1, 1980, No. Mayor (facsimile signature) City Manager facsimile signature) d. The Improvement Bonds shall be payable from the General Obligation Improvement Bonds of 1980 Fund hereby created, and the proceeds of the general taxes hereinafter levied and special assess- ments to be levied for the improvements (the "Improvements") financed by the Improvement Bonds are hereby pledged to said fund. If any payment of principal or interest on the Improvement Bonds shall become due when there is not sufficient money in said fund to pay the same, the City Finance Director shall pay such principal or interest from the general fund of the City and such fund may be reimbursed for such advances out of proceeds of the assessments and taxes for the Improve- ments when collected. e. It is hereby determined that the City will levy special assessments for the Improvements in the principal amount of at 20% of the cost of the Improvements. To pay the City's share of the cost of the Improvements, there is hereby levied a direct annual irrepealable ad valorem tax levy against all taxable properties in said City, which tax levies shall be in the years and amounts as follows: (year stated being year of levy for collection the following year.) See attached computation COMPUTE T IUN OF AND TAX LEVY ON: $5.500. 000 GE NEPAL 0 1.-.IGATION IMPROVEME-NT BONDS CITY Of' PLYMOUTH, MINNE' 01A NOTE: BOND PROCEEDS (CAPITALIZED INTEREST) OF 2405470.00 WILL BE USED TO PAY 2405470.00 OF INTR PAYMTS DUE • 3-1-1981, 9-1-1981, COMPUTER ROUNDING MAY CAUSE DIFFERENCE OF A FEW DOLLARS WHEN CHECKING COLUMN TOTALS WITH TOTALS SHOWN PROGRAM PREPARED BY EHLERS & ASSOCIATES, INC- LEVY COLLECTION AhOUNT YEAR YEAR BOND PRI P&I + 50 l3 8,38@/YR NEST LEVIED 1980 1981 2 1014995.00 2 1065745 2 1149953 sl; 84208 2 0 1981 1983 2 964060.00 2 10122x3 994431. 1; 17832 2 17900 1982 1983 2 918305.00 2 964220 2 944981. 2 19239 $ 19300 1983 1984 2 896737.50 2 941j74 2 895532 2 4.6042 9c 4.6100 1984 198`; 2 854192.50 2 896902 2 846083 I> 50819 $ 50906 85 1986 2 666551.25 2 699879 2 560134 2 131.74 f -F . 11 131000 986 1987 2 623795.00 2 654985 2 537833 $ 117151 2 117200 1987 1988 2 590782.50 2 620322 2 507532 IV 112789 2 112800 1988 1989 2 557057.50 2 584910 2 477231 1: 107679 $ 107700 1989 1990 2 512752.50 2 538390 2 LE46930 2 9].460 $ 91500 1990 1991 2 117127.50 2 122984 2 86498 2 36486 1> 36500 1991 1992 2 105413.75 $ 110684 $ 81390 2 29295 Ii 29300 1992 1993 2 93960.00 2 98658 2 76282 1: 22376 2 22400 1993 1994 2 87600.00 2 91980 2 71173 2 20807 1> 20800 1994 1995 2 57200.00 2 60060 2 66065 $— 6005 $ 0 2 8060530.00 2 8463557 2 7750048 2 713508 NOTE: BOND PROCEEDS (CAPITALIZED INTEREST) OF 2405470.00 WILL BE USED TO PAY 2405470.00 OF INTR PAYMTS DUE • 3-1-1981, 9-1-1981, COMPUTER ROUNDING MAY CAUSE DIFFERENCE OF A FEW DOLLARS WHEN CHECKING COLUMN TOTALS WITH TOTALS SHOWN PROGRAM PREPARED BY EHLERS & ASSOCIATES, INC- It is hereby determined that the estimated collection of special assessments for the payment ,f the Bonds and the foregoing ad valorem tax levies, will produce at east five percent in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds. The City Clerk is directed to file a certified copy of this resolution with the Finance 'Manager of Hennepin County and to obtain the certificate required by Minnesota Statutes, Section 475.63. f. It is hereby determined that the Improvements to be financed by the Improvement Bonds will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of said Bonds as follows: (i) The City will cause the assessments for the Im- provements to be promptly levied so that the first install- ment will be collectible not later than 1981 and will take all steps necessary to assure prompt collection. The City Council shall cause all further actions and proceedings relative to the making and financing of the Improvements financed hereby to be taken with due diligence that are required for the construction of each Improvement financed wholly or partly from the proceeds of the Improvement Bonds issued hereunder, and for the final and valid levy of spe- cial assessments and the appropriation of any other funds needed to pay said Bonds and interest thereon when due. (ii) In the: event of any current or anticipated defi- ciency in said grants, pledged funds, investment income or special assessments, the City Council will levy ad valorem taxes in the amount of said current or anticipated defi- ciency. (iii) The City will keep complete and accurate books and records showing all receipts and disbursements in con- nection with the Improvements, the grants and pledged funds and any taxes levied and the assessments levied therefor and other funds appropriated for their payment., and all collec- tions thereof and disbursements therefrom, moneys on hand and balance of unpaid assessments. f g. The tax levy herein provided for the General Obligaton Improvement Bonds shall be irrepealable until all of the General 1 Obligation Improvement Bonds are paid, provided that the City Clerk may annually, prior to October 10th, certify to the Finance Manager of Hennepin County the amount available in the General Obligation Improvement Bonds of 1980 Fund to pay principal and interest due during the ensuing year, and the Finance Manager shall thereupon reduce the levy collectible during such year by the amount so certified. 