Resolution 8745 - Laserfiche WebLink

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The Bond maturing on February 1, 2037 shall hereinafter be referred to collectively as the "Term Bond." The principal amounts of the Term Bond subject to mandatory sinking fund redemption on any date may be reduced through earlier optional redemptions, with any partial redemptions of the Term Bond credited against future mandatory sinking fund redemptions of such Term Bond in such order as the City shall determine. The Term Bond is subject to mandatory sinking fund redemption and shall be redeemed in part by lot at par plus accrued interest on the sinking fund installment dates and in the principal amounts as follows: February 1, 2037 Term Bond Sinking Fund Installment Date Principal Amount 2026 $280,000 2027 285,000 2028 295,000 2029 300,000 2030 310,000 2031 315,000 2032 325,000 2033 335,000 2034 345,000 2035 355,000 2036 365,000 2037* 375,000 *Maturity The City Council has designated the Bonds 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$6,000,000 all of like original issue date and tenor, except as to number, maturity date, interest rate, denomination and redemption privilege, all issued pursuant to a resolution adopted by the City Council on April 10, 2017 (the"Resolution"), for the purpose of providing money to defray the expenses incurred and to be incurred in making certain capital improvements,pursuant to and in full conformity with the Constitution,Charter of the City and laws of the State of Minnesota,including Minnesota Statutes, section 475.521,and the principal hereof and interest hereon are payable from 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 additional ad valorem taxes on all taxable property in the City in the event of any deficiency in ad valorem taxes 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. 496797v2 JSB MU210-244 B-2