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85-009 - 01-15 Authorize $1,265,000 Tax Increment Bonds Series 1985Resolution 85-9 January 15, 1985 Member Stockman introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING ISSUANCE, AWARDING THE SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $1,265,000 GENERAL OBLIGATION TAX INCREM1ENT BONDS, SERIES 1985 BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, as follows: 1.01. Recitals and Authorization. The Golden Valley Housing and Redevelopment Authority (the Authority) has prepared a tax increment financing plan for the Valley Square Redevelopment Project Area (the District) in Golden Valley. After appropriate proceedings, this Council by resolution approved the tax increment financing plan of the Authority. The Plan calls for the acquisition of certain properties within the District, payment of relocation expenses and other associated redevelopment costs and sale of District properties to a developer for construction of improvements in Area "D" of the District (the Project). 1.02. The ,cost of the Project is estimated to be as follows: Land Acquisition Costs $1,127,000 Relocation Expenses 90,000 Administrative and Legal Costs 40,500 City's Share of Performance Bonds 17,000 Total Project Expenditures $1,274,500 Less: Land Sale Proceeds <394,500> Net Project Costs $ 880,000 Plus: Capitalized Interest (Net of Reinvestment) 335,000 Bond Discount Allowance 24,700 Issuance Costs 25,300 Net Bond Issue Requirements $1,265,000 1.03. Thi Council, under the authority of Minnesota Statutes, Sections 273.77(a) and 42.581 and Minnesota Statutes, Chapter 475, and pursuant to a resolution adopted on December 4, 1984, ordered that a public sale of $1,265,000 General Obligation Tax Increment Bonds, Series 1985 (the Bonds) to be held on this date. Notice of the public sale of the Bonds was duly given as required by Minnesota Statutes, Section 475.60. In accordance with the respective Terms and Conditions for Receipt of Bids and Award of Sale, sealed bids were received by the Finance Director prior to 12:00 Noon, C.T., on this date. Those bids have been opened, publicly read aloud and considered by this Council and the terms of each have now been determined. Resolution 85-9 - Continued January 15, 1985 1.04. Sale. The bid of Piper, Jaffray & Hopwood Inc. of Minneapolis, Minnesota (thePurchaser), for the purchase of the Bonds on the terms set forth in the Terms an Conditions for Receipt of Bids and Award of Sale, at a price of $1,247,240.10 pli,us accrued interest from the date of the Bonds to the date of delivery thereof, the Bonds to bear interest at the rates set forth in Section 3 hereof, resulting in a net interest cost of $1,956,309.90, which is the lowest net interest cost of all bids received pursuant to the Notice of Sale and Terms and Conditions for Receipt of Bids and Award of Sale, is therefore declared to be the best bid received, and is hereby accepted. The Mayor and the City Manager are hereby authorized and directed to execute a contract for the sale of the Bonds to the Purchaser in accordance with the terms of said bid, the Terms and Conditions for Receipt of Bids and Award of Sale and this resolution. The Finance Director shall deposit the good faith check of the Purchaser, pursuant to the Terms an Conditions of Sale, and shall return the good faith checks of the unsuccessful bidders forthwith. 1.05. Issyance of Bonds. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Bonds having been done, existing, having happened and having been performed, it is now necessary for this Council to establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith. Section 2.i Form of Bonds and Certificate as to Legal Opinion. 2.01. Bon Form. The Bonds shall be prepared in substantially the following form: [Face of Bonds] UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF GOLDEN VALLEY GENERAL OBLIGATION TAX INCREMENT BOND SERIES 1985 Date of Rate Maturity Original Issue CUSIP February 1, 1985 No. THE CITY OF GOLDEN VALLEY, Hennepin County, Minnesota (the City), acknowledges itself to be indebted and, for value received, hereby promises to pay to , or registered assigns, the principal sum of DOLLARS, on the maturity date specified above' with interest thereon from the date hereof at the annual rate specified above payable on February 1 and August 1, commencing February 1, 1986, to the person i whose name this Bond is registered at the close of business on the 15th day (whether or not a business day) of the immediately preceding month, all subject to the provisions referred to herein with respect to the redemption of the principal of this Bond before maturity. The interest hereon and, upon presentation and surrender hereof, the principal hereof, are payable in lawful money