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Agent may, and if directed by the City shall, purchase the Bonds maturing on February 1, <br />20 _and 2016 in an amount not exceeding the amount of the Bonds of such maturity <br />required to be redeemed on such date and at a price not exceeding the principal amount <br />thereof plus accrued interest. Any Bonds so purchased shall be canceled and the redemption <br />thereof shall be credited against the principal amount of Bonds of such maturity required to <br />be redeemed on the next mandatory redemption date.] <br />All Bonds maturing on or after February I, 2010, are subject to redemption and prior <br />payment in whole or in part in such order as the City may determine and by lot within a <br />maturity at the option of the City on February 1,2009, and any date thereafter at par and <br />accrued interest. In the event of redemption by lot of Bonds of like maturity, the Bond <br />Registrar shall assign to each Bond of such maturity then outstanding a distinctive number <br />for each $5,000 of the principal amount of such Bonds and shall select by lot in the manner it <br />determines the order of numbers, at $5,000 for each number, for all outstanding Bonds of like <br />maturity. The order of selection of Bonds to be redeemed shall be the Bonds to which were <br />assigned numbers so selected, but only so much of the principal amount of each Bond of a <br />denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number <br />assigned to it and so selected. The Bonds shall be numbered R-1 upwards in order of <br />issuance or in such other order as the Registrar may determine and shall be in the <br />denomination of $5,000 each or any integral multiple thereof not exceeding the amount <br />maturing in any year. <br />I ... <br />3. The Bonds are being issued to provide financing of estimated costs in <br />the minimum amount of $911,767, including contract price, construction interest and legal, <br />fiscal and miscellaneous costs for certain local improvements of the City pursuant to the <br />authority of Chapter 429, Minnesota Statutes, referred to as East Long Lake, Fox Ridge and <br />Webber Hills, and also to provide additional interest in the amount of $13,233 in the form of <br />obligations as authorized in Section 475.56, Minnesota Statutes, consisting of bonds <br />maturing in 2002. The City Council has made all necessary investigation and hereby finds <br />and determines as follows: <br />a. The City Council has held a public hearing after due notice regarding <br />each such improvement and has ordered in each such improvement <br />b. Contract for the construction of each such improvement will be entered <br />into within the time prescribed by law. <br />c. Each such improvement will be a special benefit to property in the City <br />and that the total cost of such improvements is at least the amount set forth above. <br />-4-