1998-06-10 Packet - Laserfiche WebLink

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r of twelve 30 -day months and will be rounded pursuant to rules of the MSRB. All Bonds of the same maturity must bear interest from date of issue until paid at a single, uniform rate, not exceeding the rate specified for Bonds of any subsequent maturity. Each rate must be expressed in an integral multiple of 5 1100 or 1/8 of 1 %. Optional Redemption At the option of the City, Bonds maturing on or after February 1, 2006 shall be subject to prior payment on February 1, 2005 or any date thereafter, at a price of par and accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the selection of the Bonds remaining unpaid to be prepaid shall be at the discretion of the City. If only part of the Bonds having a common maturity date are called for prepayment, the City will notify DTC of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interest in such maturity to be redeemed. Notice of such call shall be given by mailing a notice thereof by registered or certified mail at least thirty (30) days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the registration books. Book Entry Format The Bonds will be designated in the name of Cede & Co., as nominee for The Depository Trust Company ( "DTC "), New York, New York. DTC will act as securities depository for the Bonds, and will be responsible for maintaining a book -entry system for recording the interest of its participants and the transfers of interests between its participants. The participants will be responsible for maintaining records regarding the beneficial interests of the individual purchasers of the Bonds. So long as Cede & Co. is the registered owner of the Bonds, all payments of principal and interest will be made to the depository which, in turn, will be obligated to remit such payments to its Participants for subsequent disbursement to the beneficial owners of the Bonds. Paving Agent The City has selected Firstar Bank of Minnesota, N.A., St. Paul, Minnesota, to act as paying agent (the "Paying Agent "). The City will pay the charges for Paying Agent services. The City reserves the right to remove the Paying Agent and to appoint a successor. Delivery Within 40 days after the sale, the Bonds will be delivered without cost to the original purchaser at DTC. On the day of closing, the City will furnish to the purchaser the opinion of bond coynsel hereinafter described, appropriate arbitrage certifications and a certificate verifying that no litigation in any manner questioning the validity of the Bonds is then pending or, to the hest knowledge of officers of the City, threatened. Payment for the Bonds must be received by the City at its designated depository on the date of closing in immediately available funds. Legal Opinion An opinion as to the validity of the Bonds and the exemption from taxation of the interest thereon will be furnished by Kennedy & Graven, Chartered, of Minneapolis, Minnesota, bond counsel to the City, and will accompany the Bonds. The legal opinion will state that the Bonds are valid and binding general obligations of the City enforceable in accordance with their terms, except to the extent to which enforceability may be limited by Minnesota or United States laws relating to bankruptcy, reorganization, moratorium or creditors' rights generally. 2