2013-05-22 Handouts @ Meeting - Laserfiche WebLink

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the Authority at succeeding and future principal installments to be prepaid pursuant to the Mandatory Redemption Schedule. The specific Term Bonds to be redeemed will be selected by lot by the Registrar. All prepayments will be at a price of par plus accrued interest. The City Council of the City has designated the Bonds as "qualified tax exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue code of 1986, as amended (the "Code "), relating to disallowance of interest expense for financial institutions and within the $10 million limitation allowed by the Code for the calendar year of issue. This Bond is one of an issue in the aggregate principal amount of $1,485,000 all of like original issue date and tenor, except as to number, maturity date, and interest rate, all issued pursuant to a resolution adopted by the City Council of the City on May 22, 2013 (the "Resolution "), for the purpose of providing funds to finance various public improvement projects within the City pursuant to and in full conformity with the Constitution and laws of the State of Minnesota. Pursuant to the Resolution, the City has pledged to the payment of this Bond revenues derived from the payment of special assessments levied against properties benefited by the above - described public improvements and certain other revenues. 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 ad valorem taxes on all taxable property in the City in the event of any deficiency in revenues pledged, which taxes may be levied without limitation as to rate or amount. The Bonds of this series are issued only as fully registered bonds in Authorized Denominations (as defined in the Resolution described above). 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 to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. The City and the Bond Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. This Bond is not valid or obligatory for any purpose or entitled to any security or benefit under the Resolution until the Certificate of Authentication hereon has been executed by the Bond Registrar by manual signature of one of its authorized representatives. 11