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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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any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part <br /> of the Bonds subject to prepayment. If redemption is in part, the maturity and the principal <br /> amounts within each maturity to be redeemed shall be determined by the City and if only part of <br /> the Bonds having a common maturity date are called for prepayment, the specific Bonds to be <br /> prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for <br /> redemption shall be due and payable on the redemption date, and interest thereon shall cease to <br /> accrue from and after the redemption date. Mailed notice of redemption shall be given to the <br /> paying agent and to each affected registered holder of the Bonds at least thirty days prior to the <br /> date fixed for redemption. <br /> To effect a partial redemption of Bonds having a common maturity date, the Bond <br /> Registrar prior to giving notice of redemption shall assign to each Bond having a common <br /> maturity date a distinctive number for each$5,000 of the principal amount of such Bond. The <br /> Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in <br /> its discretion, from the numbers so assigned to such Bonds, as many numbers as, at$5,000 for <br /> each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be <br /> redeemed shall be the Bonds to which were assigned numbers so selected; provided,however, <br /> that only so much of the principal amount of each such Bond of a denomination of more than <br /> $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If <br /> a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar(with, if the <br /> City or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the <br /> City and Bond Registrar duly executed by the Holder thereof or the Holder's attorney duly <br /> authorized in writing) and the City shall execute (if necessary) and the Bond Registrar shall <br /> authenticate and deliver to the Holder of such Bond, without service charge, a new Bond or <br /> Bonds of the same series having the same stated maturity and interest rate and of any Authorized <br /> Denomination or Denominations, as requested by such Holder, in aggregate principal amount <br /> equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered. <br /> (b) Extraordinary Redemption. All Bonds are subject to redemption and prepayment <br /> at the option of the City on January 1, 2013 in the event that a Litigation Dismissal has not <br /> occurred at a price of par plus accrued interest. Litigation Dismissal means action by a court of <br /> competent jurisdiction dismissing with prejudice the civil action entitled Responsible <br /> Governance for Roseville v. City of Roseville, Ramsey District Court File No. 62-CV-11-9250, <br /> provided that the time for an appeal of such dismissal has expired or the plaintiff has agreed not <br /> to appeal the dismissal or such order is no longer appealable. Mailed notice of redemption shall <br /> be given to the paying agent and to each affected Holder of the Bonds at least thirty days prior to <br /> the date fixed for redemption. <br /> 6. Bond Registrar. The Finance Director of the City is appointed to act as bond <br /> registrar and transfer agent with respect to the Bonds (the "Bond Registrar"), and shall do so <br /> unless and until a successor Bond Registrar is duly appointed, all pursuant to any contract the <br /> City and Bond Registrar shall execute which is consistent herewith. The Bond Registrar shall <br /> also serve as paying agent unless and until a successor paying agent is duly appointed. Principal <br /> and interest on the Bonds shall be paid to the registered holders (or record holders) of the Bonds <br /> in the manner set forth in the form of Bond and paragraph 12. <br /> 6 <br /> 4359970v1 <br />
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