04-080 - Laserfiche WebLink

Home Browse Search

11,1 !II: 'II T,I: or the prompt and full payment of such principal and interest as the same respectively ecome due, the full faith and credit and taxing powers of the City have been and are ereby irrevocably pledged. he City may elect on February 1,2012, and on any day thereafter to prepay Bonds due n or after February 1,2013. Redemption may be in whole or in part and if in part, at the ption of the City and in such manner as the City will determine. lfless than all Bonds of maturity are called for redemption, the City will notify Depository Trust Company DTC) of the particular amount of such maturity to be prepaid. DTC will determine by ot the amount of each participant's interest in such maturity to be redeemed and each articipant will then select by lot the beneficial ownership interests in such maturity to be edeemed. Prepayments will be at a price of par plus accrued interest. he City Council has designated the issue of Bonds of which this Bond forms a part as 'qualified tax exempt obligations" within the meaning of Section 265(b )(3) of the nternal Revenue Code of 1986, as amended (the Code) relating to disallowance of . terest expense for financial institutions and within the $10 million limit allowed by the ode for the calendar year of issue. his Bond is one of an issue in the aggregate principal amount of $1,265,000 all of like rigina1 issue date and tenor, except as to number, maturity date, redemption privilege, d interest rate, all issued pursuant to a resolution adopted by the City Council on September 28, 2004 (the Resolution), for the purpose of providing money to defray the xpenses incurred and to be incurred in making local improvements, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including irulesota Statutes, Chapter 429, and the principal hereof and interest hereon are payable from special assessments against property specially benefited by local improvements and from ad valorem taxes for the City's share of the cost of the improvements, as set forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred. The full faith and credit of the City are irrevocably pledged for payment of this Bond and the City Council has obligated itself to levy additional ad valorem taxes on all taxable property in the City in the event of any deficiency in special assessments and taxes pledged, which additional taxes may be levied without limitation as to rate or amount. The Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof of single maturities. 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 the owner's 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 the owner's 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 SJB-252 7vl NE136-