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City Council Resolution 1990-47CITY OF MONTICELLO, MINNESOTA RESOLUTION N0.1990-47 BEING A RESOLUTION RATIFYING THE ADOPTION OF RESOLUTION NO. 1990-45 AUTHORIZING AND AWARDING THE SALE OF, AND PROVIDING THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR $250,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1990C WHEREAS, the City Council (the "Council") of the City of Monticello, Minnesota (the "Issuer") met in an emergency meeting on October 15, 1990 and adopted Resolution No. 1990-45 being a Resolution Authorizing and Awarding the Sale of, and Providing the Form, Terms, Covenants and Directions for $250,000 General Obligation Improvement Bonds, Series 1990C (the "Resolution"); and WHEREAS, the Council wishes to ratify and confirm the adoption of the Resolution by the adoption of this Resolution; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MONTICELLO, MINNESOTA AS FOLLOWS: Section 1. Recitals. 1.01 On September 18, 1990, the Council of the Issuer passed its Resolution No. 90-35, authorizing the issuance of $250,000 General Obligation Improvement Bonds, Series 1990C (the "Bonds") and authorizing publication of the Official Notice of Sale soliciting bids for the purchase of the Bonds. 1.02 The Issuer is authorized to issue the Bonds pursuant to Minnesota Statutes, Chapters 429 and 475, for the purpose of providing funds to gay the costs of certain improvements (the "Improvements") undertaken by the Issuer pursuant to Minnesota Statutes, Chapters 429. In compliance with Minnesota Statutes, Section 475.58, the estimated collection of special assessments from the property benefited by the Improvements is not less than 2096 of the cost of the Improvements for which the Bonds are sold. Section 2. Award of Sale; Terms of Bonds. 2.01 Affidavits showing publication of notice of call for bids in the official newspaper of the Issuer and in Northwestern Financial Review have been examined and have been approved and ordered placed on file. The following bids for the sale of the Bonds were received: [See attached]. 2.02 After considering the bids received, the Issuer hereby awards the sale of the Bonds to Park Investment Company (the "Purchaser") as the bidder offering the lowest net interest cost by its bid to purchase the Bonds in accordance with the terms set forth in this Resolution at a price of $247,550 plus accrued interest to the date of delivery, the Bonds to bear interest at the rates per annum as follows: year of Interest Maturit Rate 1993 6.1096 1994 6.20 1995 6.25 1996 6.35 1997 6.45 1998 6.55 1999 6.65 2000 6.70 2001 6.75 2002 6.85 The City Administrator is directed to retain the good faith check of the Purchaser pending delivery of and payment for the Bonds. 2.03 The Issuer shall issue the Bonds in the aggregate principal amount of $250,000, dated November 1, 1990, as fully registered bonds without coupons. The Bonds shall be in denominations of $5,000 or any integral multiple thereof not exceeding the principal amount of a single maturity, shall be numbered from R-1 upwards in order of issuance, and shall bear interest at the rates set forth above, payable August 1, 1991, and semiannually thereafter on each February 1 and August 1, and shall mature on February 1 in the years and amounts as follows: yew Amount 1993 $20,000 1994 20,000 1995 20,000 1996 25,000 1997 25,000 1998 25,000 1999 25,000 2000 30,000 2001 30,000 2002 30,000 2.04 All Bonds maturing on or after February 1, 1999, shall be subject to redemption and prior payment in whole or in part in such order as the City may determine and by lot within a maturity at the option of the Issuer on February 1, 1998, and any day thereafter at a price of par plus accrued interest. Thirty days' prior notice of redemption shall be given by first-class mail by the Registrar to the registered owners of the Bonds, and notice of redemption will be published in the manner provided by Chapter 475, Minnesota Statutes. Upon notice having been so given, the Bonds or portions of Bonds therein specified shall be due and payable at the stated redemption date and price with accrued interest to the redemption date, and upon funds for such payment being held by or on behalf of the Registrar for such payment on the specified redemption date, interest thereon shall cease to accrue after such redemption date. No defect in the mailed notice of redemption shall affect the validity of the call for redemption of any Bond. 2.05 The Bonds shall be payable as to principal upon presentation at the main office of American National Bank and Trust Company (the "Registrar"), or at the office of such other successor registrar as the issuer may hereafter designate upon 60 days mailed notice to the registered owners. Interest on each Bond shall be payable by check or draft of the Registrar mailed the last business day prior to the interest payment date to the registered holder thereof at his or her address as it appears on the bond register at the close of business on the 15th day (whether or not a business day) of the calendar month next preceding the interest payment date. Section 3. Form and Execution of the Bonds. 