Laserfiche WebLink
be redeemed and each participant will then select by lot the beneficial ownership interests in • <br />such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest. <br />The City Council has designated the issue of this Bond as a "qualified tax exempt <br />obligation" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as <br />amended (the "Code") relating to disallowance of interest expense for financial institutions and <br />within the $10 million limit allowed by the Code for the calendar year of issue. <br />This Bond is one of an issue in the aggregate principal amount of $6,975,000 all of like <br />original issue date and tenor, except as to number, maturity date, redemption privilege, and <br />interest rate, all issued pursuant to a resolution adopted by the City Council on February 21, 2012 <br />(the "Resolution"), for the purpose of providing money to defray the expenses incurred and to be <br />incurred in making certain capital improvements, pursuant to -and in full conformity with the <br />Constitution and laws of the State of Minnesota, including Minnesota Statutes, section 475.521, <br />and the principal hereof and interest hereon are payable from ad valorem taxes as set forth in the <br />Resolution to which reference is made for a full statement of rights and powers thereby <br />conferred. The full faith and credit of the City are irrevocably pledged for payment of this Bond <br />and the City Council has obligated itself to levy additional ad valorem taxes on all taxable <br />property in the City in the event of any deficiency in taxes pledged, which taxes may be levied <br />without limitation as to rate or amount. The Bonds of this series are issued only as fully <br />registered Bonds in the denominations of $5,000 or any integral multiple thereof of single <br />maturities. • <br />As provided m the Resolution and subject to certain limrtatlons set forth therein, this <br />Bond is transferable upon the books of the City at the principal office of the Registrar, by the <br />registered owner hereof in person or by the owner's attorney duly authorized in writing, upon <br />surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly <br />executed by the registered owner or the owner's attorney. Upon such transfer the City will cause <br />a new Bond to be issued in the name of the transferee or registered owner, of the same principal <br />amount, bearing interest at the same rate and maturing on the same date, subject to <br />reimbursement for any tax, fee or governmental charge required to be paid with respect to such <br />transfer. <br />The City and the Registrar may deem and treat the person in whose name this Bond is <br />registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of <br />receiving payment and for all other purposes, and neither the City nor the Registrar will be <br />affected by any notice to the contrary. <br />IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, <br />conditions and things required by the Constitution and laws of the State of Minnesota, to be <br />done, to exist, to happen and to be performed preliminary to and in the issuance of this Bond in <br />order to make it a valid and binding general obligation of the City in accordance with its terms, <br />have been done, do exist, have happened and have been performed as so required, and that the <br />issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional or <br />statutory limitation of indebtedness. • <br />398211v3 JSB EL185-15 8 <br />