7.2. SR 06-20-2005 - Laserfiche WebLink

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( ) The City presently has no other outstanding bonds, warrants, certificates or other obligations or evidences of indebtedness of money borrowed for or on account of the Municipal Liquor Stores or indebtedness for which any of the revenues of the Municipal Liquor Stores have been appropriated or pledged. 2. Acceptance of Offer. First National Bank Elk River and The Bank of Elk River (collectively, the "Purchaser") have offered to purchase the City's $1,200,000 Liquor Store Revenue Bonds, Series 2005C (the "Bonds") at a price of par ($1,200,000), the Bonds to be subject to the terms and conditions herein provided. The Purchaser has in that connection submitted to the Council for its consideration a certain Bond Purchase Agreement, and the Council hereby approves and accepts said Agreement and authorizes the Mayor and City Administrator to execute the same at such time and with such amendments thereto as they may deem desirable, as evidenced by their execution and delivery thereof. 3. Authorization for Issuance. The City shall forthwith issue the Bonds. The Bonds shall provide funds to finance the Liquor Store, the total cost of which is estimated to be at least equal to the amount of the Bonds. Work on the Liquor Store shall proceed with due diligence to completion. The Bonds shall be two in number (numbered R-l and R-2, respectively), each in the denomination of $600,000, and shall be identical except for the name of the registered owners thereof, being the two purchasing banks, respectively, mentioned in paragraph 2 hereof. The Bonds shall be dated as of the date of delivery thereof to the Purchaser, which shall be July 1, 2005, or as soon thereafter as settlement can be arranged with the Purchaser, shall be a fully registered bond without interest coupons and shall mature and bear interest and be payable as provided in the form of the Bonds set out in paragraph 5 of this Resolution. The Bond shall be subject to redemption in whole or in part at the option ofthe City at any time, in inverse order of the principal maturities thereof, upon prior written notice to the Registered Owner thereof, at par plus accrued interest to the date of redemption. Interest on the Bonds shall be calculated on the basis of a 360-day year consisting of 12 months of 30 days each 4. Bond Registrar. Both principal of and interest on the Bonds shall be payable by the City Finance Director, who shall also act as registrar and transfer agent (the "Bond Registrar") for the Bonds. 5. Form of Bond. Each ofthe Bonds shall be substantially the following form: 2