RES 14-39 - Laserfiche WebLink

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Year Principal Amount 2031 $570,000 2032 585,000 2033 610,000 2034* 630,000 Maturity The principal amounts of the Bonds subject to mandatory sinking fund redemption on any date may be reduced through earlier optional redemptions, with any partial redemptions of such Bonds credited against future mandatory sinking fund redemptions of such Bonds in such order as the City shall determine, The City Council has designated the issue of Bonds of which this Bond forms a part as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code") relating to disallowance of interest expense for financial institutions andw]'thin the $10 million limit allowed by the Code for the calendar year of issue. This Bond is one of an issue in the aggregate principal amount of $10,000,000 all of like original issue date and tenor, except as to number, maturity date, amount, redemption privilege, and g interest rate, all issued pursuant to a resolution adopted by the City Council on July 21, 2014 (the "Resolution"), for the purpose of providing money to aid in financing a wastewater facility improvement project,pursuant to and in full conformity with the Constitution, and laws of the State of Minnesota including Minnesota Statutes, Section 444.075, and Minnesota Statutes, Chapter 475, as amended. The principal of and interest on the Bonds of this issue are payable primarily from net revenues of the sewer plant and system of the City in a special debt service fund of the City, as set forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred. The full faith and credit of the City are irrevocably pledged for payment of this Bond and the City Council has obligated itself to levy ad valorem taxes on all taxable property in the City in the event of any deficiency in net revenues pledged, which taxes may be levied without Limitation as to rate or amount. The Bonds of this series are issued only as fully registered Bonds in denominations of$5,000 or any integral multiple thereof of single maturities, IT IS HEREBY ClEIRTIFIED AND RECITED That in and by the Resolution, the City has covenanted and agreed that it will continue to own and operate the sewer plant and system free from competition by other like municipal utilities; that adequate insurance on said plant and system and suitable fidelity bonds on employees will be carried; that proper and adequate books of account will be kept showing all receipts and disbursements relating to the Sewer Fund,into which it will.pay all of the gross revenues from the sewer plant and system; that it will also create and maintain a General Obligation Sewer Revenue Bonds, Series 2014E Debt Service Fund, into which it will pay, out of the net revenues from the sewer system a sum sufficient to pay principal hereof and interest thereon when due; and that it will provide, by ad valorem tax levies, for any deficiency in required net sewer system revenues, 445655v4 JS13 EL185-27 B-2