Res. #05-013 - CLPD Building Bond

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term "proportionate share" means the original principal amount of this Bond as a share of the original principal amount of the Issuer Bond. . Manner of Payment. The principal of and interest on this Bond are payable when due by check or draft mailed or otherwise delivered by or on behalf of the City Finance Director to the Owner hereof as of the end of the fifteenth (15th) day of the month, whether or not a business day (the "Record Date"), immediately preceding the applicable payment due date; provided that if the City shall be in default in payment of interest due on said date, whenever money becomes available for payment of such defaulted interest, the City Finance Director shall establish a special Record Date with respect to the payment thereof and shall mail written notice of the special Record Date not less than fifteen (15) days prior to such date to the person that was the Owner of the Bond as of the close of business of the City on the fifth (5th) business day of the City preceding such mailing, and the Owner as of the special Record Date shall be entitled to receive the payment of such defaulted interest. All principal of and interest on this Bond are payable in any coin or currency of the United States of America which on the date of payment is legal tender for the payment of public and private debts. Date of Payment Not a Business Day. If the nominal date for payment of any principal of or interest on this Bond shall not be a business day of the City or of the Owner, then the date for such payment shall be the next such business day and payment on such business day shall have the same force and effect as if made on the nominal date of payment. Issuance: Purpose: General Obligation. This Bond is issued as a single instrument under and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by the City Council, the governing body of the City, on March 23, 2005 (the "Resolution"), for the purpose of providing money to finance the cost of construction of a joint police station. The terms Issuer Bond and Issuer Bond Resolution have the meaning provided in the Resolution. This Bond constitutes a general obligation of the City, and to provide moneys for the prompt and full payment of its principal, premium, if any, and interest when the same become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. Optional Redemption. The Bond is subject to redemption and prepayment without penalty at the option of the City, ( a) on February 1, 2013 and on any date thereafter at a price of par plus accrued interest; and (b) on any date prior to February 1, 2013 at a price of par plus accrued interest together with any additional amount necessary to defease the portion of the Issuer Bonds equal to the outstanding principal amount of the City Bond, all in accordance with the Issuer Bond Resolution. Redemption may be in whole or in part, on any date, upon 30 days' prior written notice to the Owner. If redemption is in part, the City may select the specific principal installments hereof, or applicable portions thereof, to be prepaid. Transfer. This Bond is transferable, as provided in the Resolution, upon the Register kept by the City Finance Director at City Hall upon surrender of this Bond together with a written instrument of transfer duly executed by the Owner or the Owner's attorney duly authorized in writing, and thereupon a new, fully registered Bond in the same aggregate principal amount shall be issued to the transferee in exchange therefore (or the transfer shall be duly recorded on the Register and the Certificate of Registration hereof), upon the payment of charges and satisfaction 1738630v2 2