1984-015 Council Resolution - Laserfiche WebLink

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• 4. Both principal of and interest on the bonds are payable at the office of the City Clerk - Treasurer in the City of Lino Lakes, Minnesota. 5. The bonds shall be substantially in the following form: No. R -1 $ 3,500 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF LINO LAKES GENERAL OBLIGATION BOND OF 1984 KNOW ALL MEN BY THESE PRESENTS that the City of Lino Lakes, Anoka County, Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to the First State Bank of Hugo, in Hugo, Minnesota or its registered assigns, with option of prior payment, the principal sum of THREE THOUSAND FIVE HUNDRED and no /100 ($3,500.00) DOLLARS on the 1st day of November, 1985 in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of debts due the United States of America and to pay interest on said principal sum from time to time remaining unpaid in such coin or currency at the rate of six and one -half (6.50 %) per cent per annum from the date hereof until the principal sum is paid, interest to maturity payable on May 1, 1985 and semi - annually thereafter on the 1st day of November and the 1st day of May. Principal of and interest on this bond are pay- able at the office of the City Clerk- Treasurer in the City of Lino Lakes, Minnesota. Payments of installments of principal and the interest due thereon shall discharge the City of the obligation hereon to the extent of the payment made. Annual payments regardless of when made, shall be applied first to the interest computed to the annual installment due date and next to principal due. Other payments, from whatever source derived, shall be applied to the principal last to become due and shall not affect the obligation of the City to pay the remaining installments as scheduled herein. This bond has been issued by the City for the purpose of providing money to finance street improvements within the City. This bond is issued pursuant to and in full conformity with the Lino Lakes Home Rule Charter, the Constitution and the laws of the State of Minnesota thereunto enabling. This bond constitutes a general obli- gation of the City and, to provide monies for the prompt and full payment of its principal and interest as the same become due, the • full faith and credit of the City is hereby irrevocably pledged, and the City Council has levied ad valorem taxes for such purpose and, -2-