08-28-2000 Council Packet - Laserfiche WebLink

Home Browse Search

February 1, 2010, are subject to redemption at the option of the City, in whole or in part m such order as the City may determine and by lot within a maturity, on February 1, 2009 and any date thereafter at par and accrued interest. Thirty 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 ("DTC"), the method of payment, notice of redemption and certain other matters are subject to the terms of a Blanket Letter of Representations executed by the City and DTC prior to the date of issuance of the Bonds as such Blanket Letter of Representations may be amended from time to time. This Bond is one of an issue of Bonds in the aggregate principal amount of $925,000, 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 444.075 and Chapter 429, Minnesota Statutes, for the purpose of providing funds for various sewer improvements identified in the Resolution described below; and this Bond is payable primarily from the net revenues of the City ’s sewer system and special assessments levied or to be levied from its Improvement Bonds of 2000 Fund, 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. 4 This Bond is transferable, as provided by the Resolution of the City Council authorizing the issuance of the Bonds of this series adopted August 28, 2000 (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 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. -7-