RES 13-01 - Laserfiche WebLink

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• continuation of the system of book-entry transfers through the Depository is not in the best interests of the Authority or the Beneficial Owners. (ii) Upon termination of the services of the Depository as provided in the preceding paragraph, and if no substitute securities depository willing to undertake the functions of the Depository hereunder can be found which, in the opinion of the Authority, is willing and able to assume such functions upon reasonable or customary terms, or if the Authority determines that it is in the best interests of the Authority or the Beneficial Owners of the Bonds that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds shall no longer be registered as being registered in the bond register in the name of the Nominee, but may be registered in whatever name or names the Holder of the Bonds shall designate at that time, in accordance with Section 11 hereof (with respect to registration, transfer and exchange). To the extent that the Beneficial Owners are designated as the transferee by the Holders, in accordance with Section 11 (with respect to registration, transfer and exchange), the Bonds will be delivered to the Beneficial Owners. (iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of Section 11 (with respect to registration, transfer and exchange). (f) Letter of Representations. The provisions in the Letter of Representations are incorporated herein by reference and made a part of the resolution, and if and to the extent any such provisions are inconsistent with the other provisions of this resolution, the provisions in the • Letter of Representations shall control. 4. Purpose. The Bonds shall provide funds to refund the Refunded Bonds. 5. Interest. The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year commencing August 1, 2013, calculated on the basis of a 360-day year of twelve 30-day months, at the respective rates per annum set forth opposite the maturity years as follows: Maturity Interest Maturity Interest Year Rate Year Rate 2018 2.00% 2026 2.00% 2019 2.00 2027 2.25 2020 2.00 2028 2.375 2021 2.00 2029 2.50 2022 2.00 2030 2.75 2023 2.00 2031 2.75 2024 2.00 2032 3.00 2025 2.00 2033 3.00 It is hereby found, determined and declared that, in accordance with Minnesota Statutes, Section 475.67, subdivision 12, the Refunding shall result in a reduction of the present value of • the dollar amount of the debt service to the Authority. The dollar amount of the present value of 5 414396v3 JSB EL185-21