Resolution 2001-083 - Laserfiche WebLink

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acquisition and construction of local street improvements (the "Improvements ") located in the City of Lake Elmo, Minnesota (the "City "), and is issued pursuant to an authorizing resolution (the "Resolution ") adopted by the City Council of the Issuer on September 24, 2001, and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapters 162, 429 and 475. The principal hereof and interest hereon are payable primarily from investment earnings on the Bonds, municipal state -aid and revenues from special assessment levies on the property which shall be specially benefited by that portion of the Improvements financed by the Improvement Bonds 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 Issuer are irrevocably pledged for payment of this Bond and the City Council of the Issuer has obligated itself to levy ad valorem taxes on all taxable property in the Issuer in the event of any deficiency of the revenues pledged, which taxes may be levied, without limitation as to rate or amount. The Bonds, and the interest thereon shall not be deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, other than the Issuer to the extent set forth in the Resolution. The Bonds of this series are issuable only as fully registered bonds without coupons in denominations of $5,000 or any integral multiple thereof not exceeding the principal amount maturing in any one year. As provided in the Resolution and subject to certain limitations therein set forth, the Bonds of this series are exchangeable for a like aggregate principal amount of Bonds of this series of a different authorized denomination, as requested by the registered owner or his or her duly authorized attorney, upon surrender thereof to the Registrar. The Bonds maturing on February 1, 2017 are subject to mandatory sinking fund redemption at a price of par and accrued interest at the times and in the amounts set forth below: Redemption Date Principal Amount February 1, 2015 $70,000 February 1, 2016 75,000 February 1, 2017* 75,000 *Stated Maturity At the option of the Issuer, the Bonds shall also be subject to call and to prior payment on February 1, 2008 or any date thereafter at a price of par and accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the selection of the Bonds remaining unpaid to be prepaid shall be at the discretion of the Issuer. If only part of the Bonds having a common maturity date are called for prepayment, the Issuer will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interest in such maturity to be redeemed. Notice of such call shall be given by mailing a notice thereof by registered or certified mail at least thirty (30) days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the registration books. M