1990 Rec./Disb./Resolutions & Minutes

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1'b1a Bond Is one of an issue in the earegate principal amount of $280,000 all of like orilinal lasue date and tenor except as to number and denomination issued pursuant toa resolution adopted by the City CouneU on October 10, 1990 (lteso1ution), for the purpose of provtdlq money to defray the expenses incurred and to be incurred in making local improvements, pursuant to and in tun oonformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 429, and. the principal hereof and interest hereon are payable primarily from special usessments against property specially benefitted by local improvements as set forth in the aesolution to which reference is made for a full statement of rights and powers thereby conferred. The full faith and credit of the City are irl'evocably pledged for payment of this Bond and the City Council has obligated itself to levy ad valorem tues on all taxable .property In the City in the event of any deficiency in special assessments pledged, which tues may be levied without limitation as to rate or amount. The Bonds of this series are issued only as fully relistered Bonds in denominations of $5,000 or any integral multiple thereof of single maturities. The City Council has designated the Bonds as "qualified tax exempt obligations" within the meaning of Section 285(b)(3) of the Intemal Revenue code of 1988, as amended (the.. Code) relating to disallowance of intel'est expense for financial institutions and within the $10 million limit allowed by the Code tor the calendar year of issue. 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 reptel'ed ownel' hel'eof in person or by the owner's attorney duly authorized in writing upon surrender hel'eof togethel' with a written instrument of uansfer satisfactol"Y to the Bond Registrar, duly executed by the registered ownel' or the ownel"s attomey; and may also be surrendel'ed in exchange fol' Bonds of other authol'ized denominations. Upon such transfer 01' 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 aaregate 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 pUl'poses, and neither the City nor the Bond Relistrar shall be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed preliminary to and in the issuance of this Bond In order to make It a valid and binding leneral obligation of the City in accordance with its terms, have been done, do exist, have happened and have been performed as so required, and that the issuance of this Bond does not cause the Indebtedness of the City to exceed any constitutional or statutol"Y limitation of indebtedness.