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2002-09-25 CC Packet
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2002-09-25 CC Packet
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<br />The City may elect on February 1,2008, and on any day thereafter to prepay Bonds due <br />on or after February 1, 2009. Redemption may be in whole or in part and if in part, at the option <br />of the City and in such manner as the City will determine. If less than all Bonds of a 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 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 $635,000 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 28;' 2002 <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 of the 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 />As provided in the Resolution and subject to certain limitations set forth therein, this <br />Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by <br />the registered owner hereof in person or by the owner's attorney duly authorized in writing, upon <br />surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, <br />duly executed by the registered owner or the owner's attorney; and may also be surrendered in <br />exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City <br />will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of <br />the same aggregate principal amount, bearing interest at the same rate and maturing on the same <br />date, subject to reimbursement for any tax, fee or governmental charge required to be paid with <br />respect to such transfer or exchange. <br /> <br />The City and the Bond Registrar may deem and treat the person in whose name this Bond <br />is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose <br />of receiving payment and for all other purposes, and neither the City nor the Bond Registrar will <br />be affected by any notice to the contrary. <br />SJB-219247vl <br />CE155-19 <br />
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