of the United States of America by check or draft drawn by in as Bond Registrar, Transfer Agent and Paying Agent the Bond Registrar or a successor designated under the Resolution described herein. Resolution 85-9 - Continued January 15, 1985 Additional provisions of this Bond are contained on the reverse hereof and such provisions 'shall for all purposes have the same effect as though fully set forth hereon. This Bond $hall not be valid or become obligatory for any purpose or be entitled to anylsecurity or benefit under the Resolution until the Certificate of Authentication hereon shall have been executed by the Bond Registrar by manual signature of one of its authorized representatives. IN WITNESS WHEREOF, the City of Golden Valley, Hennepin County, State of Minnesota, by its City Council, has caused this Bond to be executed by the facsimile signatures of the Mayor and the City Clerk and by a printed facsimile of the official seal of the City and has caused this Bond to be dated as of February 1, 198. DATE OF AUTHENTICATION: (Facsimile Signature) City Clerk (Facsimile Seal) CERTIFICATE OF AUTHENTICATION (Facsimile Signature) Mayor This is one of the Bonds delivered pursuant to the Resolution mentioned within. as Bond Registrar By Authorized Representative [Reverse of the Bonds] This Bond is one of an issue in the aggregate principal amount of $1,265,000 (the Bonds), issued pursuant to a resolution adopted by the City Council on January 15, 198$ (the Resolution) to finance public redevelopment costs within the Valley Square Redevelopment Project Area in the City (the Project), and is issued pursuant',to and in full conformity with the provisions of the Constitution and laws of the!State of Minnesota thereunto enabling, including Minnesota Statutes, Sections 462.581 and 273.77 and Chapter 475. This Bond is payable primarily from the "1985 General Obligation Tax Increment Bond Fund" (the Bond Fund) of the City, but the City is required by law to pay maturing principal hereof and interest hereon from any available funds of the City if moneys on hand in the Bond Fund are insufficient therefor. The Bonds are issuable only as fully registered bonds, in denominations of $5,000 or any integral multiple thereof, of single maturities. Resolution 85-9'- Continued January 15, 1985 Bonds maturing in the years 1990 through 1995 are payable on their respective stated maturity 'dates without option of prior payment, but Bonds having stated maturity dates in the years 1996 through 2008 are each subject to redemption and prepayment, at the option of the City and in inverse order of maturities and by lot, assigned ir proportion to their principal amount, within any maturity, on February 1, 199E and on any interest payment date thereafter, at a price equal to the principal amount thereof to be redeemed plus interest accrued to the date of redemption. At least thirty days prior to the date set for redemption of any Bond, notice of the call for redemption will be published in a daily or weekly periodical, published in a Minnesota city of the first class or its metropolitan area, which cir ulates throughout the state and furnishes financial news as part of its service, !,and will be mailed to the Bond Registrar and to the registered owner of each Bond to be redeemed at his address appearing in the Bond Register, but no defect in or failure to give such mailed notice of redemption shall affect the validity of (proceedings for the redemption of any Bond. Upon partial redemption of any Bond, a new Bond or Bonds will be delivered to the registered owner without charge, representing the remaining principal amount outstanding. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by the registered owner hereof in person or by his attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or his attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange, the City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner?, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmentallcharge required to be paid with respect to such transfer or exchange. The City a d the Bond Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for thelpurpose of receiving payment and for all other purposes, and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the issuance of this Bond in order to make it a valid and binding general obligation of the City according to its terms have been done, do exist, have happened and have been performed in re ular and due form as so required; that prior to the issuance hereof, the City has pledged and appropriated all of the tax increments to be derived by the the City from said District to a bond fund established for the payment of all bonds issued to finance costs of said District; that said tax increment are estimated to be collectible for