3. $385,000 GENERAL OBLIGATION STORM SEWER BONDS OF 1980. a. The City of Plymouth shall forthwith issue and sell its General Obliga:.ion Storm Sewer Bonds of 1980 (the "Storm Sewer Bonds"), in the principal amount of $385,000, dated September 1, 1980, the Bonds being 77 in number and numbered 1 to 77, both inclusive, in the denomination of $5,000 each, bearing interest as set forth above in paragraph 1 of this resolution, all interest payable March 1, 1981, and semiannually thereafter on March 1 and September 1 in each year, and which Bonds mature serially on March 1 in the years and amounts as follows: UVTIDJ-kvk 1982 $15,000 1983 15,000 1984 20,000 1985 20,000 1986 20,000 1987 20,000 1988 25,000 1989 25,000 1990 25,000 1991 30,000 1992 30,000 1993 35,000 1994 35,000 1995 35,000 1996 35,000 The Storm Sewer Bonds maturing after March 1, 1990, are subject to prior redemption in inverse order of serial numbers on said date ind on any interest payment date thereafter at a price of par plus accrued interest to date of redemption. b. Both principal of and interest on the Storm Sewer Bonds shall be � payable at the mai office of the Northwestern National Bank of Minneapolis in Minneapolis, Minnesota and the City of Plymouth shall pay the reasonable charges of said bank for its services as paying agent. ` C. The Storm Sewer Bonds and the interest coupons to be thereto attached shall be in substantially the following form, No UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF PLYMOUTH GENERAL OBLIGATION STORM SEWER BOND OF 1980 $5,000 KNOW ALL MEN BY THESE PRESENTS that the City of Plymouth, Hennepin County, Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to bearer out of its General Obliga- tion Storm Setter Bonds of 1980 Fund the sum of FIFE THOUSAND DOLLARS on the 1st day of March, 19, , and to pay interest thereon from the date hereof until the principal amount is paid at the rate of percent ( %) per annum, interest to maturity payable March 1 1981, and semi- annually thereafter on the 1st day of March and the 1st day of September in each year in accordance with and upon presentation and surrender of the interest coupons hereto attached as they severally become due. Both prin- cipal of and interest on this bond are payable at the main office of the Northwestern National Bank of Minneapolis in Minneapolis, Minnesota in any coin or currency of the United States of America which on the date of payment is legal tender for public and private debts. All bonds of this issue maturing after March 1, 1990, are subject to redemption at the option of the City in inverse numerical order on said date and any interest payment date thereafter at a price of par plus accrued interest to date of redemption. This bond is one of an issue of bonds in the total principal amount of $385,000, all of like date and tenor except as to maturity, interest rate, serial number and redemption privilege, all issued by the City for the purpose of providing money to defray the expenses incurred and to be incurred in making storm sewer improvements pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, in- cluding Minnesota Statutes, Sections 444.16 to 444.21, inclusive, and is payable primarily from ad valorem taxes levied on property within the Storm Sewer Tax Improvement District No. 1 duly created by City Ordinance No. 79-17 pursuant to Minnesota Statutes, Section 444.17, but constitutes a general obligation of the City and, to provide moneys for the prompt and full payment of said principal and interest on the bonds as the same become due, the full faith and credit of the City is hereby 4rrevocably pledged, and the City Council will levy ad valorem taxes; if required for such purpose, which taxes may be levied on all of the taxable property in the City without limitation as to rate or amount. