5.3. SR 08-02-2004 - Laserfiche WebLink

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Representations, as defined in the Resolution, and surrender of this Series 2004A Bond shall not be required for payment of the redemption price upon a partial redemption of this Series 2004A Bond. Until termination of the book-entry only system pursuant to the Resolution, Series 2004A Bonds may only be registered in the name of the Depository or its Nominee. This Bond is one of a series (the "Series 2004A Bonds") in the aggregate principal amount of $940,000, issued pursuant to a resolution adopted by the Public Utilities Commission of the City of Elk River, Minnesota (the "Commission") on August 3, 2004 (the "Resolution"), to provide funds to pay part of the costs of certain capital improvements to the City's electric system (the "Electric System") and is issued pursuant to and in full conformity with the provisions of the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Chapter 475 and Sections 412.321 through 412.391. This Series 2004A Bond and the interest thereon are payable solely from Net Revenues, as defined in the Resolution, of the Electric System which have been pledged to the payment thereof. The Series 2004A Bonds do not constitute a debt of the City within the meaning of any constitutional or statutory limitation of indebtedness, and the full faith and credit and taxing power of the City are not pledged to the payment of the principal of or interest on the Series 2004A Bonds. Additional Bonds may be issued, which are payable on a parity of lien from the Net Revenues of the Electric System, upon the terms and conditions provided in the Resolution. Series 2004A Bonds maturing on February 1, 2012, and thereafter, are subject to redemption and prepayment at the option of the City on August 1,2011, and on any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the Series 2004A Bonds subject to prepayment. If redemption is in part, the maturities and the principal amounts within each maturity to be redeemed shall be determined by the City; and if only part of the Series 2004A Bonds having a common maturity date are called for prepayment, the specific Series 2004A Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Series 2004A Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be given to the paying agent and to each affected Holder of the Series 2004A Bonds at least thirty days prior to the date fixed for redemption. To effect a partial redemption of Series 2004A Bonds having a common maturity date, the Bond Registrar shall assign to each Series 2004A Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Series 2004A Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretion, from the numbers assigned to the Series 2004A Bonds, as many numbers as, at $5,000 for each number, shall equal the principal amount of such Series 2004A Bonds to be redeemed. The Series 2004A Bonds to be redeemed shall be the Series 2004A Bonds to which were assigned numbers so selected; provided, however, that only so much of the principal amount of such Series 2004A Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Series 2004A Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the City or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the City and Bond Registrar duly executed by the Holder thereof or the Holder's attorney duly authorized in writing) and the City shall execute (if necessary) and the Bond Registrar shall authenticate and deliver to the Holder of the Series 2004A Bond, without service charge, a new Series 2004A 1670578vl 7