5.1 ERMUSR 05-11-2021 - Laserfiche WebLink

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- 2 - Except to the following deficiencies are deemed to be material, the City believes it has complied for the past five years in all material respects in accordance with the terms of its previous continuing disclosure undertakings entered into pursuant to the Rule. In reviewing its past disclosure practices, the City notes the following: • Prior continuing disclosure undertakings entered into by the City included language stating that the City’s audited financial statements would be filed “as soon as available.” Although the City did not always file “as soon as available,” the audited financial statements were timely filed within the required twelve (12) month timeframe as provided for in each undertaking except as noted above. A failure by the City to comply with the Undertaking will not constitute an event of default on the Series 2021C Bonds (although holders or other beneficial owners of the Series 2021C 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 2021C Bonds in the secondary market. Consequently, such a failure may adversely affect the transferability and liquidity of the Series 2021C Bonds and their market price. THE SERIES 2021C BONDS General Description The Series 2021C 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 2021C Bonds are issued in book entry form. Interest on the Series 2021C 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 the basis of a 360-day year of twelve 30-day months. Principal of and interest on the Series 2021C 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 2021C Bonds, and the City will pay for registrar services. Redemption Provisions Thirty days’ written notice of redemption shall be given to the registered owner of the Series 2021C Bonds. Failure to give such written notice to any registered owner of the Series 2021C Bonds or any defect therein shall not affect the validity of any proceedings for the redemption of the Series 2021C Bonds. All Series 2021C 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, 2030, and on any day thereafter, to redeem the Series 2021C Bonds due on or after August 1, 2031. 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 2021C Bonds of a maturity are called for redemption, the City will notify DTC of the particular amount of such maturity to be redeemed. 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 redemptions shall be at a price of par plus accrued interest. 111