05-13-2020 Council Packet - Laserfiche WebLink

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*Preliminary, subject to change.8 THE SERIES 2020 BONDS Special, Limited Obligations THE SERIES 2020 BONDS ARE NOT GENERAL OR MORAL OBLIGATIONS OF THE ISSUER, THE HOST CITY, OR THE STATE OF MINNESOTA (THE “STATE”), NOR IS THE TAXING POWER OF THE ISSUER OR THE STATE PLEDGED TO THE PAYMENT OF THE PRINCIPAL AMOUNT THEREOF OR THE INTEREST OR PREMIUM, IF ANY, THEREON. THE SERIES 2020 BONDS SHALL CONSTITUTE SPECIAL, LIMITED OBLIGATIONS OF THE ISSUER. THE SERIES 2020 BONDS SHALL NOT CONSTITUTE OR GIVE RISE TO A CHARGE AGAINST THE GENERAL CREDIT, ASSETS, TAXING POWERS OR OTHER REVENUES OF THE ISSUER, THE HOST CITY, OR THE STATE. THE SERIES 2020 BONDS ARE NEITHER A DEBT NOR A LIABILITY WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY DEBT LIMITATION OF THE ISSUER, THE HOST CITY, OR THE STATE. THE SERIES 2020 BONDS ARE PAYABLE SOLELY FROM THE FUNDS PLEDGED FOR THEIR PAYMENT IN ACCORDANCE WITH THE INDENTURE AND THE LOAN AGREEMENT. Interest; Maturity; Payment The Series 2020 Bonds will be issued in the aggregate principal amounts and will bear interest as set forth on the inside front cover hereof payable semiannually on [May] 1 and [November] 1 (each an “Interest Payment Date”) of each year, commencing on ________ 1, 202_. Interest on the Series 2020 Bonds will be calculated on the basis of a 360 day year with twelve months of thirty days. So long as Cede & Co. is the registered owner, the Trustee will pay such principal of, premium, if any, and interest on the Series 2020 Bonds to DTC, which will remit such principal, premium, if any, and interest to the Direct Participants. The Direct Participants will remit such payments to the Indirect Participants and the Direct Participants and the Indirect Participants will remit such payments to the Beneficial Holders of the Series 2020 Bonds. The owners of the Series 2020 Bonds will not receive physical certificates. See “APPENDIX G -– BOOK-ENTRY ONLY SYSTEM” in this Official Statement. In the event the book-entry system is discontinued, the following provisions will apply. The principal or redemption price of the Series 2020 Bonds will be payable in lawful money of the United States of America at the corporate trust office of the Trustee upon surrender of the Series 2020 Bonds to the Trustee for cancellation. Payment of the interest on any Series 2020 Bond will be made on each Interest Payment Date to the Holder thereof as of the Record Date for each Interest Payment Date by check mailed by first-class mail on each Interest Payment Date to such Holder at the address of such Holder as it appears on the registration books maintained by the Trustee or, upon the written request of any Holder of at least $1,000,000 in principal amount of the Series 2020 Bonds, submitted to the Trustee at least one Business Day prior to the Record Date, by wire transfer in immediately available funds to an account within the United States of America designated by such Bondholder. Exchange; Transfer The Series 2020 Bonds are transferable and exchangeable for other denominations only upon the books of the Trustee as bond registrar and upon presentation and surrender of such Series 2020 Bonds, together with an executed assignment or other acceptable transfer instrument, subject to the payment of any tax, fee or other governmental charge that may be imposed in connection therewith. The Trustee is not required to transfer, register, replace or exchange any Series 2020 Bond (i) during the 15-day period next preceding the date of the mailing of notice of redemption in the case of a proposed redemption of