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07-048
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07-048
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7/23/2007 3:06:05 PM
Creation date
5/29/2007 10:03:02 AM
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~d <br /> (i <br /> <br /> <br /> <br /> S <br /> if <br /> 11 <br /> Sf <br /> I <br /> his Bond is one of an issue in the aggregate principal amount of $ all of like <br /> origin all issue date and tenor, except as to number, maturity date, redemption privilege, and <br /> interes irate, all issued pursuant to a resolution adopted by the City Council on May 22, 2007 <br /> (the " solution"), for the purpose of providing money to refund the outstanding principal <br /> amount of certain general obligation notes issued to finance certain public development costs of <br /> a proje t (the "Project") in the City, pursuant to and in full conformity with the and the <br /> Conti tion and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.174 <br /> to 469. 79, Minnesota Laws 1998, Chapter 389, Article 11, Section 24, Minnesota Statutes, <br /> Sectio 469.124 through 469.134 and Section 475.67, and the principal hereof and interest <br /> hereon are payable primarily from tax increments resulting from increases in taxable valuation of <br /> real property in a tax increment financing district within the Project and from ad valorem taxes as <br /> set fo in the Resolution to which reference is made for a full statement of rights and powers <br /> thereby conferred. The full faith and credit of the City are irrevocably pledged for payment of <br /> this B d and the City Council has obligated itself to levy additional ad valorem taxes on all <br /> taxable property in the City in the event of any deficiency in tax increments and taxes pledged, <br /> which additional taxes may be levied without limitation as to rate or amount. The Bonds of this <br /> series ' e issued only as fully registered Bonds in denominations of $5,000 or any integral <br /> multiple thereof of single maturities. <br /> s provided in the Resolution and subject to certain limitations set forth therein, this <br /> Bond transferable upon the books of the City at the principal office of the Registrar, by the <br /> registered owner hereof in person or by the owner's attorney duly authorized in writing, upon <br /> surren r hereof together with a written instrument of transfer satisfactory to the Registrar, duly <br /> execu d by the registered owner or the owner's attorney; and may also be surrendered in <br /> exch e for Bonds of other authorized denominations. Upon such transfer or exchange the City <br /> will c se a new Bond or Bonds to be issued in the name of the transferee or registered owner, of <br /> the s aide aggregate principal amount, bearing interest at the same rate and maturing on the same <br /> date, subject to reimbursement for any tax, fee or governmental charge required to be paid with <br /> respe to such tr ansfer or exchange. <br /> The City and the Registrar may deem and treat the person in whose name this Bond is <br /> regist ed as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of <br /> receiv g payment and for all other purposes, and neither the City nor the Registrar will be <br /> affect by any notice to the contrary. <br /> IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, <br /> condi ins and things required by the Constitution and laws of the State of Minnesota to be done, <br /> to exi , to happen and to be performed preliminary to and in the issuance of this Bond in order <br /> tom it a valid and binding general obligation of the City in accordance with its terms, have <br /> been ]one, do exist, have happened and have been performed as so required, and that the <br /> issu e of this Bond does not cause the indebtedness of the City to exceed any constitutional or <br /> statutt ty limitation of indebtedness. <br /> <br /> 310072vIt SNE1.36-214 8 <br />
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