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90-093
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90-093
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8/8/2005 1:23:24 PM
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<br />, . <br /> <br />[Reverse of the Bond] <br /> <br />This Bond is one of an issue in the aggregate principal amount of $570,000 all of <br />like original issue date and tenor, except as to number, maturity date, redemption <br />privilege, and interest rate, all issued pursuant to a resolution adopted by the City <br />Council on November 13, 1990 (the Resolution), for the purpose of providing money to <br />aid in financing the public development costs of a project (Project) in a Tax Increment <br />Financing District (District) in the City, pursuant to and in full conformity with the <br />Constitution and laws of the State of Minnesota, including Minnesota Statutes, <br />Sections 469.174 to 469.179, the Minnesota Tax Increment Financing Act, and <br />Minnesota Statutes, Sections 469.124 through 469.134 and the principal hereof and <br />interest hereon are payable primarily from tax increments from Development District <br />No.1, as set forth in the Resolution to which reference is made for a full statement of <br />rights and powers thereby conferred. The full faith and credit of the City are irrevo- <br />cably pledged for payment of this Bond and the City Council has obligated itself to <br />levy additional ad valorem taxes on all taxable property in the City in the event of any <br />deficiency of tax increments pledged, which taxes may be levied without limitation as <br />to rate or amount. The Bonds of this series are issued only as fully registered Bonds in <br />denominations of $5,000 or any integral multiple thereof of single maturities. <br /> <br />As provided in the Resolution and subject to certain limitations set forth therein, <br />this Bond is transferable upon the books of the City at the principal office of the Bond <br />Registrar, by the registered owner hereof in person or by the owner's attorney duly <br />authorized in writing upon surrender hereof together with a written instrument of <br />transfer satisfactory to the Bond Registrar, duly executed by the registered owner or <br />the owner's attorney; and may also be surrendered in exchange for Bonds of other <br />authorized denominations. Upon such transfer or exchange the City will cause a new <br />Bond or Bonds to be issued in the name of the transferee or registered owner, of the <br />same aggregate principal amount, subject to reimbursement for any tax, fee or <br />governmental charge required to be paid with respect to such transfer or exchange. <br /> <br />The City and the Bond Registrar may deem and treat the person in whose name <br />this Bond is registered as the absolute owner hereof, whether this Bond is overdue or <br />not, for the purpose of receiving payment and for all other purposes, and neither the <br />City nor the Bond Registrar will be affected by any notice to the contrary. <br /> <br />.rT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all <br />acts, conditions and things required by the Constitution and laws of the State of <br />Minnesota and the City's home rule charter to be done, to exist, to happen and to be <br />performed preliminary to and in the issuance of this Bond in order to make it a valid <br />and binding general obligation of the City in accordance with its terms, have been <br />done, do exist, have happened and have been performed as so required, and that the <br />issuance of this Bond does not cause the indebtedness of the City to exceed any <br />constitutional or statutory limitation of indebtedness. <br /> <br />(Form of certificate to be printed on the reverse side of each Bond, fOllowing a <br />full CQPy of the legal opinion.) <br /> <br />7 <br />
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