ERMU RES 14-2 - Laserfiche WebLink

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Series 2014A Bond. Until termination of the book-entry only system pursuant to the Resolution, Series 2014A Bonds may only be registered in the name of the Depository or its Nominee. This Series 2014A Bond is one of an issue (the "Series 2014A Bonds") in the aggregate principal amount of $2,125,000, issued pursuant to a resolution adopted by the Elk River Municipal Utilities Commission(the"Commission")on February 11,2014 (the"Resolution"),to provide funds to refund the August 1, 2014 through August 1, 2021 maturities of the City's Electric Revenue Bonds, Series 2006A,dated March 2,2006, the proceeds of which were used to pay part of the costs of certain capital improvements to the City's electric system (the "Electric System") and is issued pursuant to and in full conformity with the provisions of the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Chapter 475 and Sections 412.321 through 412.391. This Series 2014A Bond and the interest thereon are payable solely from Net Revenues, as defined in the Resolution, of the Electric System which have been pledged to the payment thereof, and are issued on a parity of lien with the pledge of Net Revenues to the $2,875,000 original principal amount of Electric Revenue Bonds, Series 2007A, dated March 28, 2007 (the "Prior Bonds"). The Series 2014A Bonds do not constitute a debt of the City within the meaning of any constitutional or statutory limitation of indebtedness, and the full faith and credit and taxing power of the City are not pledged to the payment of the principal of or interest on the Series 2014A Bonds. Additional Bonds may be issued, which are payable on a parity of lien from the Net Revenues of the Electric System, upon the terms and conditions provided in the Resolution. The Series 2014A Bonds are not subject to prepayment prior to their maturity. The Series 2014A Bonds are issuable solely in fully registered form in Authorized Denominations (as defined in the Resolution) and are exchangeable for fully registered Series 2014A Bonds of other Authorized Denominations in equal aggregate principal amounts at the principal office of the Bond Registrar, but only in the manner and subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution for a description of the rights and duties of the Bond Registrar. Copies of the Resolution are on file in the principal office of the Bond Registrar. This Series 2014A Bond is transferable by the Holder in person or the Holder's attorney duly authorized in writing at the principal office of the Bond Registrar upon presentation and surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in the Resolution and to reasonable regulations of the City contained in any agreement with the Bond Registrar. Thereupon the City and the Commission shall execute and the Bond Registrar shall authenticate and deliver, in exchange for this Series 2014A Bond, one or more new fully registered Series 2014A Bonds in the name of the transferee (but not registered in blank or to "bearer"or similar designation), of an Authorized Denomination or Denominations, in aggregate principal amount equal to the principal amount of this Series 2014A Bond, of the same maturity and bearing interest at the same rate. The Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the transfer or exchange of this Series 2014A Bond and any legal or unusual costs regarding transfers and lost Series 2014A Bonds. 8 43808 I v3 JSB EL I85-25