RES 14-026 Awarding GO Bonds - Laserfiche WebLink

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(i) Authenticating Agent. The Registrar is hereby designated authenticating agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55, Subdivision 1. 3.04. Appointment of Initial Registrar. The City hereby appoints Bond Trust Services Corporation in Roseville, Minnesota, as the initial Registrar. The Mayor and City Manager are authorized to execute and deliver, on behalf of the City, a contract with Bond Trust Services Corporation, as Registrar. Upon merger or consolidation of the Registrar with another corporation, if the resulting corporation is a bank or trust company authorized by law to conduct such business, such corporation shall be authorized to act as successor Registrar. The City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove any Registrar upon thirty (30) days' notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds in its possession to the successor Registrar. On or before each principal or interest due date, without further order of this Council, the Finance Director shall transmit to the Registrar from the 2014A Improvement Bond Fund described in Section 4 hereof, moneys sufficient for the payment of all principal and interest then due. 3.05. Redemption. (a) Bonds maturing in the years 2016 through 2021 are payable on their respective stated maturity dates without option of prior payment, but Bonds maturing in 2022 and later years are each subject to redemption, at the option of the City and in whole or in part, and if in part, in the maturities selected by the City and, within any maturity, in $5,000 principal amounts selected by the Registrar by lot, on February 1, 2023 and on any date thereafter, at a redemption price equal to the principal amount thereof to be redeemed plus accrued interest to the date of redemption. (b) Bonds maturing in the year 2024 shall be subject to mandatory sinking fund redemption by lot at a redemption price equal to the principal amount of the Bonds to be so redeemed plus interest accrued thereon to the date fixed for redemption, on February 1, in the years and principal amounts set forth below: Year Amount 2023 $135,000 2024* 135,000 *Final Maturity In the event that any Bonds maturing in the year 2024 are redeemed pursuant to (a) above by the City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2024 so redeemed and canceled may be applied by the City as a credit against the Bonds to be redeemed pursuant to this subsection (b), such credit to be equal to the principal amount of the Bonds maturing in the year 2024 so redeemed or canceled provided that the City has notified the Register not less than thirty-five (35) days prior to the redemption date of its election to apply such Bonds as a credit. -10-