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S~ction 3. Form of Bond. <br />3 O1. The Bonds will be printed or typewritten in substantially the following form: <br />No. R- UNITED STATES OF AMERICA $ <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELK RIVER <br />GENERAL OBLIGATION IMPROVEMENT REFUNDING BOND, <br />SERIES 2012B <br />Date of <br />Rate Maturity Original Issue CUSIP <br />February 1, 20_ March 15, 2012 287407 W <br />Registered Owner: Cede & Co. <br />The City of Elk River, Minnesota, a duly organized and existing municipal corporation in • <br />Sherburne County, Minnesota (the "City"), acknowledges itself to be indebted and for value <br />received promises to pay to the Registered Owner specified above or registered assigns, the <br />principal sum set forth above on the maturity date specified above without option of prior payment, <br />with interest thereon from the date hereof at the annual rate specified above, payable February 1 and <br />August 1 in each year, commencing August 1, 2012, to the person in whose name this Bond is <br />registered at the close of business on the fifteenth day (whether or not a business day) of the <br />immediately preceding month. The interest hereon and, upon presentation and surrender hereof, the <br />principal hereof are payable in lawful money of the United States of America by check or draft by <br />U.S. Bank National Association, St. Paul, Minnesota, as Registrar, Paying Agent, Transfer Agent <br />and Authenticating Agent, or its designated successor under the Resolution described herein. For <br />the prompt and full payment of such principal and interest as the same respectively become due, the <br />full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. <br />The Bonds of this issue are not subject to prepayment prior to their maturity. <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 $1,525,000 all of like • <br />original issue date and tenor, except as to number, maturity date, interest rate and denomination, <br />398249v2 JSB EL185-17 6 <br />