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<br />Internal Revenue Code of 1986, as amended (the "Code"), as the discount factor) of
<br />approximately $ ; and
<br />(ii) as of the Crossover Date, the sum of (i) the present value of the debt service on the
<br />Bonds, computed to their stated maturity dates, after deducting any premium, using the yield of
<br />the Bonds as the discount rate, plus (ii) any expenses of the refunding payable from a source
<br />other than the proceeds of the Bonds or investment earnings thereon, is lower by % than
<br />the present value of the debt service on the Refunded Bonds, exclusive of any premium,
<br />computed to their stated maturity dates, using the yield of the Bonds as the discount rate.
<br />1.05. Performance of Requirements. All acts, conditions and things which are required
<br />by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be
<br />performed precedent to and in the valid issuance of the Bonds having been done, existing, having
<br />happened and having been performed, it is now necessary for this Council to establish the form
<br />and terns of the Bonds, to provide security therefor and to issue the Bonds forthwith.
<br />Section 2. Bond Terms,• Registration; Execution and Delive
<br />2.01. Maturities: Interest Rates: Denominations, Payment. The Bonds shall be
<br />designated General Obligation Refunding Bonds, Series 2014C, shall be originally dated as of
<br />July 18, 2014, shall be in the denomination of $5,000 each, or any integral multiple thereof, shall
<br />mature on February 1 in the respective years and amounts stated below, and shall bear interest,
<br />computed on the basis of a 360 -day year consisting of twelve 30 -day months, from July 18, 2014
<br />until paid or duly called for redemption at the respective annual rates set forth opposite such
<br />years and amounts, as follows:
<br />Year
<br />Amount Rate
<br />Year
<br />Amount Rate
<br />2016
<br />$140,000
<br />2021
<br />$145,000
<br />2017
<br />140,000
<br />2022
<br />155,000
<br />2018
<br />145,000
<br />2023
<br />155,000
<br />2019
<br />145,000
<br />2024
<br />160,000
<br />2020 145,000
<br />[REVISE MATURITY SCHEDULE FOR ANY TERM BONDS]
<br />The Bonds shall be issuable only in fully registered form. The interest thereon and, upon
<br />surrender of each Bond, the principal amount thereof, shall be payable by check or draft issued
<br />by the Registrar for the Bonds appointed herein.
<br />2.02. Interest Payment Dates. Each Bond shall be dated by the Registrar as of the date of
<br />its authentication. The interest on the Bonds shall be payable on February 1 and August I in
<br />each year, commencing February 1, 2015, to the owner of record thereof as of the close of
<br />business on the fifteenth day of the immediately preceding month, whether or not such day is a
<br />business day.
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