06-10-1985 Council Packet - Laserfiche WebLink

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be paid on each January 1 and July 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 punc- tually 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. For the prompt and full payment of such principal aril interest as the same become due the full faith, credit and taxing powers of the City have been and are hereby irrevocably pledged. Additional provisions of this Bond are contained on the reverse side hereof and such provisions shall for all purposes have the same effect as if set forth here. This Bond is one of an issue of bonds in the aggregate principal amount of $900,000, all of like date and tenor, except as to maturity, redemption privilege and interest rate, issued pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota, including Minnesota Statutes, Chapter 429, for the purpose of defraying the expenses incurred and to be incurred in corr.A-t:on with Project No. 85-1 of the City, consisting of sewer ovements; and this Bond is payable primarily from taxes levied and special assessments to be levied from its Improvement Bonds of 1985 Fund, but 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 taxable property in the City, if required for such purpose, without limitation as to rate or amount. The Bonds of this series maturing on or after January 1, 1996, are subject to redemption at the option of the City, in whole or in part in inverse order of maturity and by lot within a maturity, on January 1, 1995 and any interest payment date there- after 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, and published notice of prior redemption will be given in the manner provided by Chapter 475, Minnesota Statutes. This Bond is transferable, as provided by the Resolu- tion of the City Council authorizing the issuance of the Bonds of this series adopted June 10, 1985 (the "Resolution") only upon books of the City Real dt the uffice of the bond Registrar by the -4-