Resolution 7243 - Laserfiche WebLink

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Bonds having stated maturities of December 20, 2041 and December 20,2051 are subject to mandatory sinking fund redemption as provided in Resolution described below. All Bonds maturing on or after December 20, 2031, are subject to redemption and prior payment in whole or in part in such order as the City may determine and by lot within a maturity at the option of the City on December 20, 2030, and any date thereafter at par and accrued interest. Notice of redemption of Bonds stating their designation, date, maturity, principal amounts and the redemption date shall be given by the Registrar by mailing such notice by first class mail, postage prepaid, not more than 60 days and not less than 30 days prior to the date fixed for redemption (or such shorter period as may be acceptable to the then registered owner of the Bonds) to the registered owners at their most recent addresses appearing upon the books of the Registrar. Failure to give notice to any particular registered owner or any defect in the notice given to such owner shall not affect the validity of the proceedings calling the Bonds or the redemption of any Bonds for which proper notice has been given. Notice of redemption need not be given to the holder of any Bonds, whether registered or not, who has waived notice of redemption. Notice of redemption having been given as provided above or notice of redemption having been waived by the owners of Bonds called for redemption to whom such notice has not been given as provided above, the Bonds so called for redemption shall become due and payable on the designated redemption date. Any Bond called for redemption, and for the payment of which moneys are set aside by the City on the redemption date, shall not bear interest after the redemption date, regardless of any delay in its presentation. During such time as this Bond is registered in the name of Cede & Co., as nominee of Depository Trust Company ("DTC"), the method of payment, notice of redemption and certain other matters are subject to the terms of the Representation Letter executed by the City and DTC prior to the date of issuance of the Bonds as such Representation Letter may be amended from time to time. This Bond is one of an issue of Bonds in the aggregate principal amount of $15,350,000, all of like date and tenor except as to maturity, interest rate and redemption privilege, issued pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota, including Minnesota Statutes, Section 475.521 and Chapter 475, for the purpose of financing the construction of various capital improvement projects identified in the City's 2022 to 2026 Supplemental Capital Improvement Plan adopted November 8, 2021. This Bond is payable from ad valorem taxes levied under the Resolution. This Bond constitutes a general obligation of the City and to provide moneys for the prompt and full payment of said principal and interest as the same become due the full faith and credit of the City is hereby irrevocably pledged, and the City will levy additional ad valorem taxes on all taxable property in the City, if required for such purpose, without limitation as to rate or amount. This Bond is transferable, as provided by the Resolution of the City Council authorizing the issuance of the Bonds of this series adopted December 13, 2021 (the "Resolution"), only upon books of the City kept at the office of the Bond Registrar by the Registered Owner hereof in person or by the Registered Owner's duly authorized attorney, upon surrender of this Bond for transfer at the office of the Bond Registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Bond Registrar duly executed by, the Registered Owner hereof or the Registered Owner's duly authorized attorney, and, upon payment of any tax, fee or other 10 4854-7635-7637.2 243