Agenda Packets - 1993/12/13 - Laserfiche WebLink

Home Browse Search

form satisfactory to the City or Bond Registrar duly executed by the registered owner thereof or the registered owner's attorney duly authorized in writing) , and the City shall execute (if necessary) and the Bond Registrar shall authenticate and deliver to the registered owner of such Bond, without service charge, a new Bond or Bonds of the same series having the same stated maturity and interest rate and of any authorized denomination or denominations, as requested by such registered owner, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered. Issuance; Purpose; Special Obligations. This Bond is one of an issue in the total principal amount of $3,090,000, all of like date of original issue and tenor, except as to registration number, maturity, interest rate, denomination, and redemption privilege, which Bond has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and the Home Rule Charter of the City and pursuant to a resolution adopted by the City Council on , 1993 (the "Resolution") , for the purpose of providing money to finance the acquisition and completion of a municipal golf course and related public recreational facilities to be owned and operated by the City (the "Project") . The Bonds and the interest thereon are payable solely and exclusively from the gross revenues of the Project (the "Gross Revenues") and from a certain Reserve Account, as provided by the Resolution. The Bonds are a first and prior lien upon the Gross Revenues, except that the City is authorized under certain conditions to issue additional revenue obligations on a parity of lien with the Bonds, all as provided in the Resolution. The City has covenanted to maintain such operating policies relating to the Project so as to produce Gross Revenues, together with any other funds which may be appropriated by the City from time to time for such purposes, sufficient to provide adequately for the operation and maintenance of the Project and to meet the annual principal and interest requirements of the Bonds; and the City is required to provide in its budget each year for any anticipated deficiency in the revenues available for the operation and maintenance of the Project. .. - - _ . . • . _ . . - • - • • • f - : 010 _ - issuable solely as fully registered bonds in the denominations of $5, 000 and integral multiples thereof of a single maturity and are exchangeable for fully registered bonds of other authorized denominations in equal aggregate principal amounts at the principal office of the Bond Registrar, but only in the manner and subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution for a description of the rights and duties of the Bond Registrar. Copies of the 244882 10