1987 Rec./Disb./Resolutions & Minutes

Home Browse Search

[Reverse of the Bond] This Bond is one of an issue in the aggregate principal amount of $615,000, all of like original issue date and tenor, except as to number. maturity date, redemption privilege and interest rate, issued pursuant to a resolution adopted by the City Council on June 24, 1987 (the Resolution), for the purpose of providing money to defray the expenses incurred and to be incurred in making local improvements, pursuant to and in full conformi- ty 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 assessments against property specially benefited thereby, as set forth in the Resolution to which reference is made for a full statement of rights and powers thereby con- ferred. The full faith and credit of the City is irrevocably pledged for payment of this Bond, and the City Council has obligated itself to levy taxes on all of the taxable property in the City in the event of any deficiency :t.t1 ap@eial aasesam@ntA pl~dg@d. vhleh tax@s may b@ !@v!@t! without limitation as to rate or amount. The Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof of single maturities. 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 tlalti llout.1 1~ rc:gltilc:CC:t.1 a~ th~ ttL~olulc: OWll~r hC!r~or, wh~lh~r tlalti Bond 1s 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. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, condi~ions 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 general 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 statutory limitation of indebtedness.