|
EXHIBIT B
<br />FORM OF BOND
<br />No. R- $
<br />UNITED STATES OF AMERICA
<br />STATE OF MINNESOTA
<br />COUNTY OF ANOKA
<br />CITY OF LINO LAKES
<br />GENERAL OBLIGATION TAX ABATEMENT REFUNDING BOND
<br />SERIES 2016C
<br />Date of
<br />Rate Maturity Original Issue
<br />February 1, 20 November 23, 2016
<br />Registered Owner: CEDE & CO.
<br />CUSIP
<br />The City of Lino Lakes, Minnesota, a duly organized and existing municipal corporation in
<br />Anoka County, Minnesota (the "City"), acknowledges itself to be indebted and for value received hereby
<br />promises to pay to the Registered Owner specified above or registered assigns, the principal sum of
<br />$ on the maturity date specified above, with interest thereon from the date hereof at the
<br />annual rate specified above, payable February 1 and August 1 in each year, commencing August 1, 2017,
<br />to the person in whose name this Bond is registered at the close of business on the fifteenth day (whether
<br />or not a business day) of the immediately preceding month. The interest hereon and, upon presentation
<br />and surrender hereof, the principal hereof are payable in lawful money of the United States of America by
<br />check or draft by U.S. Bank National Association, Saint Paul, Minnesota, as Bond Registrar, Paying
<br />Agent, Transfer Agent and Authenticating Agent, or its designated successor under the Resolution
<br />described herein. For the prompt and full payment of such principal and interest as the same respectively
<br />become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably
<br />pledged.
<br />The Bonds are not subject to optional redemption prior to maturity.
<br />The Bonds are subject to extraordinary redemption on any date in whole, but not in part, at a
<br />redemption price equal to par plus accrued interest to the redemption date, upon conveyance, lease, or
<br />transfer of the YMCA Project to an entity that is not a qualified 501(c)(3) entity under the Internal Revenue
<br />Code of 1986, as amended (the "Code"), or a unit of state or local government, in connection with the
<br />foreclosure of the Combination Mortgage, Security Agreement, Fixture Financing Statement and Assignment
<br />of Leases and Rents, dated as of June 1, 2006, by the YMCA for the benefit of Patriot Bank Minnesota, in
<br />conjunction with the issuance of the City's Revenue Note (YMCA Project), Series 2006A, and the City's
<br />Revenue Note (YMCA Project), Series 2006B.
<br />This Bond is one of an issue in the aggregate principal amount of $1,600,000 all of like original
<br />issue date and tenor, except as to number, maturity date, and interest rate, all issued pursuant to a
<br />resolution adopted by the City Council on October 24, 2016 (the "Resolution"), for the purpose of
<br />refunding certain outstanding obligations of the City, pursuant to and in full conformity with the home
<br />486866v1 JAE LN 140- 117
<br />B-1
<br />
|