2.3a ERMUSR 06-08-2021 - Laserfiche WebLink

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As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City and the Commission at the principal office of the Registrar, by the registered owner hereof in person oy duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Registrar, dney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon suchtransfer or exchange theCity and the Commission will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the sameaggregate principal amount, bearing interestat 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 suchtransfer or exchange. The City,the Commission and theRegistrar may deem and treat the person in whose name this Bond is registered as the absolute ownerhereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City, the Commissionnor the Registrar will be affected by any notice to the contrary. The City Council has not designated the issue of Bondsof which thisBondforms a part ing of Section 265(b)(3) of the Internal Revenue Code of . IT IS HEREBYCERTIFIED AND RECITED that in and by the Resolution, the City, through the Commission,has covenanted and agreed that it will continue to own and operatethe water system free from competition by other like municipal utilities; that adequate insurance on said systemsand 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 Water Utility Fund, into whichit will pay all of the gross revenues from thewater system; that it will also create and maintain theGeneral Obligation Water Utility Revenue Bonds, Series2021C Debt Service Fund, into which it will pay, out of the net revenues from the water system sums sufficient to pay principal of the Bondsand interest on the Bondswhen due; and that it will provide, by ad valorem tax levies, for any deficiency inrequired net revenues of the water system. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happenand to be performed preliminary to and in the issuance of this Bond in order to make it a valid and binding general obligation of the City in accordance with the terms, have been done, have happened and have been performed in regular and due form, time and manner, that prior to the issuance of this bond theCity Council of the City has provided funds for the payment of principal and interest on the bonds of this issue as the same become due, but the full faith and credit of the City is pledged for their payment and taxes will be levied, if required for such purpose, without limitation as to the rate of amount; and that this bond, together with all other indebtedness of the City outstanding on the date of its issuance, does not exceed any constitutional or statutory limitation thereon. B-3 EL185-69-713323.v2 55