Laserfiche WebLink
through the Depository is not in the best interests of the City or the Beneficial <br />Owners. <br />(ii) Upon termination of the services of the Depository as provided in <br />the preceding paragraph, and if no substitute securities depository is willing to <br />undertake the functions of the Depository hereunder can be found which, in the <br />opinion of the City, is willing and able to assume such functions upon reasonable <br />or customary terms, or if the City determines that it is in the best interests of the <br />City or the Beneficial Owners of the Bond that the Beneficial Owners be able to <br />obtain certificates for the Bonds, the Bonds shall no longer be registered as being <br />registered in the bond register in the name of the Nominee, but may be registered <br />in whatever name or names the Holder of the Bonds shall designate at that time, <br />in accordance with paragraph 10. To the extent that the Beneficial Owners are <br />designated as the transferee by the Holders, in accordance with paragraph 10, the <br />Bonds will be delivered to the Beneficial Owners. <br />(iii) Nothing in this subparagraph (c) shall limit or restrict the <br />provisions of paragraph 10. <br />(d) Letter of Representations. The provisions in the Letter of Representation <br />are incorporated herein by reference and made a part of the resolution, and if and to the <br />extent any such provisions are inconsistent with the other provisions of this resolution, <br />the provisions in the Letter of Representation shall control. <br />3. Purpose. The Bonds shall provide funds to finance the Improvements. <br />The total cost of the Improvements, which shall include all costs enumerated in <br />Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the <br />Bonds. Work on the Improvements shall proceed with due diligence to completion. The <br />City covenants that it shall do all things and perform all acts required of it to assure that <br />work on the Improvements proceeds with due diligence to completion and that any and <br />all permits and studies required under law for the Improvements are obtained. <br />4. Interest. The Bonds shall bear interest payable semiannually on February <br />1 and August 1 of each year (each, an "Interest Payment Date "), commencing August 1, <br />2007, calculated on the basis of a 360 -day year of twelve 30 -day months, at the <br />respective rates per annum set forth opposite the maturity years as follows: <br />7 <br />