3.01 The Bonds shall be in substantially the following form, with the necessary variations as to number, CUSIP Number, rate of interest and date of maturity, the blanks to be properly filled in: UNITED STATES OF AMERICA STATE OF MINNESOTA CITY OF MONTICELLO No. R- GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 1990C Interest Rate Maturity Nominal Date of Original Issue CUSIP November 1, 1990 Registered Owner: Principal Amount: The City of Monticello, Minnesota (the "City"), for value received, hereby certifies that it is indebted and hereby promises to pay- to the Registered Owner specified above, or registered assigns, the principal sum specified above on the maturity date specified above, upon the presentation and surrender hereof, and to pay to the registered owner hereof interest on such principal sum at the interest rate specified above from November 1, 1990, or _the most recent interest payment date to which interest has been paid or duly provided for as specified below, on February 1 and August 1 of each year, commencing August 1, 1991, until said principal sum is paid. Principal is payable in lawful money of the United States of America at American National Bank and Trust Company as Registrar, Transfer Agent and Paying Agent, in St. Paul, Minnesota, or at the offices of such successor agent as the City may designate upon 60 days notice to the registered owners at their registered addresses (the "Registrar"). Interest shall be paid on each February 1 and August 1 by check or draft of the Registrar mailed the last business day prior to the interest payment date to the person in whose name this Bond is registered at the close of business on the preceding January 15 and July 15 (whether or not a business day) at his or her address set forth on the bond register maintained by the Registrar. Any such interest not punctually paid or provided for will be paid to the person in whose name this Bond is registered at the close of business on a special record date established by the Registrar for the payment of such defaulted interest. 3 Bonds maturing on or before February 1, 1998 are not subject to redemption prior to maturity Bonds maturing on or after February 1, 1999 are subject to redemption at the option of the City in such order as the City shall determine and by lot within a maturity on any date on or after February 1, 1998 at a price equal to par plus accrued interest. Thirty days' prior notice of redemption shall be mailed by first-class mail to registered owners of the Bonds and notice of redemption shall be published as provided in the Resolution. This Bond is one of a series of Bonds in the aggregate principal amount of Two Hundred Fifty Thousand Dollars ($250,000) of like date and tenor except for number, interest rate, denomination, right of redemption and date of maturity, and is issued for the purpose of providing funds to pay the costs of certain improvements pursuant to an authorizing resolution (the "Resolution") adopted by the City Council of the City on October 15, 1990, and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapters 475 and 429. The Bonds of this series are payable from the General Obligation Improvement Bonds, Series 1990C Fund of the City (the "Bond Fund"). All taxable property within the City is subject to the levy of direct general ad valorem taxes required by law to be levied and extended if needed for this purpose, without limitation of rate or amount. The issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional, statutory or charter limitation thereon. As provided in the Resolution, and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City kept for that purpose at the principal office of the Registrar, by the registered owner hereof in person or by such owner's attorney duly authorized in writing, upon surrender of this Bond together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or such owner's duly authorized attorney. Upon such transfer and the payment of any tax, fee or governmental charge required to be paid by the City or the Registrar with respect to such transfer, there will be issued in the name of the transferee a new Bond or Bonds of the same aggregate principal amount as the surrendered Bond. The City has designated the Bonds as "Qualified Tax-Exempt Obligations" within the meaning of Section 265 of the Internal Revenue Code of 1986, as amended. The Bonds of this series are issuable only as fully registered bonds without coupons in denominations of $5,000 or any integral multiple thereof not exceeding the principal amount maturing in any one year. As provided in the Resolution and subject to certain limitations therein set forth, the Bonds of this series are exchangeable for a like aggregate principal amount of Bonds of this series of a different authorized denomination, as requested by the registered owner or his duly authorized attorney, upon surrender thereof to the Registrar. 