2016-010 Council Resolution - Laserfiche WebLink

Home Search

special Record Date not less than fifteen (15) days prior to such date to the person that was the Owner of the Note as of the close of business of the City on the fifth (5th) business day of the City preceding such mailing, and the Owner as of the special Record Date shall be entitled to receive the payment of such defaulted interest. All principal of and interest on this Note are payable in any coin or currency of the United States of America which on the date of payment is legal tender for the payment of public and private debts. Date of Payment Not a Business Day. If the nominal date for payment of any principal of or interest on this Note shall not be a business day of the City or of the Owner, then the date for such payment shall be the next such business day and payment on such business day shall have the same force and effect as if made on the nominal date of payment. Issuance; Purpose; General Obligation. This Note is issued as a single instrument under and pursuant to and in full conformity with the Charter of the City, the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by the City Council, the governing body of the City, on February 22, 2016 (the "Resolution"), for the purpose of providing money to finance the cost of the acquisition of capital equipment to be used by the North Metro Telecommunications Commission in the operation of a cable communications system. The terms Issuer Note and Issuer Note Resolution have the meaning provided in the Resolution. This Note constitutes a general obligation of the City, and to provide moneys for the prompt and full payment of its principal, premium, if any, and interest when the same become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. Optional Redemption. The Note is subject to redemption and prepayment without penalty at the option of the City, (a) on February 1, 2024 and on any date thereafter at a price of par plus accrued interest; and (b) on any date prior to February 1, 2024 at a price of par plus accrued interest together with any additional amount necessary to defease the portion of the Issuer Notes equal to the outstanding principal amount of the City Note, all in accordance with the Issuer Note Resolution. Redemption may be in whole or in part, on any date, upon 30 days' prior written notice to the Owner. If redemption is in part, the City may select the specific principal installments hereof, or applicable portions thereof, to be prepaid. Transfer. This Note is transferable, as provided in the Resolution, upon the Register kept by the City Clerk at City Hall upon surrender of this Note together with a written instrument of transfer duly executed by the Owner or the Owner's attorney duly authorized in writing, and thereupon a new, fully registered Note in the same aggregate principal amount shall be issued to the transferee in exchange therefore (or the transfer shall be duly recorded on the Register and the Certificate of Registration hereof), upon the payment of charges and satisfaction of applicable conditions, if any, as therein prescribed; provided that such transfer may occur only with respect to the entire Note and all of the remaining principal amount of the sole final maturity hereof. The City may treat and consider the person in whose name this Note is registered as the absolute Owner hereof for the purpose of receiving payment of or on account of the principal of and interest on this Note (except for the payment of interest to the Owner as of a Record Date) and for all other purposes whatsoever. 2 7576477v1