the years and in amounts sufficient to pay not less than 20% of the principal of and interest on the bonds of this issue when due; that prior 'to the issuance hereof the City as levied a direct, general ad valorem tax upon all taxable property within its corporate limits for the years and in amounts sufficient, with the estimated collections of said tax increments, to produce sums not less than five percent in excess of the principal of and interest on the Bonds as such principal and interest respectively become due, and has appropriatec the same to said bond fund; that, in the event of any accumulated or anticipated ceficiency in the bond fund, additional ad valorem taxes are required by law to be levied upon all taxable property in the City without limitation as t� rate or amount; and that the issuance of this Bond does not cause the indebtednes of the City to exceed any constitutional or statutory limitation. Resolution 854- Continued January 15, 1985 The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to the applicable laws or regulations: TEN COM -- as tenants UNIF GIFT MIN ACT.....Custodian.......... in common (Cust) (Minor) TEN ENT -- as tenants by the entireties JT TEN -- as joint tenants with under Uniform Gifts to Minors rightlof survivorship and not as tenants in Act ............................... common (State) Additional abbreviations may also be used. ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 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 SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE: NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or any change whatsoever. Signature(s) must be guaranteed by a commercial bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges. 2.02. Certificate as to Legal Opinion. The following certificate shall be printed on the rleverse side of each Bond and executed by the printed facsimile signature of the City Clerk: STATE OF MINNESOTA) _I ) SS. COUNTY OF HENNEPIN) I, the and rsigned, being the duly qualified and acting City Clerk of the City of Golden Valley, Hennepin County, Minnesota, certify that printed above is a full, true and correct copy of the legal opinion rendered by Bond Counsel on the issue of Bonds of the City which includes the within Bond, dated as of the date of delivery of and payment for the Bonds. (Facsimile Signature) City Clerk Resolution 85-91- Continued January 15, 1985 Section 3. Bond Terms, Execution and Delivery. 3.01. Date, Maturities, Interest Rates. The Bonds shall be designated General Obligation Tax Increment Bonds, dated February 1, 1985, shall be issued in the denomination of $5,000 each, or any integral multiple thereof, shall mature on February 1 in the respective years and amounts stated below, and shall bear interest from date of issue until paid or duly called for redemption at the respective annual rates stated opposite their maturity years: Year ount Rate Year Amount Rate 1990 $25,000 7.30% 2000 $65,000 9.00% 1991 5,000 7.50 2001 70,000 9.10 1992 10,000 7.70 2002 75,000 9.20 1993 35,000 7.90 2003 85,000 9.30 1994 35,000 8.10 2004 95,000 9.30 1995 40,000 8.25 2005 100,000 9.40 1996 45,000 8.50 2006 110,000 9.40 1997 $0,000 8.70 2007 125,000 9.50 1998 5,000 8.80 2008 140,000 9.50 1999 0,000 8.90 The Bonds shall'be issuable only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof, shall be payable by check or draft issued by the Bond Register described herein. 3.02. Dates; Interest Payment Dates. Each Bond shall bear a date of original issue mf February 1, 1985. Upon the initial delivery of the Bonds pursuant to Section 3.06 and upon any subsequent transfer or exchange pursuant to Section 3.03b the date of authentication shall be noted on each Bond so delivered, exchanged or transferred. The interest on the Bonds shall be payable on each February 1 and August 1, commencing February 1, 1986 to the owner of record thereof as of the close of business on the fifteenth day of the immediately preceding month'b whether or not such day is a business day. 3.03. Registration. The City shall appoint, and shall maintain, a bond registrar, transfer agent and paying agent (the Bond Registrar). The effect of registration and the rights and duties of the City and the Bond Registrar with respect thereto shall be as follows: (a) Regi ster. The Bond Registrar shall keep at its principal corporate trust office a bond register in which the Bond Registrar shall provide for the registration ofl ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, transferred or exchanged. (b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed by thee, registered owner thereof or accompanied by a written instrument of transfer, inform satisfactory to the Bond Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Bond Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Bonds