Laserfiche WebLink
Manner of Payment. The principal of and interest on <br />this Bond are payable when due by check or draft mailed, <br />transferred by wire or otherwise delivered by or on behalf of the <br />City Finance Director to the person that was the Owner hereof as <br />of the end of the day, whether or not a business day, immediately <br />preceding the applicable payment due date; provided that if the <br />City shall be in default in payment of interest due on said date, <br />whenever money becomes available for payment of such defaulted <br />interest, the City Finance Director shall establish a special <br />record date with respect to the payment thereof and shall mail <br />written notice of the special record date not less than fifteen <br />(15) days prior to such date to the Owner of the Bond as of the <br />close of business of the City on the fifth (5th) business day of <br />the City preceding such mailing, and the Owner as of the special <br />record date shall be entitled to receive the payment of such <br />defaulted interest. <br /> <br /> Issuance; Purpose; Special Revenue ObliGation. This <br />Bond is one of an issue of two Bonds having an aggregate <br />principal amount of $1,245,000, both Bonds being of like date, <br />tenor, principal amount, interest rate, and principal payment <br />schedule. The Bonds are issued under and pursuant to and in full <br />conformity with the Constitution and laws of the State of <br />Minnesota and pursuant to a resolution adopted by the City <br />Council, the 9overning body of the City, on June 30, 1997 (the <br />"Resolution"), for the purpose of providing money to finance the <br />acquisition and completion of a municipal liquor store to be <br />owned and operated by the City (the "Project"). The principal of <br />and interest on the Bonds are payable solely and exclusively from <br />the Net Revenues of the Project (as said Net Revenues are defined <br />in the Resolution) and from such other funds, if any, as may <br />become available to pay debt service on the Bonds pursuant to the <br />Resolution. This Bond is not a 9eneral obligation of the City. <br />Reference is made to the Resolution for a fuller statement of the <br />sources of revenue which are or may become available to pay the <br />principal of and interest on the Bonds, of the additional <br />provisions respectin9 the security of the Bonds, and of the <br />conditions upon which the City may issue other bonds or <br />obligations on a parity with the Bonds. <br /> <br /> Optional Redemption. The principal amounts of this <br />Bond are subject to prepayment, at par plus accrued interest, <br />without penalty at the option of the City, in whole but not in <br />part, on July 1, 2002, and on any date thereafter upon 15 days' <br />prior written notice to the Owner, but only in~.the event that the <br />City Council shall have reasonably determined Ghat such <br />redemption is necessary in order to allow the City to construct <br />or finance a second municipal liquor store. <br /> <br />355470.1 5 <br /> <br /> <br />