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with paragraph 10 hereof, the Bonds will be delivered to the <br />Beneficial Owners. <br />(iii) Nothing in this subparagraph (c) shall limit or <br />restrict the provisions of paragraph 10 hereof. <br />(d) Letter of Representations. The provisions in the <br />Letter of Representation are incorporated herein by reference and <br />made a part of the resolution, and if and to the extent any such <br />provisions are inconsistent with the other provisions of this <br />resolution, the provisions in the Letter of Representation shall <br />control. <br />3. Purpose. The Bonds shall provide funds to finance <br />the Bond Funded Improvements. The total cost of the Bond Funded <br />Improvements, which shall include all costs enumerated in <br />Minnesota Statutes, Section 475.65, is estimated to be at least <br />equal to the amount of the Bonds. Work on the Bond Funded <br />Improvements shall proceed with due diligence to completion. The <br />City covenants that it shall do all things and perform all acts <br />required of it to assure that work on the Bond Funded <br />Improvements proceeds with due diligence to completion and that <br />any and all permits and studies required under law for the Bond <br />Funded Improvements are obtained. <br />4. Interest. The Bonds shall bear interest payable <br />semiannually on February 1 and August 1 of each year (each, an <br />"Interest Payment Date "), commencing August 1, 2000, calculated <br />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 <br />as follows: <br />Maturity Interest Maturity Interest <br />Year Rate Year Rate <br />2001 <br />2002 <br />2003 <br />2004 <br />2005 <br />2006 <br />2007 <br />2008 <br />2009 <br />2010 <br />5. Redemption. All Bonds maturing in the years 2007 <br />to 2010, both inclusive, shall be subject to redemption and <br />prepayment at the option of the City on February 1, 2006, and on <br />any date thereafter at a price of par plus accrued interest. <br />Redemption may be in whole or in part of the Bonds subject to <br />prepayment. If redemption is in part, the maturities and the <br />principal amounts within each maturity to be redeemed shall be <br />determined by the City; and if only part of the Bonds having a <br />common maturity date are called for prepayment, the specific <br />Bonds to be prepaid shall be chosen by lot by the Bond Registrar. <br />Bonds or portions thereof called for redemption shall be due and <br />1093421.1 <br />Page 89 <br />