of a like aggregate prinipal amount and maturity, as requested by the transferor. The Bond Registrarcmay, however, close the books for registration of any transfer after the fifteenth day of the month preceding each interest payment date and until such interest payment date. Resolution 85-9 - Continued January 15, 1985 (c) Exchange of Bonds. Whenever any Bond is surrendered by the registered owner for exchange, the Bond Registrar shall authenticate and deliver one or more new Bonds f a like aggregate principal amount and maturity, as requested by the register,d owner or the owner's attorney duly authorized in writing. (d) Cancellation. All Bonds surrendered upon any transfer or exchange shall be promptly cancelled by the Bond Registrar and thereafter disposed of as directed by the ',City. (e) Improper or Unauthorized Transfer. When any Bond is presented to the Bond Registrar for transfer, the Bond Registrar may refuse to transfer the same until it is satsfied that the endorsement on such Bond or separate instrument of transfer is egally authorized. The Bond Registrar shall incur no liability for its refusal in good faith, to make transfers which it, in its judgment, deems improper Ir unauthorized. (f) Persons Deemed Owners. The City and the Bond Registrar may treat the person in whose name any Bond is at any time registered in the bond register as the absolute owner of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on such Bond and for all other purposes, and all such payments so made to any such registered owner or upon the owner's order shall be valid and effectual to satisfy and discharge the liability of the City upon such Bond to the extent of the sum or sums so paid. (g) Taxes; Fees and Char es. For every transfer or exchange of Bonds, the Bond Registrar may impose a charge upon the owner thereof sufficient to reimburse the Bond Registrar for any tax, fee or other governmental charge required to be paid with respect to such transfer or exchange. (h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall become mutilated or be lost, stolen or destroyed, the Bond Registrar shall deliver a new Bond of like amount, number, maturity date and tenor in exchange and substitution for and upon cancellation of any such mutilated Bond or in lieu of and in substitution for any such Bond lost, stolen or destroyed, upon the payment of the reasonable expenses and charges of the Bond Registrar in connection therewith; and,',in the case of a Bond lost, stolen or destroyed, upon filing with the Bond Registrar of evidence satisfactory to it that such Bond was lost, stolen or destroyed, and of the ownership thereof, and upon furnishing to the Bond Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory tout, in which both the City and the Bond Registrar shall be named as obligees. All Bonds so surrendered to the Bond Registrar shall be cancelled by it and evidence of such cancellation shall be given to the City. If the mutilated, lost, stolen or destroyed Bond has already matured or been called for redemption in accordance with its terms, it shall not be necessary to issue a new Bond prior to payment. Resolution 85-9',- Continued January 15, 1985 3.04. Appointment of Bond Registrar. The City hereby appoints First National Bank of Minneapolis, as the Bond Registrar. The Mayor and the City Clerk are authorized to execute and deliver, on behalf of the City, a contract with First National Bank of Minneapolis, as Bond Registrar. Upon merger or consolidation of the Bond Registrar with another corporation, if the resulting corporation is o bank or trust company authorized by law to conduct such business, such corporation shall be authorized to act as successor Bond Registrar. The City agrees to pay the reasonable and customary charges of the Bond Registrar for the services performed. The City reserves the right to remove any Bond Registrar upon thirty (30) days' notice and upon the appointment of a successor Bond Registrar, in which event the predecessor Bond Registrar shall deliver all cash and Bonds in its possession to the successor Bond Registrar and shall deliver and the bond register to the successor Bond Registrar. On or before each principal or interest due date, without further order of this Council, the City Clerk shall transmit to the Bond Registrar from the bond fund described in Section 4.02 he eof, moneys sufficient for the payment of all principal and interest then due. 3.05. Redemption. Bonds maturing in the years 1990 through 1995 shall not be subject to redemption prior to maturity, but Bonds maturing in the years 1996 through 2008 shall each be subject to redemption and prepayment, at the option of the City, in inverse order of maturities and, within any maturity, in $5,000 principal amounts