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09/26/2005 Council Packet
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09/26/2005 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
09/26/2005
Council Meeting Type
Regular
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interest rate, all issued pursuant to a resolution adopted by the City Council on September 26, <br />2005 (the Resolution), for the purpose of providing money to defray the expenses incurred and to <br />be incurred in making local improvements, pursuant to and in full conformity with the home rule <br />charter of the City and the Constitution and laws of the State of Minnesota, including Minnesota <br />Statutes, Chapter 429, and the principal hereof and interest hereon are payable primarily from <br />special assessments against property specially benefited by local improvements, as set forth in <br />the Resolution to which reference is made for a full statement of rights and powers thereby <br />conferred. The full faith and credit of the City are irrevocably pledged for payment of this Bond <br />and the City Council has obligated itself to levy ad valorem taxes on all taxable property in the <br />City in the event of any deficiency in special assessments pledged, which taxes may be levied <br />without limitation as to rate or amount. The Bonds of this series are issued only as fully <br />registered Bonds in denominations of $5,000 or any integral multiple thereof of single maturities. <br />As provided in the Resolution and subject to certain limitations set forth therein, this <br />Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by <br />the registered owner hereof in person or by the owner's attorney duly authorized in writing, upon <br />surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, <br />duly executed by the registered owner or the owner's attorney; and may also be surrendered in <br />exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City <br />will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of <br />the same aggregate principal amount, bearing interest at the same rate and maturing on the same <br />date, subject to reimbursement for any tax, fee or governmental charge required to be paid with <br />respect to such transfer or exchange. <br />The City and the Bond Registrar may deem and treat the person in whose name this Bond <br />is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose <br />of receiving payment and for all other purposes, and neither the City nor the Bond Registrar will <br />be affected by any notice to the contrary. <br />IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, <br />conditions and things required by the home rule charter of the City and the Constitution and laws <br />of the State of Minnesota, to be done, to exist, to happen and to be performed preliminary to and <br />in the issuance of this Bond in order to make it a valid and binding general obligation of the City <br />in accordance with its terms, have been done, do exist, have happened and have been performed <br />as so required, and that the issuance of this Bond does not cause the indebtedness of the City to <br />exceed any constitutional, statutory or charter limitation of indebtedness. <br />This Bond is not valid or obligatory for any purpose or entitled to any security or benefit <br />under the Resolution until the Certificate of Authentication hereon has been executed by the <br />Bond Registrar by manual signature of one of its authorized representatives. <br />CAW- 268337v1 <br />LN140 -93 <br />
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