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<br />At the option of the City, Bonds maturing on or after February 1,2019, shall each be <br />subject to call and prior payment on February 1,2018, or on any date thereafter at a price equal <br />to the principal amount thereof to be redeemed plus interest accrued to the date of redemption. <br />Redemption may be in whole or in part of the Bonds subject to prepayment. Ifredemption is in <br />part, the selection of the Bonds remaining unpaid to be prepaid shall be at the discretion of the <br />City. If only part of the Bonds having a common maturity date are called for prepayment the <br />City will notify the Depository of the particular amount of such maturity to be prepaid. The <br />Depository will determine by lot the amount of participant's interest in such maturity to be <br />redeemed and each participant will then select by lot the beneficial ownership interest in such <br />maturity to be redeemed. <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 />This Bond is one of an issue in the aggregate principal amount of $3,715,000 all of like <br />original issue date and tenor, except as to number, maturity date, and interest rate, all issued <br />pursuant to a resolution adopted by the City Council of the City on July 22, 2009 (the <br />"Resolution"), for the purpose of providing funds to finance various public improvement projects <br />within the City pursuant to and in full conformity with the Constitution and laws of the State of <br />Minnesota. Pursuant to the Resolution, the City has pledged to the payment of this Bond <br />revenues derived from the payment of special assessments levied against properties benefited by <br />the above-described public improvements and certain other revenues. The full faith and credit of <br />the City are irrevocably pledged for payment of this Bond and the City Council has obligated <br />itself to levy ad valorem taxes on all taxable property in the City in the event of any deficiency in <br />revenues pledged, which taxes may be levied without limitation as to rate or amount. The Bonds <br />of this series are issued only as fully registered bonds in Authorized Denominations (as defined <br />in the Resolution described above). <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 ovmer 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 ofthe 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 shall <br />be affected by any notice to the contrary. <br /> <br />10 <br />