2015-044 Council Resolution - Laserfiche WebLink

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• • r Sinking Fund Installment Date Principal Amount February 1, 2027 Term Bonds 2026 $225,000 2027* 230,000 * Maturity February 1, 2029 Term Bonds 2028 $190,000 2029* 195,000 * Maturity February 1. 2031 Term Bonds 2030 $200,000 2031* 205,000 * Maturity This Bond is one of an issue in the aggregate principal amount of $3,095,000 all of like original issue date and tenor, except as to number, maturity date, interest rate, and redemption privilege, all issued pursuant to a resolution adopted by the City Council on April 27, 2015 (the "Resolution"), for the purpose of providing money to defray the expenses incurred and to be incurred in financing certain street reconstruction and the acquisition, construction, and equipping of a fire hall, including the construction of necessary public infrastructure, pursuant to and in full conformity with the home rule charter of the City and the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 475, as amended, and Minnesota Statutes, Sections 469.1812 through 469.1815, as amended, and authority granted by the voters of the City at a duly called special election held on November 4, 2014. The principal hereof and interest hereon are payable in part from ad valorem taxes and in part from abatements collected from certain property in the City, as set forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred. 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 taxes and abatements pledged, which additional taxes may be levied without limitation as to rate or amount. The Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof of single maturities. The City Council has designated the issue of Bonds of which this Bond forms a part as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code") relating to disallowance of interest expense for financial institutions and within the $10 million limit allowed by the Code for the calendar year of issue. 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, 459994v2 JAE LN140-115 B-2