2003-210 Council Resolution - Laserfiche WebLink

Home Search

Sinking Fund Installment Date Principal Amount February 1, 2013 Term Bonds 2012 $60,000 2013 (maturity) 60,000 2015 Term Bonds 2014 $65,000 2015 (maturity) 65,000 2017 Term Bonds 2016 $70,000 2017 (maturity) 70,000 2019 Term Bonds 2018 $75,000 2019 (maturity) 80,000 The specific Term Bonds to be redeemed will be selected by lot by the Registrar. All prepayments will be at a price of par plus accrued interest. 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. This Bond is one of an issue in the aggregate principal amount of $2,090,000 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 November 24, 2003 (the Resolution), for the purpose of providing money to defray the expenses incurred and to be incurred in making local improvements and to refund the outstanding principal amount of certain general obligation bonds of the City, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including the City charter, Minnesota Statutes, Chapter 429 and Section 475.67, and the principal hereof and interest hereon are payable from special assessments against property specially benefited by local improvements for the City's share of the cost of the improvements, 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 ad valorem taxes on all taxable property in the City in the event of any deficiency in special assessments pledged, which 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. SJB-240610v1 LN 140-84