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 exist, to happen and to be performed in order to make this Bond 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 due form, time and manner as so required. This Bond shall not be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been manually signed by a person authorized to sign on behalf of the Registrar. IN WITNESS WHEREOF, The City of Monticello, Minnesota has caused this Bond to be executed with the facsimile signatures of its Mayor- and its City Administrator, both as of the Nominal Date of Original Issue specified above. Dated: THE CITY OF MONTICELLO, MINNESOTA By (Facsimile) Mayor (Facsimile) City Administrator CERTIFICATE OF AUTHENTICATION This is one of the Bonds described in the within mentioned Resolution. Bond Registrar By Authorized Signature 5 ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (Please Print or Typewrite Name and Address of Transferee. Include information for all joint owners if the Bond is held by joint account.) 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: Signature Guaranteed by: Signature(s) must be guaranteed by a commercial bank or trust company or by a brokerage firm having membership in one of the major stock exchanges. Notice: The signature(s) on this assignment must correspond with the name(s) appearing on the face of this Bond in every particular, without alteration or any change whatever. Please Insert Social Security Number or Other Identifying Number of Assignee. (Form of Certificate) CERTIFICATE AS TO LEGAL OPINION I, Rick Wolfsteller, City Administrator of the City of Monticello, Minnesota, hereby certify that except for the date line, the above is a full, true and compared copy of the legal opinion of Holmes be Graven, Chartered, of Minneapolis, Minnesota, which was delivered to me upon delivery of the Bonds and is now on file in my office. (Facsimile) City Administrator 3.02 As long ss any of the Bonds issued hereunder shall remain outstanding, the Issuer shall cause to be kept at the principal office of the Registrar the Register in which, subject to such reasonable regulations as the Registrar may prescribe, the Registrar shall provide for the registration of Bonds and the registration of transfers of Bonds. American National Hank and Trust Company is hereby appointed Registrar, Transfer Agent and Paying Agent with respect to the Bonds. Upon surrender for transfer of any Bond with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or his duly authorized attorney, and upon payment of any tax, fee or other governmental charge required to be paid with respect to such transfer, the Issuer shall execute and the Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more fully registered Bonds of any authorized denominations and of a like aggregate principal amount, interest rate and maturity. Any Bonds, upon surrender thereof at the office of the Registrar may, at the option of the registered owner thereof, be exchanged for an equal aggregate principal amount of Bonds of the same maturity and interest rate of any authorized denominations. In all cases in which the privilege of exchanging or transferring fully registered Bonds is exercised, the Issuer shall execute and the Registrar shall deliver Bonds in accordance with the provisions of this Resolution. For every such exchange or transfer of Bonds, whether temporary or definitive, the Issuer or the Bond Registrar may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to such exchange or transfer, which sum or sums shall be paid by the person requesting such exchange or transfer as a condition precedent to the exercise of the privilege of making such exchange or transfer. Notwithstanding any. other provision of this Resolution, the cost of preparing each new Bond upon each exchange or transfer, and any other expenses of the Issuer or the Registrar incurred in connection therewith (except any applicable tax, fee or other governmental charge) shall be paid by the Issuer. 3.03 Interest on any Bond which is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid to the person in whose name that Bond (or one or more Bonds for which such Bond was exchanged) is registered at the close of business on the preceding January 15 and July 15, as the case may be. Any interest on any Bond which is payable, but is not punctually paid or duly provided for, on any interest payment date shall forthwith cease to be payable to the registered holder on the relevant regular record date solely by virtue of such holder having been such holder; and such defaulted interest may be paid by the Issuer to the person in whose name such Bond is registered at the close of business on a special record date established by the Registrar for the payment of such defaulted interest. Subject to the foregoing provisions of this paragraph, each Bond delivered under this Resolution upon transfer of or in exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond and each such Bond shall bear interest from such date that neither gain nor loss in interest shall result from such transfer, exchange or substitution. 