10-24-2016 Council Packet - Laserfiche WebLink

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486866v1 JAE LN140-117 3 good faith deposits of the unsuccessful proposers. The Mayor and City Administrator are directed to execute a contract with the Purchaser on behalf of the City. 1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the Bonds pursuant to the Act, specifically Section 475.67, subdivision 3, in the total principal amount of $1,600,000, originally dated November 23, 2016, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest as above set forth, and maturing serially on February 1 in the years and amounts as follows: Year Amount Year Amount 2018 $ 2021 $ 2019 2022 2020 2023 1.05. Optional Redemption. The Bonds are not subject to optional redemption prior to maturity. 1.06. Extraordinary Redemption. The Bonds are subject to extraordinary redemption on any date in whole, but not in part, at a redemption price equal to par plus accrued interest to the redemption date, upon conveyance, lease, or transfer of the YMCA Project to an entity that is not a qualified 501(c)(3) entity under the Internal Revenue Code of 1986, as amended (the “Code”), or a unit of state or local government, in connection with the foreclosure of the Combination Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and Rents, dated as of June 1, 2006, by the YMCA for the benefit of Patriot Bank Minnesota, in conjunction with the issuance of the City’s Revenue Note (YMCA Project), Series 2006A, and the City’s Revenue Note (YMCA Project), Series 2006B. [1.07. Mandatory Redemption; Term Bonds. To be completed if Term Bonds are requested by the Purchaser.] Section 2. Registration and Payment. 2.01. Registered Form. The Bonds will be issued only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by check or draft issued by the Registrar described herein. 2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (i) the date of authentication is an interest payment date to which interest has been paid or made available for payment, in which case the Bond will be dated as of the date of authentication, or (ii) the date of authentication is prior to the first interest payment date, in which case the Bond will be dated as of the date of original issue. The interest on the Bonds is payable on February 1 and August 1 of each year, commencing August 1, 2017, to the registered owners of record thereof as of the close of business on the fifteenth day of the immediately preceding month, whether or not that day is a business day. 2.03. Registration. The City will appoint a bond registrar, transfer agent, authenticating agent and paying agent (the “Registrar”). The effect of registration and the rights and duties of the City and the Registrar with respect thereto are as follows: (a) Register. The Registrar must keep at its principal corporate trust office a bond register in which the Registrar provides for the registration of ownership of Bonds and the