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2008_0825_packet
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2008_0825_packet
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(i) The Depository may determine to discontinue providing its services with <br />respect to the Certificates at any time by giving written notice to the City and discharging <br />its responsibilities with respect thereto under applicable law. The City may terminate the <br />services of the Depository with respect to the Certificate if it determines that the <br />Depository is no longer able to carry out its functions as securities depository or the <br />continuation of the system of book-entry transfers through the Depository is not in the <br />best interests of the City or the Beneficial Owners. <br />(ii) Upon termination of the services of the Depository as provided in the <br />preceding paragraph, and if no substitute securities depository is willing to undertake the <br />functions of the Depository hereunder can be found which, in the opinion of the City, is <br />willing and able to assume the functions upon reasonable or customary terms,, or if the <br />City determines that it is in the best interests of the City or the Beneficial Owners of the <br />Certificate that the Beneficial Owners be able to obtain certificates for the Certificates,, <br />the Certificates shall no longer be registered as being registered in the bond register in the <br />name of the Nominee,, but may be registered in whatever name or names the Holder of <br />the Certificates shall designate at that time, in accordance with paragraph 10 hereof. To <br />the extent that the Beneficial Owners are designated as the transferee by the Holders, in <br />accordance with paragraph 10, the Certificates will be delivered to the Beneficial <br />Owners. <br />(iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of <br />paragraph 10. <br />(d) Letter of Representations. The provisions in the Letter of Representations are <br />incorporated herein by reference and made a part of the resolution, and if and to the extent any <br />such provisions are inconsistent with the other provisions of this resolution, the provisions in the <br />Letter of Representations shall control. <br />3. PMose. The Certificates shall provide funds to finance the Project, particularly <br />for the acquisition of capital equipment having a useful life at least as long as the Certificates. <br />The total cost of the Project, which shall include all costs enumerated in Minnesota Statutes,, <br />Section 475.65,, is estimated to be at least equal to the amount of the Certificates. <br />4. Interest. The Certificates shall bear interest payable semiannually on March I and <br />September I of each year (each, an "Interest Payment Date")�, commencing September 1, 2009, <br />calculated on the basis of a 360-day year of twelve 30-day months,, at the respective rates per <br />annum set forth opposite the maturity years as follows.- <br />5 <br />2214122vl <br />
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