3.04 As to any Bond, the Issuer and the Registrar and their respective successors, each in its discretion, may deem and treat the person in whose name the same for the time being shall be registered as the absolute owner thereof for all purposes and neither the Issuer nor the Registrar nor their respective successors shall be affected by any notice to the contrary. Payment of or on account of the principal of any such Bond shall be made only to or upon the order of the registered owner thereof, but such registration may be changed ss above provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. 3.05 If (i) any mutilated Bond is surrendered to the Registrar, and the Issuer and the Registrar receive evidence to their satisfaction of the destruction, loss, or theft of any Bond, and (ii) there is delivered to the Issuer and the Registrar such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Issuer or the Registrar that such 7 Bond has been acquired by a bona fide purchaser, the Issuer shall execute, and upon its request the Registrar shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost, or stolen Bond, a new Bond of like tenor and principal amount, bearing a number not contemporaneously outstanding. In case any such mutilated, destroyed, lost, or stolen Bond has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Bond, pay such Bond. Upon the issuance of any new Bond under this subsection, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. Every new Bond issued pursuant to this subsection in lieu of any destroyed, lost, or stolen Bond shall constitute an original additional contractual obligation of the Issuer, whether or not the destroyed, lost, or stolen Bond shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Resolution equally and proportionately with any and all other Bonds duly issued hereunder. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Bonds. Section 4. Execution and Delivery 4.01 The Bonds shall be executed by the respective facsimile signatures of the Mayor and the City Administrator as set forth in the form of Bond. The seal of the Issuer shall be omitted from the Bonds as permitted by law. The text of the approving legal opinion of Holmes be Graven, Chartered, of Minneapolis, Minnesota, as bond counsel, shall be printed on the reverse side of each Bond and shall be certified by the facsimile signature of the City Administrator. When said Bonds shall have been duly executed and authenticated by the Registrar in accordance with this Resolution, the same shall be delivered to the Purchaser upon payment of the purchase price, and the receipt of the City Administrator delivered to the Purchaser thereof shall be a full acquittance; and the Purchaser shall not be bound to see to the application of the purchase money. The Bonds shall not be valid for any purpose until authenticated by the Registrar. 4.02 The Official Statement relating to the Bonds, on file with the City Administrator and presented to this meeting, is hereby approved, and the furnishing thereof to prospective bidders- for the Bonds is hereby ratified and confirmed, insofar as the same relates to the Bonds and the sale thereof. 4.03 If such officers find the same to be accurate, the Mayor and the City Administrator are authorized and directed to furnish to the Purchaser at the closing a certificate that, to the best of the knowledge of such officers, the Official Statement does not, at the date of closing, and did not, at the time of sale of the Bonds, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. Unless litigation shall have been commenced and be pending questioning the Bonds, revenues pledged for payments of the Bonds, or the organization of the Issuer or incumbency of its officers, at the closing, the Mayor and the City Administrator shall execute and deliver to the successful bidder a suitable certificate ss to absence of material litigation, and a certificate as to payment for and delivery of 8 the Bonds, together with the arbitrage certificate referred to below and the signed approving legal opinion of Holmes be Graven, Chartered, as to the validity and enforceability of the Bonds and the exemption of interest thereon from federal and Minnesota income taxation (other than Minnesota corporate and financial institution franchise taxes measured by net income) under present laws and rulings. Section 5. Bond Fund and Accounts, Appropriations, Pledge. 