5.2a ERMUSR 04-13-2021 - Laserfiche WebLink

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A failure by the City to comply with the Undertaking will not constitute an event of default on the Series 2021B Bonds (although holders or other beneficial owners of the Series 2021B Bonds will have the sole remedy of bringing an action for specific performance). Nevertheless, such a failure must be reported in accordance with the Rule and must be considered by any broker, dealer or municipal securities dealer before recommending the purchase or sale of the Series 2021B Bonds in the secondary market. Consequently, such a failure may adversely affect the transferability and liquidity of theSeries 2021B Bonds and their market price. THE SERIES 2021B BONDS General Description The Series 2021B Bonds are dated as of the date of delivery and will mature annually on August 1 as set forth on the front cover of this Official Statement. The Series 2021B Bonds are issued in book entry form. Interest on the Series 2021B Bonds is payable on February 1 and August 1 of each year, commencing February 1, 2022. Interest will be payable to the holder (initially Cede & Co.) registered on the books of the Registrar as of the fifteenth day of the calendar month next preceding such interest payment date. Interest will be computed on thebasis of a 360-day year of twelve 30-day months. Principal of and interest on the Series 2021B Bonds will be paid as described in the section herein entitled “Book Entry System.” U.S. Bank National Association, Saint Paul, Minnesota will serve as Registrar for the Series 2021B Bonds, and the City will pay for registrar services. Redemption Provisions Mailed notice of redemption shall be given to the registered owner(s) of the Series 2021B Bonds in accordance with the requirements of DTC which currently requires no less than twenty (20) days nor more than sixty (60) days prior to the redemption date. Failure to give such written notice to any registered owner of the Series 2021B Bonds or any defect therein shall not affect the validity of any proceedings for the redemption of the Series 2021B Bonds. All Series 2021B Bonds or portions thereof called for redemption will cease to bear interest after the specified redemption date, provided funds for their redemption are on deposit at the place of payment. Optional Redemption The City may elect on August 1, 2031 and on any day thereafter, to redeem Series 2021B Bonds due on or after August 1, 2032. Redemption may be in whole or in part and if in part at the option of the City and in such manner as the City shall determine. If less than all the Series 2021B Bonds of a maturity are called for redemption, the City will notify DTC of the particular amount of such maturity to beredeemed. DTC will determine by lot the amount of each participant’s interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. All redemptionsshall be at a price of par plus accrued interest. Book Entry System The Depository Trust Company (“DTC”), New York, New York, will act as securities depository for the Series 2021B Bonds. The Series 2021B Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered certificate will be issued for each maturity of the Series 2021B Bonds, each in the aggregate principal amount of such maturity, and will be deposited with DTC. - 3 - 268