Resolutions-2018-005

dealer or municipal securities dealer before recommending the purchase or sale of the Bonds in the secondary market. Consequently, such a failure may adversely affect the transferability and liquidity of the Bonds and their market price. Please see Appendix B – Continuing Disclosure Certificate herein for additional information. UNDERWRITING The Bonds are being purchased from the City by Northland Securities, Inc. (the “Underwriter”). The Underwriter will receive total compensation of $__________ in connection with the purchase of the Bonds assuming all Bonds are sold at the rates and yields set forth on the cover page of this Official Statement, which compensation is ______% of the par value. The obligation to make such purchase is subject to certain terms and conditions, the approval of certain legal matters by counsel and certain other conditions. FUTURE FINANCING The City does not anticipate the need to finance any additional general obligation debt within the next three months. BOND RATING The City did not apply for an underlying rating. LITIGATION As of the date of this Official Statement, the City is not aware of any threatened or pending litigation that questions the organization or boundaries of the City or the right of any of its officers to their respective offices or in any manner questioning their rights and power to execute and deliver the Bonds or otherwise questioning the validity of the Bonds. CERTIFICATION The City will furnish a statement to the effect that this Official Statement to the best of their knowledge and belief, as of the date of sale and the date of delivery, is true and correct in all material respects, and does not contain any untrue statements of a material fact or omit to state a material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. The City has always promptly met all payments of principal and interest on its indebtedness when due. LEGALITY Legal matters incident to the authorization, issuance and sale of the Bonds and with regard to the taxability of interest thereon (see “Tax Exemption” herein) are subject to the approving legal opinion of Dorsey & Whitney LLP, Des Moines, Iowa ("Bond Counsel"). Signed copies of the opinion, dated and premised on law in effect as of the date of original delivery of the Bonds, will be delivered to the Underwriter at the time of such original delivery. The Bonds are offered subject to prior sale and to the approval of legality of the Bonds by Bond Counsel. See Appendix A – Form of Bond Counsel Opinion. The legal opinion to be delivered will express the professional judgment of Bond Counsel as of the date of closing and by rendering a legal opinion Bond Counsel does not become an insurer or guarantor of the result indicated by that expression of professional judgment or of the transaction or the future performance of the parties to the transaction. Bond Counsel has not been engaged, nor has it undertaken, to prepare or to independently verify the accuracy of the Official Statement, including but not limited to financial or statistical information of the City and risks associated with the purchase of the Bonds, except Bond Counsel has reviewed the information and statements contained in the Official Statement under the “Security” portion of the “Security/Sources and Uses of Funds” section, and “Tax Exemption” insofar as such statements contained under such captions purport to summarize