05-27-2003 Council Packet - Laserfiche WebLink

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and August I interest payment date by check or draft mailed to the person in whose name this B<md 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 person in 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. During such time as this Bond is registered in the name of Cede & Co., as nominee of Depository Trust Company New York, New York ("D fC”), 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 $885,000, alt 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, for the purpose of providing funds to refund the City's outstanding General Obligation Sewer Improvement Bonds of 1993 which were issued to finance sewer improvements identified in the Resolution described below; and this Bond is payable primarily from 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 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 May 27,2003 (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 ofticc 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 governmental charge required to be paid with respect to such transfer, one or more fully registered Bonds of the series of the same principal amount, maturity and interest rate will be issued to the designated transferee or transferees. The Registered Owner of this Bond may be treated as the absolute owner hereof for all purposes. The Bonds of this series arc issuable only as fully registered bonds without coupons in denominations of $5,000 or any integral multiple thereof not exceeding the principal amount maturing in any one year. As provided in the Resolution and subject to certain limitations therein set forth, the Bonds of this series are exchangeable for a like