Laserfiche WebLink
4. The Bonds shall provide funds to defray the <br />expense of certain capital and administration costs in <br />accordance with the City's Tax Increment Financing Plan for <br />Redevelopment District No. 1, approved by the City Council on <br />September 19, 1984 (the "Plan"), within the City's Development <br />District No. 2 created pursuant to Minnesota Statutes, Chapter <br />472A (the "Project"). Pursuant to the Plan adopted by the <br />City, tax increments derived from the tax increment financing <br />district established pursuant to the Plan, have been pledged to <br />the payment of the Bonds and interest thereon. The estimated <br />collection of the tax increments exceeds 20$ of the cost of the <br />Project. <br />5. The Bonds shall bear interest payable <br />semiannually on February 1 and August 1 of each year commencing <br />August 1, 1985 at the respective rates per annum set forth <br />opposite the maturity years as follows: <br />Maturity Years Interest Rates <br />1988 8.OOg <br />1989 8.00 <br />1990 8.00 <br />1991 8.20$ <br />1992 8.40 <br />1993 8.60 <br />1994 8.80$ <br />• 1995 9.00$ <br />1996 9.20 <br />1997 9.40 <br />1998 9.60 <br />1999 9.70 <br />2000 9.80 <br />2001 9.90 <br />2002 9.90 <br />2003 9.90 <br />2004 9.90 <br />2005 9.90$ <br />6. All Bonds of this issue maturing in the years <br />1998 to 2005, both inclusive, shall be subject to redemption <br />and prepayment at the option of the City on February 1, 1997 <br />and on any interest payment date thereafter at par and accrued <br />interest. Redemption may be in whole or in part of the Bonds <br />subject to prepayment. If redemption is in part, those Bonds <br />remaining unpaid which have the latest maturity date shall be <br />prepaid first; and if only part of the Bonds having a common <br />maturity date are called for prepayment, the specific Bonds to <br />be prepaid shall be chosen by lot by the Rond Registrar. <br />• 3 <br />