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed precedent to and in the issuance of this bond have been done, have happened and have been performed in regular and due form, time and manner as required by law; and that this bond, together with all other indebtedness of the City outstanding on the date hereof and on the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation thereon. IN WITNESS WHEREOF, the City of Plymouth, Hennepin County, Minnesota, by its City Council, has caused this bond to be executed by the facsimile signatures of the Mayor and City Manager and sealed with a fac- simile of the corporate seal of the City and the interest coupons hereto attached to be executed and authenticated by the facsimile signatures of said officers, except for the manual signature of its duly authorized authenticating agent on the reverse side of this bond, all as of September 1, 1980. (facsimile signature) City Manager (facsimile seal) No (facsimile signature) Mayor (Form of Coupon) On the 1st day of March (September), 19, , the City of Plymouth, Hennepin County, Minnesota, will pay to bearer, out of its General Obliga- tion Storm Sewer Bonds of 1980 Fund at the the amount shown hereon for interest then due on its General Obligation Storm Sewer Bond of 1980, dated September 1, 1980, No. (facsimile signature) Mayor V (facsimile signature) City Manager d. The Storm Sewer Bonds shall be payable from the General Obligation Storm Sewer Bonds of 1980 Fund hereby created, and the proceeds of ad valorem taxes hereinafter levied upon the property within Storm Sewer Tax Improvement District No. 1 (the "Storm Sewer District"), duly created by Ordinance No. 79-17, are hereby pledged to said fund. If any payment of principal or interest on the Storm Sewer Bonds sl►all become due when there is not sufficient money in said fund to pay the same, the City Clerk shall pay such principal or interest from the general fund of the City and such fund may be reimbursed for such advances out of proceeds of the aforesaid ad valorem taxes, when collected. e. To provide funds for the payment of principal and interest amounts on the Storm Sewer Bonds as the same become due, there is hereby levied a direct annual irrepealable ad valorem tax levy against all taxable properties in the Storm Sewer District, which tax levies shall be in the vears and amounts as follows: (year stated being year of levy for collection the following year.) See attached computation of Levy It is hereby determined that the estimated collection of the foregoing ad valorem tax levies will produce at least five percent in excess of the amount needed to meet, when due, the principal and interest payments on the Storm Sewer Bonds. The City Clerk is directed to file a certified copy of this resolution with the Finance Manager of Hennepin County and obtain the certificate required by Minnesota Statutes, Section 475.63. f. The City hereby covenants with the holders from time to time of the Storm Sewer Bonds as follows: (i) The City will cause the ad valorem taxes for the Storm Sewer Improvements (the "Improvements") to be promptly levied so that the first installment will be collectible not later than 1981 and will take all steps necessary to assure prompt collec- tion. The City Council shall cause all further actions and proceedings relative to the making and financing of the Improve- ments financed by the Storm Sewer Bonds to be taken with due diligence that are required for the construction of each improve- ment financed wholly or partly from the proceeds of the Storm Sewer Bonds issued hereunder, and for the final and valid levy of ad valorem taxes and the appropriation of any other funds needed to pay said Bonds and interest thereon when due. (ii) In the event of any current or anticipated deficiency i:i said ad valorem taxes, the City Council will levy additional al valorem taxes upon all taxable property in the City in the .mount of said current or anticipated deficiency. (iii) The City will keep complete and accurate books and records showing all receipts and disbursements in connection with the Improvements, the ad valorem taxes levied therefor, ' other funds appropriated for their payment, and all collections thereof and disbursements therefrom, moneys on hand and balance of unpaid tax levies. (iv) The City will cause its books and records to be audi- ted at least annually by qualified public accountants and will furnish copies of such audit reports to any interested person upon request. ",COMPUTATION OF TAX LEVY Oil: $385,000 GENERAL OBLIGATION STORM SEWER BONDS ` CITY OF PLYMOUTH, MINNESOTA LEVY COLLEC:7 AMOUNT AMOUNT + 5% TAX 1980 1981 $ 43168 $ 45326 $ 45400 1981 1982 $ 42193 $ 44302 $ 44300 198.-2 1983 $ 46203 $ 48513 $ 48600 1983 1984 $ 44883 $ 47127 $ 47200 1984 1985 $ 43543 $ 45720 $ 45800 1985 1986 $ 42203 $ 44313 $ 44400 1986 1987 $ 45853 $ 4811+5 $ 48200 1987 1988 $ 44128 $ 46334 $ 464.00 1988 1989 $ 42378 $ 44496 $ 44500 1989 1990 $ 45578 $ 47856 $ 47900 1990 1991 $ 43358 $ 4.5525 $ 45600 1991 1992 $ 46078 $ 48381 $ 48400 1992 1993 $ 43365 $ 45533 $ 45600 1993 1994 $ 40600 $ 42630 $ 42700 1994 1995 $ 37800 $ 39690 $ 39700 $ 65135 $ 684700 `NOTE: BOND PROCEEDS (CAPITALIZED INTEREST) OF $ 14083,'75 WILL BE USED TO PAY $ 14083.75 OF INTR PAYMTS DUE 3-1-19810 GRAM :PREPARED BY EHLERS R ASSOCIATES, INC S. The tax levy herein provided for the Storm Sewer Bonds shall be irrepealable until all of the Storm Sewer Bonds are paid, provided that the City Clerk may annually, prior to October 10th, certify to the Finance Manager of Hennepin County the amount available