Laserfiche WebLink
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
<br />The City may elect on March 1,2010, and on any day thereafter to prepay Bonds due on <br />or after March 1, 2011. Redemption may be in whole or in part and if in part, at the option of the <br />City and in such manner as the City will determine. If less than all Bonds ofa maturity are <br />called for redemption, the City will notify Depository Trust Company (DTC) of the particular <br />amount of such maturity to be prepaid. DTC will determine by lot the amount of each <br />participant's interest in such maturity to be redeemed and each participant will then select by lot <br />the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a <br />price of par plus accrued interest. <br /> <br />The Term Bonds are subject to mandatory sinking fund redemption and shall be <br />redeemed in part by lot at par plus accrued interest on the sinking fund installment dates and in <br />the principal amounts as follows: <br /> <br />Sinking Fund Installment Date <br /> <br />Principal Amount <br /> <br />March 1, <br />2016 Term Bonds <br />2015 <br />2016 (maturity) <br /> <br />$185,000 <br />195,000 <br /> <br />The specific Term Bonds to be redeemed will be selected by lot by the Registrar. All <br />prepayments will be at a price of par plus accrued interest. <br /> <br />The City Council has designated the issue of Bonds of which this Bond forms a part as <br />"qualified tax exempt obligations" within the meaning of Section 265(b)(3) of the Internal <br />Revenue Code of 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 the calendar year <br />of issue. <br /> <br />This Bond is one of an issue in the aggregate principal amount of $2,700,000 all of like <br />original issue date and tenor, except as to number, maturity date, redemption privilege, and <br />interest rate, all issued pursuant to a resolution adopted by the City Council on August 9, 2006 <br />(the Resolution), for the purpose of providing money to defray the expenses incurred and to be <br />incurred in making local improvements, pursuant to and in full conformity with the Constitution <br />and laws ofthe State of Minnesota, including Minnesota Statutes, Chapter 429, and the principal <br />hereof and interest hereon are payable from special assessments against property specially <br />benefited by local improvements as set forth in the Resolution to which reference is made for a <br />full statement of rights and powers thereby conferred. The full faith and credit of the City are <br />irrevocably pledged for payment of this Bond and the City Council has obligated itself to levy ad <br />valorem taxes on all taxable property in the City in the event of any deficiency in special <br />assessments pledged, which taxes may be levied without limitation as to rate or amount. The <br />Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or any <br />integral multiple thereof of single maturities. <br /> <br />294858v2 SJB CE155-26 <br /> <br />8 <br />