Laserfiche WebLink
Director will pay the interest due on this Bond on each Interest <br />Payment Date by mailing or delivering a check or draft made <br />payable to the person that was the Registered Owner at the end of <br />the day preceding such Interest Payment Date. Both principal of <br />and interest on this Bond are payable in any coin or currency of <br />the United States of America which on the date of payment is <br />legal tender for public and private debts. At the time of final <br />payment of all principal of and interest on this Bond, the <br />Registered Owner shall surrender this Bond to the City Finance <br />Director. <br /> <br /> The principal installments of this Bond are subject to <br />prepayment at the option of the City at any time, in inverse <br />order of their respective stated maturity dates, in whole or in <br />part, at par plus accrued interest to the date of prepayment, <br />upon 15 days' prior written notice to the Registered Owner. Each <br />prior redemption of this Bond shall be in a principal amount of <br />not less than $10,000. <br /> <br /> This Bond is issued by the City pursuant to and in full <br />conformity with the Constitution and laws of the State of <br />Minnesota for the purpose of providing funds to finance costs of <br />acquiring and constructing a municipal ice arena in the City <br />intended predominantly for youth athletic activities. This Bond <br />constitutes a general obligation of the City, and to provide <br />moneys for the prompt and full payment of the principal hereof <br />and the interest thereon, as the same become due, the full faith <br />and credit and taxing powers of the City have been and are hereby <br />irrevocably pledged. <br /> <br /> This Bond may be assigned but upon such assignment the <br />assignor shall promptly give written notice thereof to the City <br />at the office of the City Finance Director, and the assignee <br />shall surrender this Bond to the City Finance Director either in <br />exchange for a new fully registered Bond or for transfer of this <br />Bond on the registration records. Each such assignee shall take <br />this Bond subject to this condition. The City shall treat the <br />Registered Owner as the absolute owner of this Bond for purposes <br />of paying the principal of and interest on this Bond and for all <br />other purposes whatsoever. <br /> <br /> This Bond has been designated by the City as a "qualified <br />tax-exempt obligation" for purposes of Section 265(b) (3) of the <br />Internal Revenue Code of 1986, as amended. <br /> <br /> IT IS HEREBY CERTIFIED AND RECITED that all acts, con- <br />ditions, and things required by the Constitution and laws of the <br />State of Minnesota to be done, to have happened, and to be <br />performed precedent to and in the issuance of this Bond have been <br />done, have happened, and have been performed in regular and due <br />form, time, and manner as required by law; and that this Bond, <br />together with all other indebtedness of the City outstanding on <br /> <br />324502.1 6 <br /> <br /> <br />