12-11-1995 Council Packet - Laserfiche WebLink

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During such time as this Bond is registered in the name of Cede & Co , as nominee of the Depository Trust Company of Ne\s York, New York ("DTC"), the method of payment, notice of redemption and certain other matters are subject to the terms of the OperationaJ Arrangements of DTC as of the date of issuance of the Bonds as such Operational Arrangements may be amended from time to time This Bond is one of an issue of Bonds in the aggregate principal amount of $1,910,000, all of like date and tenor except as to maturity and interest rate, issued pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota, including Section 475.67, Minnesota Statutes, for the purpose of providing funds to refund the redeemable portions of the City ’s outstanding General Obligation Improvement Bonds of 1985 (the “Senes 1985 Bonds’’) and its outstanding General Obligation Water and Sewer Bonds of 1989 (the “Series 1989 Bonds” and together with the Series 1985 Bonds, the “Prior Bonds”), and this Bond is payable primarily from and is secured by a hen on and pledge of the net revenues of the Water and Sewer System of the Cit>’ and from special assessments levied for Improvement Project No 85-1, but this Bond constitutes a general obligation of the City, and to prov ide 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 w ill levy ad valorem taxes on all taxable property m the City, if required for such purpose, without limitation 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 scries adopted December 1 1 . 1995 (the “Resolution”) only upon books of the City kept at the ofTice of the Bond Registrar by the Registered Owner hereof m 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 m form satisfactoiy to the Bond Registrar duly executed by. the Registeied Owner hereof or the Registered Owner’s duly authorized attorney, and, upon payment of any tax. fee or other gov ernmental charge required to be paid w ith 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 ab.solute owner hereof for all purposes file Bonds of this senes are is.suable 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 prov ided m the Resolution and subject to certain limitations therein .set forth, the Bonds of this series are exchangeable for a like aggregate principal amount of Bonds of this senes of a different authorized denomination, as requested by the Registeied Owner or the owner's dulv authmized attorney upon surrender thereof to the Bond Remstrar -5-