CCRes_91-23 - Laserfiche WebLink

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• The Bonds having stated maturity dates in 1997 and later years shall each be subject to redemption and prepayment, at the option of the City in whole or in part, and if in part, in inverse order of maturities and in $5,000 principal amounts selected by lot within a maturity, on February 1, 1996, and on any interest payment date thereafter, at a price equal to the principal amount thereof to be redeemed plus interest accrued to the date of redemption. BOOK ENTRY FORMAT The Bonds will be registered in the name of Cede & Co., as nominee for The Depository Trust Company ("DTC"), New York, New York. DTC will act as securities depository for the Bonds, and will be responsible for maintaining a book-entry system for recording the interests of its participants and the transfers of interests between its participants. The participants will be responsible for maintaining records regarding the beneficial interests of the individual purchasers of the Bonds. So long as Cede & Co. is the registered owner of the Bonds, all payments of principal and interest will be made to the depository which, in turn, will be obligated to remit such payments to its participants for subsequent disbursement to the beneficial owners of the Bonds. INTEREST PAYMENT DATES AND RATES • Interest will be payable each February 1 and August 1, commencing February 1, 1992. All Bonds of the same maturity must bear interest from date of original issue until paid at a single, uniform rate, not exceeding the rate specified for Bonds of any subsequent maturity. Each rate must be expressed in an integral multiple of 5 / 100 or 1 / 8 of 1 %. DELIVERY Within 40 days after the sale, the Bonds will be delivered without cost to the original purchaser at DTC. On the day of closing, the City will furnish to the purchaser the opinion of bond counsel hereinafter described, an arbitrage certification and a certificate verifying that no litigation in any manner questioning the validity of the Bonds is then pending or, to the best knowledge of officers of the City, threatened. Payment for the Bonds must be received by the City at its designated depositary on the date of closing in immediately available funds. LEGAL OPIlVION An opinion as to the validity of the Bonds and the exemption from taxation of the interest thereon will be furnished by Dorsey & Whitney, of Minneapolis, Minnesota and will be printed on the Bonds. The legal opinion will state that the Bonds are valid and binding general obligations of the City enforceable • ~