Laserfiche WebLink
SUMMARY INFORMATION <br /> The following is a summary of certain information contained in this Official <br /> Statement. The summary is not comprehensive or complete and is qualified in its entirety <br /> by reference to the remainder of the Official Statement. Terms used with an initial capital <br /> letter are defined in Appendix A hereto or elsewhere in this Official Statement. <br /> The Series 2001 Bonds $7,825,000'Senior Housing Revenue Bonds (Orono Woods <br /> Apartments Project), Series 2001A, $210,000* Senior <br /> Housing Revenue Bonds (Orono Woods Apartments <br /> Project), Taxable Series 2001B and $250,000* Senior <br /> Housing Revenue Bonds (Orono Woods Apartments <br /> Project), Subordinate Series 2001C to be issued by the City <br /> of Orono,Minnesota(the"City")in denominations of$5,000 <br /> principal amount or any multiple thereof of a single maturity. <br /> (See "THE SERIES 2001 BONDS.") <br /> Payment Interest accrues on the Series 2001 Bonds at the annual rates <br /> set forth on the cover page and is payable on May 1 and <br /> November 1 of each year (commencing May 1, 2002) <br /> pursuant to DTC procedures so long as the Series 2001 <br /> Bonds are in book-entry form or by check or draft of the <br /> Trustee mailed on such dates to the persons who were the <br /> registered owners of Series 2001 Bonds as of the 15th day of <br /> the month preceding each interest payment date (or as of <br /> certain special record dates upon certain events); provided <br /> that upon written request by any registered owner of not less <br /> than $500,000 principal amount of Series 2001 Bonds and <br /> compliance with the requirements of the Indenture,payment <br /> will be made by wire transfer to such registered owner. <br /> Principal and premium, if any, will be payable at the <br /> principal corporate trust office of the Trustee. (See "THE <br /> SERIES 2001 BONDS.") <br /> Security for the Series <br /> 2001 Bonds The Series 2001 Bonds are required to be paid from monthly <br /> Loan Repayments to be made by the Borrower under the <br /> Loan Agreement. For the further security of the Senior <br /> Bonds, the Borrower will grant a first leasehold mortgage <br /> lien on, a security interest in, and an assignment of leases <br /> and rents of,the Mortgaged Property to the City,which will <br /> be assigned by the City to the Trustee. The Borrower will <br /> grant a second leasehold mortgage lien on,a security interest <br /> in, and an assignment of leases and rents of, the Mortgaged <br />