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184 <br />Section 3. Form of Bond. <br />3.01. The Bonds will be printed in substantially the following form: <br />[Face of the Bond] <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF ANOKA <br />CITY OF LINO LAKES <br />GENERAL OBLIGATION WATER REVENUE BOND, SERIES 1992B <br />Date of <br />Rate Maturity Original Issue <br />April 1, 1992 <br />CUSIP <br />No. $ <br />The City of Lino Lakes, Minnesota, a duly organized and existing municipal <br />corporation in Anoka County, Minnesota (City), acknowledges itself to be indebted <br />and for value received hereby promises to pay to <br />or registered assigns, the principal sum of $ on the maturity date <br />specified above, with interest thereon from the date hereof at the annual rate <br />specified above, payable February 1 and August 1 in each year, commencing <br />February 1, 1993, to the person in whose name this Bond is registered at the close <br />of business on the fifteenth day (whether or not a business day) of the immediately <br />preceding month. The interest hereon and, upon presentation and surrender <br />hereof, the principal hereof are payable in lawful money of the United States of <br />America by check or draft by , Minnesota, <br />as Bond Registrar, Paying Agent, Transfer Agent and Authenticating Agent, or its <br />designated successor under the Resolution described herein. For the prompt and <br />full payment of such principal and interest as the same respectively become due, the <br />full faith and credit and taxing powers of the City have been and are hereby irrevo- <br />cably pledged. <br />The City may elect on February 1, 2001, and on any date thereafter, to prepay <br />Bonds of this issue maturing on or after February 1, 2002. Redemption may be in <br />whole or in part of the Bonds subject to prepayment. If redemption is in part, it <br />shall be in such order as the City shall determine If only part of the Bonds having <br />a common maturity date are called for prepayment the specific Bonds to be prepaid <br />will be chosen by lot by the Registrar. All prepayments shRll be at a price of par <br />plus accrued interest. <br />The City Council has designated the Bonds as "qualified tax exempt obliga- <br />tions" within the meaning of Section 265(b) (3) of the Internal Revenue Code of 1986, <br />as amended (the Code) relating to disallowance of interest expense for financial <br />institutions and within the $10 million limit allowed by the Code for the calendar year <br />of issue. <br />SNC31647 <br />LN140 -23 <br />