5.01 There is hereby created a special fund of the Issuer designated "General Obligation Improvement Bonds, Series 1990C Fund" (the "Bond Fund") held and administered by the City Administrator separate and apart from all other funds of the Issuer. The Bond Fund shall be maintained in the manner specified until all of the Bonds herein authorized and any other general obligation bonds hereafter issued and made payable from the Bond Fund, and the interest thereon, have been fully paid. In the Bond Fund there shall be maintained three separate accounts, to be designated as the "Capital Account," the "Debt Service Account," and the "Reserve Account," respectively. Capital Account. The proceeds from the sale of the Bonds, plus any special assessments levied with respect to the Improvements and collected prior to completion of the Improvements and payment of the costs thereof, less the amount of the proceeds of the Bonds deposited in the Debt Service Account, and less any accrued interest received thereon, shall be credited to the Capital Account, from which there shall be paid all costs and expenses of the Improvements, including the cost of any construction contracts heretofore let and all other costs incurred and to be incurred, of the kind authorized in Minnesota Statutes, Sections 475.65. Upon completion of, and payment of the costs relating to, the Improvements, funds remaining in the Capital Account may be used to pay the costs of any other improvement undertaken pursuant to Chapter 429, in accordance with Section 429.091, Subd. 4 thereof, and if not so used such funds shall be transferred to the Debt Service Account. Debt Service Account. There is hereby pledged and there shall be credited to the Debt Service Account (a) all unused discount and accrued interest received upon delivery of and payment for the Bonds, (b) collections of special assessments levied with respect to the Improvements pledged to the payment of principal and interest on the Bonds and received after completion of construction of the Improvements (except for any prepayments of special assessments deposited in the Reserve Account), (c) capitalized interest in the amount of $ 20,000 , (d) collections of any general ad valorem taxes levied for the payment of the Bonds, (e) all funds remaining in the Capital Account after completion of the Improvements and payment of the costs thereof, and (f) revenues derived from other sources and available and pledged to pay principal and interest on the Bonds. The Debt Service Account herein created shall be used solely to pay principal of, premium, if any, and interest on the Bonds and any other general obligation bonds hereafter issued and made payable from said Debt Service Account as provided by law, except that upon discharge of the Bonds and any additional bonds made payable from the Debt Service Account, the Issuer may use any remaining funds in accordance with Minnesota Statutes, Section 429.091, subdivision 4. Reserve Account. All prepayments of special assessments levied with respect to the Improvements shall be credited to the Reserve Account. Monies in the Reserve Account may be used, if necessary, to pay principal of or interest on 9 the Bonds on any interest payment date and shall be used to redeem outstanding Bonds on the first redemption date. 5.02 To provide moneys for the payment of principal and interest on the Bonds there is hereby levied upon all of the taxable property in the Issuer a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of, other general property taxes in said Issuer for the years and in the amounts as follows: Levy Year Collection Year Amount Levied [See Attachment] Said tax levies are such that if collected in full, they together with collections of the special assessments levied with respect to the Improvements and other amounts to be provided by the Issuer will produce at least five percent (5%) in excess of the amount needed to meet when due the principal and interest payments on the Bonds (except for any interest payable from funds which shall be on hand and irrevocably deposited to the Debt Service Account as of the date of delivery of and payment for the Bonds). Said tax levies shall be irrevocable so long as any of the Bonds are outstanding and unpaid, provided that the Issuer reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61, subdivision 3. The full faith and credit and taxing powers of the Issuer are hereby irrevocably pledged for the prompt and full payment of the principal of and interest on the Bonds and such other general obligation indebtedness as may be made payable from the Bond Fund, as such principal and interest respectively become due. The Issuer hereby authorizes the levy of special assessments against property benefited by the Improvements in an aggregate principal amount of $92,500 to pay principal of and interest on the Bonds. 