2007-11 Awarding the Sale of GO Bonds

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the same respectively become due, the .full faith and credit and taxing powers of.. the City have been and are hereby irrevoc.?b pledged. The City may elect on February. I, 2blb, and on any day thereafter to prepay -Ponds due on or after February i, 2017. Redemption tnay'be in whole *or in part. and if in part, at the option of the:City and in such tnatuier as the City will detenniae. If less than all Bonds of a maturity are called for redemption; the City will notify ATC of the particular amount. of such maturity to be prepaid. DTC will .determine by lot the; amount of.each participant's interest in such maturity to: be redeemed and each participant -will then select by .lot the beneficial ownership interests in auch maturity to be redeemed. Prepayments will be at a price of par plus accrued'interest. The City Council has designated the issue of this Bond as a "qualified tax exempt obligation"within the meanhig.-of*Section 265(li)(3). of the Internal Revenue Code..of*1986, as amended (the "Code") relating to disallowance of interest expense for financial institutions and within the $.14 million limit allowed by the. Code for-the:calendar year of issue: This Bond is one of an issue in the aggregate principal amount of $ . all of like .original issue date and tenor; except as to number, maturity date,. redemption-prriivilege,. and interest rate, all issued pursuant: to a resolution adopted bythe City Council on May.22�,. 067 (the "Resolptioif 1, for the purpose of providing moneyto defray the expenses inedrred-and to be :incurred iii making .certain capital improvements, pursuant. -to and in fall conformity -with the Constitution and jaws of tho- State of Minnesota, including Minnesota Statutes; section 475.52.1, and the principal hereof and interest hereon are payable from ad valorem taxes as set forth in the Resolution -to which reference is made for a full statement of rights. and powers. thereby conferred:: The full faith and credit of the City are irrevocably pledged for payment' of this. Bond and * the City -.Council has obligated itself to levy additional :ad valorem taxes on all taxable property In QLp City in the evetit of any deficiency in taxes. pledged, which taxes maybe .Ievied without limitation as to rate or amount. The Bond of this series are issued only . as a .fully registered Bonds in the denominations of $5;040 or any integral r#ultiple thereof of. single t�iaturities. ,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 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 Registrar; duly executed by the registered owner or the owner's attorney. Upon such transfer the City will -cause a new BQRd to be issued in the name of the transferee: twregistered owner, of -the. same prindipal amount, bearing interest at the. same rate and maturing -on the same date, subject to reimbursement for anytaat, fee or governmental charge required "to be paid with- respect to such. transfer. The City and the Registrar may deers 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 cif receiving payment and for all .other purposes, -and neither. the City nor the Registrar will be affected by any notice 16 the contrary.. io*vt MNtnEl9o-4 S.