CCRes_93-08 - Laserfiche WebLink

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adopted by the City Council on January 27, 1993 (the "Resolution") to refund certain of the City's outstanding general obligation tax increment .bonds, and is issued pursuant to and in full conformity with the provisions of the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Section 469.178 and Chapter 475. This Bonds are payable primarily from tax increments to be derived from tax increment financing districts established by the City (the "Districts") which have been pledged to the payment of the Bonds by the Resolution. In addition, for the full and prompt payment of the principal and interest on the Bonds as the same become due, the full faith, czedit and taxing power of the City have not been and are irrevocably pledged. The Bonds are issuable only as fully registered bonds, in denominations of $5,000 or any integral multiple thereof, of single maturities. Bonds maturing in the years 1995 through 1999 are payable on their respective stated maturity dates without option of prior payment, but Bonds having stated maturity dates in the years 2000 through 2005 are each subject to redemption and prepayment, at the option of the City and in whole or in part and if in part, in inverse order of maturities and by lot, assigned in proportion to their principal amount, within any maturity, on February 1, 1999 and on any date thereafter, at a price equal to the prinapal amount thereof to be redeemed plus interest accrued to the date of redemption. At least thirty days prior to the date set for redemption of any Bond, notice of the call for redemption will be mailed to the Bond Registrar and to the registered owner of each Bond to be redeemed at his address appearing in the Bond Register, but no defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any Bond, not affected by such defect or failure. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price herein specified and from and after such date (unless the City shall default in the payment of the redemption price) such Bond or portions of Bonds shall cease to bear interest. Upon the partial redemption of any Bond, a new Bond or Bonds will be delivered to the registered owner without charge, representing the remaining principal amount outstanding. The Bonds have been designated by the City as "qualified tax-exempt obligations" pursuant to Section 265(b) of the Internal Revenue Code of 1986, as amended. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by the registered owner hereof in person or by his attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or his attorney; and may also be surrendered in exchange for Bonds