2006-117 Council Resolution - Laserfiche WebLink

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• • • Agent, or its designated successor under the Resolution described herein. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. The City may elect on February 1, 2017, and on any day thereafter to prepay the Bonds due on February 1, 2018. Redemption maybe in whole or in part and if in part, at the option of the City and in such manner as the City will determine. If less than all Bonds of a maturity are called for redemption, the City will notify Depository Trust Company ( "DTC ") of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest. The Bonds are subject to extraordinary redemption on any day 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 in other mode of the Project financed by the Bonds to an entity that is not a qualified 501(c)(3) entity under the Internal Revenue Code of 1986, as amended, or a unit of state or local government, in connection with foreclosure of the Mortgage given by the YMCA to the Lender, all as such capitalized terms are defined in the Resolution (defined hereafter). This Bond is one of an issue in the aggregate principal amount of $ all of like original issue date and tenor, except as to number, maturity date, redemption privilege, and interest rate, all issued pursuant to a resolution adopted by the City Council on July 24, 2006 (the "Resolution "), for the purpose of providing funds to finance the construction and operation of the Project described in the Resolution, pursuant to and in full conformity with the home rule charter and the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 475 and Sections 469.1812 to 469.1815. The principal hereof and interest hereon are payable from abatements collected from certain property in the City and from ad valorem taxes as set forth in the Resolution. The full faith and credit of the City are irrevocably pledged for payment of this Bond and the City Council has obligated itself to levy additional ad valorem taxes on all taxable property in the City in the event of any deficiency in abatements or taxes. The Bonds of this series are issued only as fully registered Bonds in the denominations of $5,000 or any integral multiple thereof of single maturities. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by the registered owner hereof in person or by the owner's attorney duly authorized in writing, upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. 7