selected by the Bond Registrar by lot, on February 1, 1995 and on any interest payment date thereafter at a price equal to the principal amount thereof to be redeemed plus interest accrued to the date of redemption. At least thirty days prior to the date set for redemption of any Bond, the City Clerk shall cause notice of the call for redemption to be published in a daily or weekly periodical published in a Minnesota city of the first class or its metropolitan area, which circulates throughout the state and furnishes financial news as a part of its service, and to be mailed to the Bond Registrar and to the registered owner of each Bond to be redeemed, but no defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any Bond not affected by such defect or failure. 3.06. Pre0aration and Delivery. The Bonds shall be prepared under the direction of the City Clerk and shall be executed on behalf of the City by the signatures of the Mayor and the City Clerk, and shall be sealed with the official corporate seal of the City; provided that said signatures and the corporate seal may be printed,engraved, or lithographed facsimiles thereof. In case any officer whose signature, or a facsimile of whose signature, shall appear on the Bonds shall cease to he such officer before the delivery of any Bond, such signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if suchlofficer had remained in office until delivery. Notwithstanding such execution,jno Bond shall be valid or obligatory for any purpose or entitled to any securitylor benefit under this resolution unless and until a certificate of authentication on such Bond has been duly executed by the manual signature of an authorized r presentative of the Bond Registrar. Certificates of authentication on different Bo ds need not be signed by the same representative. The executed certificate of iuthentication on each Bond shall be conclusive evidence that it has been authen icated and delivered under this resolution. When the Bonds have been so executel and authenticated, they shall be delivered by the City Clerk to the purchaser t ereof upon payment of the purchase price in accordance with the contract of sal heretofore made and executed, and the purchaser shall not be obligated to se2 to the application of the purchase price. Resolution 85-91- Continued Section 4.1 Security Provisions. January 15, 1985 4.01. Con'truction Fund. A Construction Fund is hereby created as a special fund and design ted on the books of the City as the "Valley Square Redevelopment Project Area Construction Fund" (the Construction Fund), to be held and administered by the Finance Director separate and apart from all other funds of the City. The City hereby' appropriates to the Construction Fund all of the proceeds received from the sale of the Bonds, less the amount to be deposited in the Bond Fund, as hereinafter defined, pursuant to Section 4.02 hereof. Moneys on hand in the Construction Fund from time to time shall be used soley to pay capital and administrat,ve costs in connection with the Project as set forth in the Plan. Any amou is remaining in the Construction Fund upon completion of the Project and pay ent of all of the costs thereof shall be transferred to the Bond Fund. 4.02 *Bond Fund. The City has created, by resolution adopted May 5, 1980, and so long as any of the Bonds or any additional bonds issued pursuant to Section 4.04 hereof are outstanding and any principal thereof or interest thereon unpaid,lthe Finance Director shall maintain a bond fund therefor (the Bond Fund) as a separate and special account to be used for no purpose other than the paymen of the principal of, premium, if any, and interest on the Bonds, such additionallbonds and then outstanding general obligation bonds of the City issued for the'ayment of the cost of redevelopment projects in the District, or any other deve1pment costs in connection with the District which are authorized by law to be pa d from tax increments derived from the District. The City hereby irrevocably appropriates to the Bond Fund (a) $335,000 of the proceeds of the Bonds representing capitalized interest, (b) the accrued interest and any amount in excess of $1,240,300 bid for the Bonds and received from the Purchaser upon delivery of the Bonds, and (c) any other moneys appropriated or pledged by the terms of this Resolution to the Bond Fund. 4.03. Tax Increment. The Director of Property Taxation has certified that the original taxable value of real property within the District according to the assessment of January 2, 1979, is $7,471,499. Under the provisions of Minnesota Statutes, Section 462.585, Subdivision 3, the Director of Property Taxation will include only the original taxable value according to the assessment as of January 2, 1979'in the assessed valuation