2003-211 Council Resolution - Laserfiche WebLink

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No. R-1 $250,000 Date of Original Issue December 1, 2003 The City of Lino Lakes, Minnesota, a duly organized and existing municipal corporation in Anoka County, Minnesota (City), acknowledges itself to be indebted and for value received hereby promises to pay to Lino Lakes State Bank, Lino Lakes„ Minnesota, or registered assigns, the principal sum of $250,000 on February 1 in the years, interest rates and installment amounts as follows: Interest Interest Year Rate Installment Year Rate Installment 2006 3.20% $25,000 2011 5.10% $30,000 2007 3.75 25,000 2012 5.30 30,000 2008 4.20 25,000 2013 5.45 30,000 2009 4.60 25,000 2014 5.60 35,000 2010 4.80 25,000 with interest thereon from the date hereof at the annual rate specified above, payable February 1 and August 1 in each year, commencing August 1, 2004. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. The City may elect on any date to prepay the Bonds. Redemption may be in whole or in part and if in part, at the option of the City and in such order as the City will determine and within a maturity by lot as selected by the registrar. Prepayments will be at a price of par plus accrued interest. This Bond is one of an issue in the aggregate principal amount of $250,000 all of like original issue date and tenor issued pursuant to a resolution adopted by the City Council on November 24, 2003 (Resolution), for the purpose of providing money to defray the expenses incurred and to be incurred in making local improvements, 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 the City Charter and Minnesota Statutes, Chapter 429, and the principal hereof and interest hereon are payable from special assessments against property specially benefited by local improvements and ad valorem taxes 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 SJB-240611v1 LN 140-84