4.1. SR 10-18-1999 - Laserfiche WebLink

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. full herein, and if and to the extent that any provisions of this Resolution are inconsistent or in conflict with the provisions of the Blanket Issuer Letter of Representations, the provisions in the Blanket Issuer.Letter of Representations shall control. 4. Purpose: Refunding Findinqs. The Bonds shall provide moneys for a crossover refunding of the City's Refunded Bonds. It is hereby found, determined and declared that such refunding is necessary or desirable for the reduction of debt service cost to the City and/or the adjustment of the maturities of the Prior Bonds in relation to the sources for their repaYment, and will result in a reduction of debt service cost to the City. All of the proceeds, including all investment earnings thereon, of the Prior Bonds have heretofore been expended by the City for the types of uses and purposes for which the City issued said Prior Bonds. The current and anticipated balances in the separate debt service account heretofore established by the City for the payment of the principal of and interest on the Prior Bonds have been taken into account in appropriately sizing the Bonds. The present value of the dollar amount of the debt service on the Bonds is lower by at least 3% than the present value of the dollar amount of the debt service on the Refunded Bonds, as provided in Minnesota Statutes, Section 475.67, Subdivision 12. The City has observed and complied with all of its obligations and covenants made by the City in connection with the issuance of the Prior Bonds. . 5. Interest. The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year (each, an "Interest PaYment Date"), commencing August I, 2000, calculated on the basis of a 360-day year consisting 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 2002 % 2007 % 2003 2008 2004 2009 2005 2010 2006 2011 . 6. Redemotion. All Bonds maturing after February I, 2008, shall be subject to redemption and prepaYment at the option of the City on said date and on any date thereafter at a price of par plus accrued interest to date of redemption. Redemption may be in whole or in part of the Bonds subject to prepaYment. If less than all Bonds are to be prepaid, the City shall select the amounts of each maturity to be prepaid. If only part of the Bonds having a common maturity date are called for prepaYment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest 1079939.1 7