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final maturity amounts conforming to the foregoing principal repayment schedule, and <br />corresponding additions or other changes may be made to the form of the Bonds. <br /> <br /> 4. Purpose. The Bonds shah provide funds to finance the Improvements. The <br />total cost of the Improvements, which shall include all costs enumerated in Minnesota Statutes, <br />Section 475.65, is estimated to be at least equal to the amount of the Bonds. Work on the <br />Improvements shall proceed with due diligence to completion. <br /> <br /> 5. Interest. The Bonds shall bear interest payable semiannually on February 1 <br />and August 1 of each year (each, an "Interest Payment Date"), commencing August 1, 2004, <br />calculated on the basis of a 360-day year consisting of twelve 30-day months, at the respective rates <br />per annum set forth opposite the maturity years, as follows: <br /> <br />Maturity Interest Maturity Interest <br />Year Rate Year Rate <br /> <br />2005 % 2010 <br />2006 2011 <br />2007 2012 <br />2008 2013 <br />2009 2014 <br /> <br /> 6. Redemption. All Bonds maturing after February 1,2011, shall be subject to <br />redemption and prepayment at the option of the City on said date and on any date thereafter at a <br />price of par plus accrued interest to date of redemption. Redemption may be in whole or in part of <br />the Bonds subject to prepayment. If redemption is in part, the City shall determine the amount of <br />Bonds of each maturity to be prepaid; and if only part of the Bonds having a common maturity date <br />are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond <br />Registrar. Bonds or portions thereof called for redemption shall be due and payable on the <br />redemption date, and interest thereon shall cease to accrue from and after the redemption date. <br />Published notice of redemption shall in each case be given if and to the extent required by applicable <br />law, and mailed notice of redemption shall be given to the paying agent and to each affected <br />registered owner of the Bonds. <br /> <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 of that maturity a <br />distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shah <br />then select by lot, using such method of selection as it shah deem proper in its discretion, from the <br />numbers so assigned to such Bonds, as many numbers as, at $5,000 for each number, shall equal the <br />principal amount of such Bonds to be redeemed. The Bonds to be redeemed shah be the Bonds to <br />~vhich were assigned numbers so selected; provided, however, that only so much of the principal <br />amount of each such Bond of a denomination of more than $5,000 shall be redeemed as shall equal <br />$5,000 for each number assigned to it and so selected. If a Bond is to be redeemed only in part, it <br />shall be surrendered to the Bond Registrar (with, if the City or Bond Registrar so requires, a written <br />instrument of transfer in form satisfactory to the City or Bond Registrar duly executed by the <br />registered o,vner thereof or by the registered owner's attorney, duly authorized in writing) and the <br />City shall execute (if necessary) and the Bond Registrar shall authenticate and deliver to the <br />registered owner of such Bond, without service charge, a new Bond or Bonds of the same series <br /> <br />S:~kDMiNNResolutions~2003 Resolutions~Unapproved~Bondl.DOC 6 <br /> <br /> <br />