12-13-2004 Council Packet - Laserfiche WebLink

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u .• V r Amount specified above on the maturity date specified above, upon the presentation and surrender hereof, and to pay to the Registered 0^^^ler hereof interest on such Principal Amount at the Interest Rate specified above from December 29, 2004, or the most recent interest payment date to which interest has been paid or duly provided for as specified below, on February 1 and August 1 of each year, commencing August 1,2005, until said principal amount is paid. Principal is payable in lawful money of the United States of America at the office of U.S. Bank National Association, in St. Paul, Minnesota, as Bond Registrar or of its successor as Bond Registrar designated by the City upon 60 days’ notice to the registered owners at their registered addresses. Interest shall be paid on each February I and August 1 interest payment date by check or draft mailed to the person in whose name this Bond is registered at the close of business on the 15th day of the month preceding each interest payment date (whether or not a business day) at said person ’s address set forth on the registration books maintained by the Bond Registrar. Any such interest not punctually paid or provided for will cease to be payable to the owner of record as of such regular record dates and such defaulted interest may be paid to the pei. <*n m whose name this Bond shall be registered at the close of business on a special record date for the payment of such defaulted interest established by the Bond Registrar. The Bonds of this series maturing on or after February 1,2011, are subject to redemption at the option of the City, in whole or in part in such order as the City may determine and by lot within a maturity, on February 1, 2010 and any date thereafter at par and accrued interest. Tliirty days’ notice of prior redemption will be given by mail to the bank where the Bonds are payable and to the registered owners in the manner provided by Chapter 475, Minnesota Statutes. Any defect in mailing notice of redemption shall not affect the validity of the proceedings for redemption. 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 New York, New York (“DTC”), the method of payment, notice of redemption and certain other matters are subject to the terms of a Blanket Letter of Representation executed by the City and DTC as such Letter may be amended from time to time. This Bond is one of an issue of Bonds in the aggregate principal amount of $920,000, 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 Section 475.67 and Chapter 429, Minnesota Statutes, tor the purpose of providing funds to refund the City’s outstanding General Obligation Improvement Bonds, Series 1997 which were issued to finance the City’s 1997 improvement projects identified in the Resolution described below; and this Bond is payable primarily from taxes levied and special assessments levied with respect to such improvements, but 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