RES 20-94 - Laserfiche WebLink

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This Bond is one of an issue in the aggregate principal amount of $7,200,000 all of like original issue date and tenor, except as to number, maturity date, interest rate, redemption privilege and denomination, all issued pursuant to a resolution adopted by the City Council on December 7, 2020 (the "Resolution"), for the purpose of providing money for a crossover advance refunding of callable maturities of the City's General Obligation Sewer Revenue Bonds, Series 2014B, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Section 115.46, Sections 475.67, Subdivisions 3 and 13, Section 444.075 and Chapter 475. The interest hereon is payable until the Redemption Date, primarily out of the Escrow Account in the City's Taxable General Obligation Sewer Revenue Refunding Bonds, Series 2020C Fund and after the Redemption Date from net revenues of the sewer system of the City in a special debt service fund of the City, as set forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred. The full faith and credit of the City are irrevocably pledged for payment of this Bond and the City Council has obligated itself to levy additional ad valorem taxes on all taxable property in the City in the event of any deficiency in net sewer revenues pledged, which taxes may be levied without limitation as to rate or amount. The Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof of single maturities. IT IS HEREBY CERTIFIED AND RECITED That in and by the Resolution, the City has covenanted and agreed that it will continue to own and operate the sewer system free from competition by other like utilities; that adequate insurance on said sewer system and suitable fidelity bonds on employees will be carried; that proper and adequate books of account will be kept showing all receipts and disbursements relating to the Sewer Fund, into which it will pay all of the gross revenues from the sewer system; that it will also create and maintain a Debt Service Account in the Taxable General Obligation Sewer Revenue Refunding Bonds, Series 2020C Fund, into which it will pay, out of the net revenues from the sewer system a sum sufficient to pay principal hereof and interest hereon when due; and that it will provide, by ad valorem tax levies, for any deficiency in required net sewer system revenues. 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. The City and the Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Registrar will be affected by any notice to the contrary. B-2 EL185-67-688304.v2