5.03 The City Administrator is directed to keep on file in his office a tabulation of the dates and amounts of the principal and interest payments to become due and amounts of the principal and interest payments to become due on bonds payable from the Bond Fund, and of the balance required in the Bond Fund on October 1 in each year in order to cancel the taxes levied pursuant to this Resolution for collection the following year. 5.04 Interest earnings from the investment of money in each account of the Bond Fund shall be deposited in the respective accounts. Section 6. Non Arbitrage Covenants; Designation as Qualified Tax- Exe mpt Bonds. 6.01 The Issuer covenants and agrees with the Purchaser and holders of the Bonds that the investments of proceeds of the Bonds, including the investment of any amounts pledged to the Bonds which are considered proceeds under the applicable regulations, and accumulated sinking funds, if any, shall be limited as to amount and yield in such manner that the Bonds shall not be arbitrage bonds within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"), and any regulations thereunder. On the basis of the existing facts, estimates and circumstances, including the foregoing findings and covenants, the Issuer hereby certifies tastto causetthe Bonds to betarbpt age bondst rider Sect on be used in such manner 10 148 of the Code and any regulations thereunder. The Mayor and City Administrator shall furnish an arbitrage certificate to the Purchaser embracing or based on the foregoing certification at the time of delivery of the Bonds to the Purchaser. The proceeds of the Bonds will likewise be used in such manner that the Bonds are not private activity bonds under Section 103(b) of the Code. 6.02 The Issuer hereby designates the Bonds as "Qualified Tax-Exempt Obligations" within the meaning of Section 265 of the Code. With respect to such designation, the Issuer covenants that it does not reasonably anticipate issuing qualified tax-exempt obligations in an aggregate amount greater than $10,000,000 in calendar year 1990. Section 7. Miscellaneous. 7.01 The City Administrator is hereby authorized and directed to certify a copy of this Resolution and to cause the same to be filed in the office of the County Auditor of Wright County, together with such other information as such auditor may require, and to obtain from such county auditor a certificate that the Bonds have been entered upon his bond register. 7.02 The officers of the Issuer are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of all proceedings and records of the Issuer relating to the power and authority of the Issuer to issue the Bonds within their knowledge or as shown by the books and records in their custody and control, and such certified copies and certificates shall be deemed representations of the Issuer as to the facts stated therein. 7.03 The Issuer covenants that it will file with the Internal Revenue Service the information required under Section 149(e) of the Code. Adopted this 22nd day of October, 1990. City Administrator Mayor 11 ATTACHMENT A Levy Year Collect Year A= 1990 _0 ~ 1991 1992 19,600 1992 1993 20,924 1993 1994 20,362 1994 1995 25,040 1995 1996 24,113 1996 1997 23,160 1997 1998 22,181 1998 1999 26,425 lggg 2000 25,054 2000 2001 23,668 CERTIFICATE OF MINUTES City: Monticello County: Wright State: Minnesota Governing Body: City Council Meeting: A meeting of the City Council (the "Council") of the City of Monticello, Minnesota (the "City") held on the 22nd day of October, 1990, at 7:00 p.m., at the Council Chambers, 250 Broadway, Monticello, Minnesota. Council Members Present: Ken Maus, Fran Fair, Shirley Anderson, Warren Smith, Dan Blonigen Council Members Absent: None Documents: A copy of the Resolution Ratifying the Adoption of Resolution No. 1990-45 Authorizing and Awarding the Sale of, and Providing the Form, Terms, Covenants and Directions for $250,000 General Obligation Improvement Bonds, Series 1990C Certification: I, the City Administrator of the City do hereby certify the following: Attached hereto is a true and correct copy of a resolution on file and of record in the offices of the City, which resolution was adopted by the Council at the meeting referred to above. Said meeting was a regular meeting of the Council, was open to the public, and was held at the place at which meetings of the Council are regularly held. Council member Shirley Anderson moved the adoption of the attached resolution. The motion for adoption of the attached resolution was seconded by Council member Fran Fair A vote being taken on the motion, the following voted in favor of the resolution: Ken Maus, Fran Fair, Shirley Anderson, Warren Smith, Dan Blonigen and the following voted against the resolution: None Whereupon said resolution was declared duly passed and adopted. The attached resolution is in full force and effect and no action has been taken by the Council which would in any way alter or amend the attached resolution. Witness my hand officially as the acting City Administrator of the City, this 26th day of October, 1990. Ci Administrator