Resolution 2002-024 - Laserfiche WebLink

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Registered Owner: Cede & Co. The City of Lake Elmo, Minnesota, a duly organized and existing municipal corporation in Washington County, Minnesota (City), acknowledges itself to be indebted and for value received promises to pay to the Registered Owner specified above or registered assigns, the principal sum of $ on the maturity date specified above, with interest thereon from the date hereof at the annual rate specified above, payable January 1 and July 1 in each year, commencing January 1, 2003, to the person in whose name this Bond is registered at the close of business on the fifteenth day (whether or not a business day) of the immediately preceding month. The interest hereon and, upon presentation and surrender hereof, the principal hereof are payable in lawful money of the United States of America by check or draft by U.S. Bank National Association, St. Paul, Minnesota, as Bond Registrar, Paying Agent, Transfer Agent and Authenticating Agent, or its designated successor under the Resolution described herein. 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 January 1, 2009, and on any day thereafter to prepay Bonds. Redemption may be in whole or in part and if in part, at the option of the City and in such manner as the City will. determine. If less than all Bonds of a maturity are called for redemption, the City will notify Depository Trust Company (DTC) of the particular amount of such maturity to be prepaid. DTC 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 interests in such maturity to be redeemed. 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 $340,000 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 April 16, 2002 (the Resolution), for the purpose of providing money to redeem the outstanding principal amount of certain temporary general obligation bonds of the City, pursuant to and In full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 475.61 and 429.091, and the principal hereof and interest hereon are payable primarily from special assessments against property specially benefited by local improvements, as set forth. in the Resolution to which reference is made for a full statement of rights and powers thereby DIG- 212553vt LA515 -2