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<br />Section 3. Form of Bond. <br /> <br />3.01. The Bonds will be printed in substantially the following form: <br /> <br />[Face of the Bond] <br /> <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 1991A <br /> <br />Rate <br /> <br />Maturity <br /> <br />Date of <br />Original Issue <br /> <br />CUSIP <br />- <br /> <br />August 1. 1991 <br /> <br />No. <br /> <br />$ <br /> <br />The City of New Brighton. Minnesota. a duly organized and existing <br />municipal corporation in Ramsey County. Minnesota (City). acknowledges itself to <br />be indebted and for value received hereby promises to pay to <br /> <br />or registered assigns. the principal sum of $ on the maturity date <br />specified above with interest thereon from the date hereof at the annual rate <br />specified above. payable August 1 and February 1 in each year. commencing <br />August 1, 1992, to the person in whose name this Bond is registered at the close <br />of business on the fifteenth day (whether or not a business day) of the immedi- <br />ately preceding month. The interest hereon and. upon presentation and surrender <br />hereof, the principal hereof are payable in lawful money of the United States of <br />America by check or draft by · <br />Minnesota. as Bond Registrar. Paying Agent. Transfer Agent and Authenticating <br />Agent. or its designated successor under the Resolution described herein. For <br />the prompt and full payment of such pri.ncipal and interest as the same respec- <br />tively become due, the full faith and credit and taxing powers of the City have <br />been and are hereby irrevocably pledged. <br /> <br />The City may elect on February 1. 2000. and on any cay thereafter, to <br />prepay Bonds due on or after February 1, 2001. Redemption may be in whole or in <br />part and if in part. at the option of the City and in such manner as the City <br />shall determine and within a maturity by lot as selected by the reg-istrar. All <br />prepayments shall be at a price of par and accrued interest. <br /> <br />. The City Council has designated the Bonds as "qualified tax exempt obliga- <br />. tions" within the meaning of Section 265 (b) (3) of the Internal Revenue Code of <br />1986. as amended (the Code) relating to disallowance of interest expense for <br />financial institutions and within the $10 million limit allowed by the Code for <br />the calendar year of issue. <br />