7.2. SR 06-20-2005 - Laserfiche WebLink

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not less than fifteen (15) days prior to such date to the Owner ofthe Bond as of the close of business ofthe City on the fifth (5th) business day of the City preceding such mailing, and the Owner as of the special record date shall be entitled to receive the payment of such defaulted interest. Issuance; Purpose; Special Revenue Obligation. This Bond is one of an issue of two Bonds having an aggregate principal amount of $1 ,200,000, both Bonds being of like date, tenor, principal amount, interest rate, and principal payment schedule. The Bonds are issued under and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by the City Council, the governing body of the City, on June 20, 2005 (the "Resolution"), for the purpose of providing money to finance the acquisition and betterment of a municipal liquor store to be owned and operated by the City (the "Project"). The principal of and interest on the Bonds are payable solely and exclusively from the Net Revenues of the municipal liquor stores owned by the City (as said Net Revenues are defined in the Resolution) and from such other funds, if any, as may become available to pay debt service on the Bonds pursuant to the Resolution. This Bond is not a general obligation of the City. Reference is made to the Resolution for a fuller statement of the sources of revenue which are or may become available to pay the principal of and interest on the Bonds, of the additional provisions respecting the security of the Bonds, and of the conditions upon which the City may issue other bonds or obligations on a parity with the Bonds. Optional Redemption. The principal amounts of this Bond are subject to prepayment, at par plus accrued interest, without penalty at the option of the City, in whole but not in part, on July 1, 2012, and on any date thereafter upon 15 days' prior written notice to the Owner. Transfer. This Bond is transferable, as provided in the Resolution, upon the Bond Register kept by the City Finance Director at City Hall upon surrender of this Bond, together with a written instrument of transfer duly executed by the Owner or the Owner's attorney duly authorized in writing, and thereupon a new, fully registered Bond in the same aggregate principal amount shall be issued to the transferee in exchange therefor (or the transfer shall be duly recorded on the Bond Register and the Certificate of Registration section hereof), upon the payment of charges and satisfaction of applicable conditions, if any, as therein prescribed; provided that such transfer may occur only with respect to the entire Bond and all of the remaining principal amount hereof. The City may treat and consider the person in whose name this Bond is registered as the absolute Owner hereof for the purpose of receiving payment of or on account of the principal of and interest on this Bond (except for the payment of interest to the Owner as ofa special record date) and for all other purposes whatsoever. Qualified Tax-Exempt Obligation. The Bonds have been designated by the City as a "qualified tax-exempt obligations" within the meaning of and pursuant to Section 265(b )(3) of the Internal Revenue Code of 1986, as amended. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required to exist, to have happened and to be performed precedent to and in the execution and delivery of this Bond do exist, have happened and have been performed in due form, time and manner, as required by law, and that the issuance ofthe Bonds, together with all other 4