in the Storm Sewer Bonds of 1980 Fund to pay principal and interest due during the ensuing year, and the Finance Manager shall thereupon reduce the levy collectible during such year by the amount so certi- fied. 4. $375,000 GENERAL OBLIGATION WATER AND SEWER REVENUE BONUS OF 1980. a. The City of Plymouth shall forthwith issue and sell its General Ob�igation Water and Sewer Revenue Bonds of 1980 (the "Revenue Bonds"), in the principal amount of $375,000, dated September 1, 1980, the Bonds being 75 in number and numbered 1 to 75, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable March 1, 1981, and semiannually thereafter on March 1 and September 1 in each year, and which bonds mature serially on March 1 in the years and amounts as follows: YEAR AMOUNT 1982 $15,000 1983 15,000 1984 15,000 1985 20,000 1986 20,000 1987 20,000 1988 25,000 1989 25,000 1990 25,000 1991 30,000 1992 30,000 1993 30,000 1994 35,000 1995 35,000 1996 35,000 The Bonds maturing after March 1, 1990, are subject to redemption in inverse order of serial numbers on said date and on any interest payment date thereafter at a price of par plus accrued interest to date of redemvtion. 5. PROVISIONS APPLICABLE TO IMPROVEMENT BONDS, STORM SEWER BONDS, AND REVENUE BONDS. a. The City Clerk shall obtain a copy of the proposed opinions of Messrs. LeFevere, Lefler, Kennedy, O'Brien and Drawz of Minneapolis, Minnesota, approving the Improvement Bonds, the Storm Sewer Bonds, and the Revenue Bonds, respectively, which opinions shall be complete except as to dating thereof and shall cause said opinions to be printed on the Bonds, respectively, together with certificates to be signed by the facsimile signature of the City Clerk in substan- tially the following form: I hereby certify that the foregoing is a full, true and correct copy of the legal opinion executed by the above named attorneys, except as to the dating thereof, which opinion has been handed to me for filing in my office prior to the time of bond delivery. (facsimile signature) City Clerk City of Plymouth, Minnesota The City Clerk is hereby authorized and directed to execute such certif- icates in the name of the City upon receipt of such opinion and to file the respective opinions in the City offices. b. The Improvement Bonds, the Storm Sewer Bonds, and the Revenue Bonds shall be executed o. behalf of the City by the facsimile signa- tures of the Mayor and the City. Manager, and the interest coupons shall be executed and authenticated by the printed facsimile signa- tures of the Mayor and City Manager and the facsimile of the corporate seal of the City may, but need not be, printed thereon; the facsimile signatures of both the Mayor and the City Manger shall be duly authen- ticated by the manual signature of an officer of the Northwestern National Bank of Minneapolis hereby designated authenticating agent ,pursuant to Minnesota Statutes, Section 475.55, Subdivision l; and the following shall be added to the reverse side of the bonds: "This Bond is one of the Bonds of the series designated herein issued pursuant to the resolution acthorizing its issuance and delivery." Northwestern National Bank of Minneapolis.' Minnesota As Authenticating Agent By Its Authorized Officer A • F } y` " The Improvement Bonds, the Storm Sewer Bonds, and the Revenue Bonds, i ' when fully executed, shall be delivered by the City Finance Director to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obligated to see to the proper application thereof. C. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of the Improvement Bonds, the Storm Sewer Bonds, and the Revenue Bonds and to the attorneys approving the same, certified copies of proceedings and records of the City relating to the Bonds, respectively, and to the financial condi- tion and affairs of the City, and such other certificates, affidavits and transcript's as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and marketability of said Bonds and such instruments, including any heretofore furnished, shall be deemed representations of the City as to the facts stated therein. f d. The Mayor and City Manager are hereby authorized and directed to certify that they have examined the official statement or prospec- tus prepared and circulated in connection with :the issuance and sale of the Improvement Bonds, the. Storm Sewer Bonds, and the Revenue Bonds, and that to the best of their knowledge and belief said state- ment is a-complete and accurate representation of the facts and repre- sentations made therein as of the date of said official statement or prospectus as it relates to the City. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Davenport , and upon vote being taken thereon, the following voted in favor thereof: Mayor Hunt, Councilmembers Davenport, Hoyt, Nei 1s Schneider and the following voted against the same: None whereupon said resolution was declared duly passed and adopted.