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1996-101 Council Resolution-Series 1996A
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1996-101 Council Resolution-Series 1996A
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2/2/2016 1:27:51 PM
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2/2/2016 11:03:14 AM
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City Council
Council Document Type
Resolutions
Meeting Date
09/09/1996
Council Meeting Type
Regular
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1.03. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, <br />Chapter 429 (Act) in the total principal amount of $4,685,000, originally dated October 1, 1996, <br />in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, <br />bearing interest as above set forth, and maturing serially on February 1 in the years and amounts <br />as follows: <br />Year Amount Year Amount <br />1998 $300,000 2003 $405,000 <br />1999 625,000 2004 400,000 <br />2000 600,000 2005 395,000 <br />2001 595,000 2006 390,000 <br />2002 590,000 2007 385,000 <br />1.04. Optional Redemption. The City may elect on February 1, 2002, and on any day <br />thereafter to prepay Bonds due on or after February 1, 2003. Redemption may be in whole or <br />in part and if in part, at the option of the City and in such manner as the City will determine. <br />If less than all Bonds of a maturity are called for redemption, the City will notify DTC (as <br />defined in Section 7 hereof) of the particular amount of such maturity to be prepaid. DTC will <br />determine by lot the amount of each participant's interest in such maturity to be redeemed and <br />each participant will then select by lot the beneficial ownership interests in such maturity to be <br />redeemed. Prepayments will be at a price of par plus accrued interest. <br />Section 2. Registration and Payment. <br />2.01. Registered Form. The Bonds will be issued only in fully registered form. The <br />interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by <br />check or draft issued by the Registrar described herein. <br />2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest <br />payment date preceding the date of authentication to which interest on the Bond has been paid <br />or made available for payment, unless (i) the date of authentication is an interest payment date <br />to which interest has been paid or made available for payment, in which case the Bond will be <br />dated as of the date of authentication, or (ii) the date of authentication is prior to the first interest <br />payment date, in which case the Bond will be dated as of the date of original issue. The interest <br />on the Bonds is payable on February 1 and August 1 of each year, commencing August 1, 1997, <br />to the registered owners of record thereof as of the close of business on the fifteenth day of the <br />immediately preceding month, whether or not that day is a business day. <br />2.03. Registration. The City will appoint a bond registrar, transfer agent, authenticating <br />agent and paying agent (Registrar). The effect of registration and the rights and duties of the <br />City and the Registrar with respect thereto are as follows: <br />DJK108714 <br />LN140-52 <br />
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