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(ii) <br /> <br />Upon termination of the services of the Depository as provided in the <br />preceding paragraph, and if no substitute securities depository is <br />willing to undertake the functions of the Depository hereunder can be <br />found which, in the opinion of the City, is willing and able to assume <br />such functions upon reasonable or customary terms, or if the City <br />determines that it is in the best interests of the City that the Beneficial <br />Owners be issued certificates for the Bonds, the Bonds shall no <br />longer be registered in the name of the Nominee, but may be <br />registered in whatever name or names the Holder of the Bonds shall <br />designate at that time, in accordance with the applicable provisions <br />of the Bonds and this Resolution. To the extent that the Beneficial <br />Owners are designated as the transferee by the Holders, the Bonds <br />will be delivered to the Beneficial Owners. <br /> <br />(d) <br /> <br />Letter of Representations. The provisions in the Letter of Representations <br />(the execution and delivery of which by the City being hereby authorized) are <br />incorporated herein by reference and made fully a part of this Resolution to <br />the same extent as if set forth in full herein, and if and to the extent that any <br />provisions of this Resolution or the Bonds are inconsistent or in conflict with <br />the provisions of the Letter of Representations, the provisions in the Letter <br />of Representations shall control. <br /> <br />Purpose. The Bonds shall provide funds to finance the Improvements. The total cost <br />of the Improvements, which shall include all costs enumerated in Minnesota Statutes, <br />Section 475.65, is estimated to be at least equal to the amount of the Bonds. <br /> <br />Interest Rates. The Bonds shall bear interest payable semiannually on February 1 <br />and August 1 of each year (each, an "Interest Payment Date"), commencing August <br />1, 2001, calculated on the basis of a 360-day year consisting of twelve 30-day <br />months, at the respective rates per annum set forth opposite the maturity years as <br />follows: <br /> <br />Maturity Interest Maturity Interest <br /> Year Rate Year Rate <br /> <br />2004 2010 <br />2005 2011 <br />2006 2012 <br />2007 2013 <br />2008 2014 <br />2009 2015 <br /> <br />1217682.1 5 <br /> <br /> <br />