5.3. SR 02-06-2006 - Laserfiche WebLink

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Representations, as defined in the Resolution, and surrender of this Series 2006A Bond shall not be required for payment of the redemption price upon a partial redemption of this Series 2006A Bond. Until termination of the book-entry only system pursuant to the Resolution, Series 2006A Bonds may only be registered in the name ofthe Depository or its Nominee. This Series 2006A Bond is one of an issue (the "Series 2006A Bonds") in the aggregate principal amount of$3,595,000, issued pursuant to a resolution adopted by the Public Utilities Commission of the City of Elk River, Minnesota (the "Commission") on February 6,2006 (the "Resolution"), to provide funds 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 2006A 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 oflien with the pledge of Net Revenues to the $3,595,000 original principal amount of Electric System Revenue Bonds, Series 2004A, dated August 1,2004 (the "Prior Bonds"). The Series 2006A 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 2006A 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. Series 2006A Bonds maturing on August 1,2014, and thereafter, are subject to redemption and prepayment at the option of the City on February 1, 2014, and on any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the Series 2006A Bonds subj ect to prepayment. If redemption is in part, the maturities and the principal amounts within each maturity to be redeemed shall be determined by the City; and if only part of the Series 2006A Bonds having a common maturity date are called for prepayment, the specific Series 2006A Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Series 2006A Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be given to the paying agent and to each affected Holder of the Series 2006A Bonds at least thirty days prior to the date fixed for redemption. To effect a partial redemption of Series 2006A Bonds having a common maturity date, the Bond Registrar shall assign to each Series 2006A Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Series 2006A Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretion, from the numbers assigned to the Series 2006A Bonds, as many numbers as, at $5,000 for each number, shall equal the principal amount of such Series 2006A Bonds to be redeemed. The Series 2006A Bonds to be redeemed shall be the Series 2006A Bonds to which were assigned numbers so selected; provided, however, that only so much of the principal amount of such Series 2006A Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Series 2006A Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the City or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the City and Bond Registrar duly executed by the Holder thereof or the Holder's attorney duly authorized in 1861915vl 8