Agenda Packets - 1989/09/25 - Laserfiche WebLink

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2.03. The Issuer shall issue the Bonds In the aggregate principal amount of $1,490,000, dated November 1, 1989 as fully registered bonds without coupons. The Bonds shall be in denominations of $5,000 or any integral multiple thereof not exceeding the principal amount of a single maturity, shall be numbered from R-1 upwards in order of issuance, and shall bear interest at the rates set forth below, payable semiannually on each February 1 and August 1, commencing February 1, 1990, and shall mature on February 1 in the years and amounts as follows: Year Amount Interest Year Amount Interest 1992 525,000 % 1999 105,000 % 1993 100,000 2000 110,000 1994 70,000 2001 125,000 1995 75,000 2002 135,000 , U on nn uv,vu0 nn3 2uu r nnn i4v, vuu 1997 90,000 2004 160,000 1998 95,000 2005 175,000 2.04. All Bonds maturing on or after February 1, 1998, shall be subject to redemption and prior payment in whole or in part in inverse order of maturity and by lot within maturity at the option of the City on February 1, 1997, and any date thereafter at a price of par plus accrued interest. Thirty days' prior notice of redemption shall be given by first-class mail to the Registrar and to the registered owners of the Bonds, and notice of redemption will be published in the manner provided by Chapter 475, Minnesota Statutes. Upon notice having been so given, the Bonds or portions of Bonds therein specified shall be due and payable at the stated redemption date and price with accrued interest to the redemption date, and upon funds for such payment being held by or on behalf of the Registrar for such payment on the specified redemption date, interest thereon shall cease to accrue after such redemption date. No defect in the mailed notice of redemption shall affect the validity of the call for redemption of any Bond. 2.05. The Bonds shall be payable as to principal upon presentation at the main office of American National Bank and Trust Company (the "Registrar"), or at the office of such other successor registrar as the Issuer may hereafter designate upon 60 days mailed notice to the registered owners. Interest on each Bond shall be payable by check or draft of the Registrar mailed the last business day prior to the interest payment date to the registered holder thereof at his or her address as it appears on the bond register at the close of business on the 15th day (whether or not a business day) of the calendar month next preceding the interest payment date. Section 3. Form and Execution of the Bonds. 3.01. The Bonds shall be in substantially the following form, with the necessary variations as to number, CUSIP Number, rate of interest and date of maturity, the blanks to be properly filled in: C