10/15/1985 Council Minutes (2) - Laserfiche WebLink

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1 1 1 COUNCIL MEETING October 15, 1985 Page -14- This Bond is one of an issue in the total principal amount of $1,850,000 all of like date of original issue and tenor, except as to number and denomination, which Bond has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by the City Council on October 15, 1985 (the "Resolution ") for the purpose of providing money to finance the construction of various improvements in the City and is payable out of the General Obligation Temporary Improvement Bonds, Series 1985 Fund of the Issuer into which fund there are to be paid the proceeds of the definitive improvement bonds which the Issuer is required by law to issue at or prior to the maturity of this Bond for the purpose of refunding the same if the special assessments theretofore collected or any other municipal funds which are properly available and are appropriated by the City's Counsel for such purpose are not sufficient for the payment thereof. This Bond constitutes a general obligation of the Issuer, and to provide moneys for the prompt and full payment of the principal and interest when the same become due, the full faith and credit and taxing powers of the Issuer have been and are hereby irrevocably pledged. The Bonds are issuable solely as fully registered Bonds in the denominations of $5,000 and integral multiples thereof and are exchangeable for fully registered Bonds of other denominations in equal aggregate principal amounts and in authorized denominations at the principal office of the Bond Registrar, but only in the manner and subject to the " limitations provided in the Resolution. Reference is hereby made to the Resolution for a description of the rights and duties of the Bond Registrar. Copies of the Resolution are on file in the principal office of the Bond Registrar. This Bond is transferable by the Holder in person or by his attorney duly authorized in writing at the principal office of the Bond Registrar upon presentation and surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in the Resolution and to reasonable regula- tions of the Issuer contained in any agreement with the Bond Registrar. Thereupon the Issuer shall execute and the Bond Registrar shall authenticate and deliver, in exchange for this Bond, one or more new fully registered Bonds in the name of the transferee (but not registered in blank or to "bearer" or similar designation), of an authorized denomination or denominations, in aggregate principal amount equal to the principal amount of this Bond, of the same maturity and bearing interest at the same rate. 149