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CC_Minutes_2011_1212
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Roseville City Council
Document Type
Council Minutes
Meeting Date
12/12/2011
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(ii) Upon termination of the services of the Depository as provided in the <br /> preceding paragraph, and if no substitute securities depository 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 such 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 /> Bonds that the Beneficial Owners be able to obtain certificates for the Bonds,the Bonds <br /> shall no longer be registered as being registered in the bond register in the name of the <br /> Nominee, but may be registered in whatever name or names the Holder of the Bonds <br /> shall designate at that time, in accordance with paragraph 10. To the extent that the <br /> Beneficial Owners are designated as the transferee by the Holders, in accordance with <br /> paragraph 10,the Bonds will be delivered to the Beneficial 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. Purpose; Cost. The Bonds shall provide funds to finance the Project and the total <br /> cost of the Project, which shall include all costs enumerated in Minnesota Statutes, Section <br /> 475.65, is estimated to be at least equal to the amount of the Bonds. The City covenants that it <br /> shall do all things and perform all acts required of it to assure that work on the Project proceeds <br /> with due diligence to completion and that any and all permits and studies required under law for <br /> the Project are obtained. <br /> 4. Interest. The Bonds shall bear interest payable semiannually on March 1 and <br /> September 1 of each year(each, an "Interest Payment Date"), commencing September 1, 2012, <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 /> Maturity Year Interest Rate Maturity Year Interest Rate <br /> 2014 % 2022 <br /> 2015 2023 <br /> 2016 2024 <br /> 2017 2025 <br /> 2018 2026 <br /> 2019 2027 <br /> 2020 2028 <br /> 2021 <br /> 5. Redemption. <br /> (a) Optional Redemption. All Bonds maturing on March 1, 2022, and thereafter, <br /> shall be subject to redemption and prepayment at the option of the City on March 1, 2021, and on <br /> 5 <br /> 4359970v1 <br />
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