88-028 RES - Laserfiche WebLink

Home Browse Search

. . . [Reverse of the Bonds] This Bond is one of an issue in the aggregate principal amount of $1,180,000, 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 April 18, 1988 (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. Bonds of this issue maturing in 1995 and earlier years are payable on their respective stated maturity dates without option of prior payment, but Bonds having stated maturity dates in 1996 and later years are each subject to redemption and prepayment at the option of the Issuer, in whole or in part, and if in part in inverse order of maturity dates and by lot, assigned in proportion to their principal amount, within any maturity, on February 1, 1995, and any Interest Payment Date thereafter, at a price equal to the principal amount thereof plus interest accrued to the date of redemption. Prior to the date specified for the redemption of any Bond which is to be called for redemption prior to its stated maturity date, the Issuer will cause notice of the call for redemption to be published as required by law, and, at least 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 his 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. The Bonds are "qualified tax-exempt obligations" within the meaning of section 265(b)(3) of the Internal Revenue Code (the Code), and, in the case of certain financial institutions (within the meaning of section 265(b)(5) of the Code), a deduction is allowed for 80 percent of that portion of such financial institutions' interest expense allocable to interest on the Bonds. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the Issuer 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 Issuer will cause a new Bond or 10.