92-047 RES - Laserfiche WebLink

Home Browse Search

. . . [Reverse of the Bonds] This Bond is one of an issue in the aggregate principal amount of $2,350,000, all of like date and tenor, except as to maturity date, interest rate, denomination, and redemption privilege issued pursuant to a resolution adopted by the City Council on June 1, 1992 (the Resolution), to provide funds to finance certain improvement projects, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including Chapters 429 and 475. The Bonds of this series are issuable only as fully registered bonds, in denominations of $5,000 or any multiple thereof, of single maturities. The Bonds have been designated by the Issuer as lIqualified tax-exempt obligations" within the meaning of Section 265{b) (3) of the Internal Revenue Code (the Code) . Bonds due on or after February 1, 2002, are subject to redemption prior to maturity on February 1, 2001, and on any date thereafter, at the option of the City, in whole or in part, and if in part, in inverse order of maturity and by lot assigned in proportion to their principal amount within each maturity, at a redemption price equal to their principal amount, without premium, plus accrued interest to the redemption date. Bonds selected for redemption will cease to bear interest on the date fixed for redemption. Prior to the date specified for the redemption of any Bond that is to be called 'for redemption prior to its stated maturity date, the City will cause notice of the call for redemption to be published as required by law and, at least thirty (30) days prior to the designated redemption date, will cause notice of the call for redemption thereof to be mailed to the registered owner of any Bond to be redeemed at such owner's address as it appears on the bond register maintained by the Registrar. Upon partial redemption of any Bond, a new Bond or Bonds will be delivered to the owner without charge, representing the remaining principal amount outstanding. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Registrar, by the registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the owner's attorney, and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee, or governmental charge required to be paid with respect to such transfer or exchange. 9 .