|
<br />Series
<br />5
<br />6
<br />7
<br />8
<br />9
<br />10
<br />11
<br />3.
<br />
<br /> Balance
<br />Orig'Înal A mount Date of Bonds Outstanding Maturity Date
<br />$2~950,OOO July 1, 1971 $300,000 July 1, 1991
<br />$1,495~OOO May 1, 1972 $225,000 May 1, 1992
<br />$2,040,000 May 1, 1972 $400,000 May 1, 1993
<br />$1,130,000 May 1, 1975 $360,000 May 1, 1995
<br />$1,600,000 November 1, 1977 $680,000 November 1, 1997
<br />$2,415,000 Sept. 1, 1980 $1,385,000 Sept. 1, 2000
<br />$5,125,000 June 1, 1983 $3,150,000 June 1, 1998
<br />
<br />The Escrow Agent acknowledges receipt of the cash and federal securities
<br />described in Exhibit A and agrees tha.t it will hold such cash and federal
<br />securities in a special escrow account (Escrow Account) created by the
<br />Resolution in the name of the City, and will collect and receive on behalf
<br />of the City a.ll payments of principal and interest on such securities and
<br />will remit from the Escrow Account to the respective paying agents as
<br />described in Exhibit D (Paying Agent) for the Bonds the funds required
<br />from time to time for the payments of principal and interest on the Bonds
<br />to rnaturity. After payment of all Bonds, with interest accrued thereon,
<br />the Escrow Agent will remit any remaining funds in the Escrow Account to
<br />the City.
<br />
<br />4. In and by the Resolution the City has called for redemption and
<br />prepayment the following series of Bonds in accordance with their
<br />respective terms on the Redemption Date indicated:
<br />
<br />Series
<br />
<br />Redemption Date
<br />
<br />September 1, 1990
<br />June 1, 1991
<br />
<br />10
<br />11
<br />
<br />Escrow Agent agrees that it will, prior to or at the respective Redemption
<br />Dates, pay to the Paying Agent for each respective series so redeemed the
<br />amount necessary to pay the principal of and interest on each Series of
<br />Bonds so redeemed. Escrow Agent agrees that it will publish in
<br />Northwestern Financial Review, 2850 Metro Drive, Suite 704, Bloomington,
<br />Minnesota 55425, or any other suitable financial paper described in
<br />Minnesota Statutes, Section 475.60, Subdivision 1, the Notice of
<br />Redemption for each series of Bonds in the form set forth in Exhibits C and
<br />C-1. Publication of the notices must be made once no earlier than 60 days
<br />prior to the respective Redemption Date and no later than 45 days prior to
<br />the respective Redemption Date. City agrees to supply Escrow Agent with
<br />the names of any holders of the Bonds to be redeemed who have registered
<br />their names, addresses and serial numbers of their Bonds with the City and
<br />requested mailed notice of redemption and Escrow Agent agrees to provide
<br />such mailed notice, but published notice alone will be sufficient to effect
<br />the redemption of the Bonds. The cost of publishing and mailing notice is
<br />included in the compensation of the Escrow Agent provided for in
<br />paragraph 13.
<br />
|