Resolution 1876 - Laserfiche WebLink

Home Browse Search

~ ' ~ ' \ , . amount is paid at the rate of ( %) per annum, interest to maturity payable November 1, 1977 and semiannually thereafter on May 1 and November 1 in each year in accordance with and upon presentation and surrender of the interest coupons hereto attached as they severally become due. Both principal of and interest on this bond are payable at the main office of in , Minnesota in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. All bonds of this issue are subject to redemption and prior payment at the option of the City on May 1, 1979 or November 1, 1979 at par and accrued interest. Thirty days' prior notice will be given by mail to the bank where the bonds are payable and to the last known holder, and published notice of redemption will be given in the manner provided by Minnesota Statutes, Chapter 475. Holders desiring to receive such notice must register their names, addresses and bond numbers with the City Clerk. This bond is one of an issue of bonds in the aggregate principal amount of $685,OOO,a11 of like date and tenor, and issued pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota, including Chapter 429, Minnesota Statutes, for the purpose of providing temporary funds to defray the expenses incurred and to be incurred in connection with Improvements Nos. 77-4, 77-5, 77-6 and 77-7, consisting of a local street, sewer and water improvement in the City, and is payable from the Temporary Improvement Bonds of 1977 Fund out of the proceeds of definitive improvement bonds which shall be issued and sold at or prior to the maturity of this bond to the extent that the same cannot be paid out of the special assessments for such improvements or taxes theretofore collected or out of any other municipal funds which are properly available and are appropriated for such purpose. The holders of the bonds of this issue have the right to require the offering for sale of definitive improvement bonds at public sale, or, if such definitive bonds are not sold and delivered prior to the maturity hereof, to require the issuance in exchange for the bonds of this issue, on a par for par basis, of either new temporary or definitive bonds, bearing interest at the maximum rate permitted by law; provided, however, the full faith and credit of the City have been irrevocably pledged for the payment of principal and interest on this bond and any definitive bond issued in exchange therefor, and the City will levy a direct ad valorem tax upon all of the taxable property in the City if necessary to provide for any deficiency. IT IS HEREBY CERTIFIED AND RECITED That all acts, condi- tions and things required by the Constitution and Laws of the State of Minnesota to be done, to happen and to be performed precedent to and in the issuance of this bond have been done, have happened and have been performed in regular and due form, time and manner as required by law; and that this bond, together with all other indebtedness of the City outstanding on the date hereof and the date of its actual issuance and delivery, does not exceed any con- stitutional or statutory limitation thereon. -3-