upon which he computes the rate of all state, county, city, school district and other taxes, but will extend the rates so determined against the entire assessed valuation of such real property in each year, and the County Treasurer will remit to the Authority that the proportion of the taxes paid each year on such real property within the District which the excess of the assessed valuation over the original taxable value bears to such original value.', The Authority has agreed to segregate the tax increments so received until public redevelopment cost of the Project, including principal and interest on:he the Bonds, has been paid and the City has been fully reimbursed for any princip1 of and interest on the Bonds which has been paid from the city-wide taxes herein levied. The Authority has pledged and appropriated the tax increments to the Bond Fund for the payment of such principal and interest and the reduction, cancellation and reimbursement of such taxes. 4.04. Additional Bonds. The City reserves the right to issue additional bonds payable from the Bond Fund as may be required to finance costs of the Project not financed hereby or to finance costs of other projects to be undertaken by the City within the District. Resolution 85-9i- Continued January 15, 1985 4.05. Tax Levy. The full faith and credit and taxing powers of the City are irrevocably pledged for the prompt and full payment of the principal of and interest on the Bonds and on all other bonds made payable from the Bond Fund, as such principal and interest become due. It is estimated that the tax increments appropriated to the Bond Fund in Section 4.02 will produce sums available for the payment of �he Bonds at the times and in the amount required by Minnesota Statutes, Secti n 475.61, and therefore as permitted by Minnesota Statutes, Section 273.77( 1), no taxes are levied for this purpose at the present time. It is recognized, iowever, that the City's liability on the Bonds is not limited to the provision o these funds, and that the City is required by Minnesota Statutes, Section 273.77(1) and Section 475.61, to levy and cause to be extended, assessed and collected a y ad valorem taxes necessary for the payment of principal of and interest on the Bonds. Section 5. Defeasance. When any Bond has been discharged as provided in this section, all ppledges, covenants and other rights granted by this resolution to the holders 4f such Bonds shall cease, and such Bonds shall no longer be deemed to be outstanding under this Resolution. The City may discharge its obligations with respect to any Bond thereto which are due on any date by depositing with the paying agenic on or before that date a sum sufficient for the payment thereof in full; or, iflany Bond should not be paid when due, it may nevertheless be discharged by depositing with the paying agent a sum sufficient for the payment thereof in ful V with interest accrued to the date of such deposit. The City may also discharge its obligations with respect to any prepayable Bond according to its terms, by depositing with the paying agent on or before that date an amount equal to the pr ncipal, interest and redemption premium, if any, which are then due, provided that notice of such redemption has been duly given as provided herein. The City may also at any time discharge its obligations with respect to any Bonds, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a bank qualified by law as an escrow agent for this purpose, cash or securities which are authorized by low to be do deposited, bearing interest payable at such times and at such rates and maturing on such dates as shall be required to pay all principal, interest and redemption premiums to become due thereon to maturity or said redemption date4 Section 6.1 County Auditor Registration, Certification of Proceedings, Investment of Moneys and Arbitrage. 6.01. County Auditor Registration. The City Clerk is hereby authorized and directed to'file a certified copy of this resolution with the County Auditor of Hennepin County, together with such other information as the County Auditor shall require, and to obtain from said County Auditor a certificate that the Bonds have been entered on his bond register and the taxes described in Section 4.05 hereof have been levied as required by law. 6.02. Certification of Proceeding. The officers of the City and the County Auditor f Hennepin County are hereby authorized and directed to prepare and furnish to he purchaser of the Bonds and to Dorsey & Whitney, Bond Counsel, certified copies of all proceedings and records of the City, and such other affidavits, certificates and information as may be required to show the facts relating to the legality and marketability of the Bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein.