2009-097 Council Resolution - Laserfiche WebLink

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• • • at the same rate as the interest on the County Bonds, and shall be payable on the dates and in the amounts set forth in the form attached hereto as Exhibit A, with such amendments thereto as shall be deemed desirable or necessary by the Mayor and Acting City Administrator as evidenced by their execution thereof. 2.03. Optional Redemption. The City may elect on any date to prepay the Note in whole or in part. If in part, prepayments will be applied in reverse order of the principal installment amounts due on the Note. The prepayment amount will be the outstanding principal amount of the County Bonds then outstanding, together with accrued interest to the date of redemption. For any installment amount or portion thereof that is prepaid under this Section, the "County Fee" shown in the payment schedule attached to the Note (or allocable portion thereof, if only a portion of an installment is prepaid) is not paid, and the prepayment amount is only the sum described above. 2.04. Mandatory Redemption. A portion of the assessments for the Project levied against benefited properties are expected to be deferred under various provisions of Minnesota law (referred to as "Deferred Assessments "). If the City receives pre - payments of any such Deferred Assessments, the City shall apply such prepayments toward redemption of the Note in accordance with the terms of Section 2.03 hereof. Section 3. Registrations. 3.01. Registered Form. The Note will be issued as a single typewritten note only in fully registered form. The interest thereon and, upon surrender of the Note, the principal amount thereof, will be payable by check or draft issued by the Registrar described herein. 3.02. Registration. The City appoints the City Finance Director as note registrar (the "Registrar "). The effect of registration and the rights and duties of the City and the Registrar with respect thereto will be as follows: (a) Register. The Registrar will keep a note register in which the Registrar will provide for the registration of ownership of Note and the registration of transfers and exchanges of Note entitled to be registered, transferred or exchanged. (b) Transfer of Note. Upon surrender for transfer of the Note duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar will deliver, in the name of the designated transferee or transferees, one or more new Note of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may, however, close the books for registration of any transfer after the fifteenth day of the month preceding each interest payment date and until that interest payment date. (c) Exchange of Note. Whenever the Note is surrendered by the registered owner for exchange the Registrar will deliver a new Note of a like aggregate principal amount and maturity as requested by the registered owner or the owner's attorney in writing. 359834v3 SJB LN140 -103 3