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including Minnesota Statutes, Chapters 429 and 475. The Bonds are payable primarily from the <br />2014A Improvement Bond Fund (the "Fund") of the City. In addition, for the full and prompt <br />payment of the principal and interest on the Bonds as the same become due, the full faith, credit <br />and taxing power of the City have been and are hereby irrevocably pledged. The Bonds are <br />issuable only as fully registered bonds in denominations of $5,000 or any multiple thereof, of <br />single maturities. <br />Bonds maturing in the years 2016 through 2021 are payable on their respective stated <br />maturity dates without option of prior payment, but Bonds having stated maturity dates in 2022 <br />and later years are each subject to redemption and prepayment, at the option of the City and in <br />whole or in part, and if in part, in the maturities selected by the City and, within a maturity, in <br />$5,000 principal amounts selected by lot, on February 1, 2023 and on any date thereafter, at a <br />price equal to the principal amount thereof to be redeemed plus accrued interest to the date of <br />redemption. <br />Bonds maturing in the year 2024 shall be subject to mandatory sinking fund redemption <br />by lot at a redemption price equal to the principal amount of the Bonds to be so redeemed plus <br />interest accrued thereon to the date fixed for redemption, on February 1, in the years and <br />principal amounts set forth below: <br />Year Amount <br />2023 $135,000 <br />2024* 135,000 <br />*Final Maturity <br />In the event that any Bonds maturing in the year 2024 are redeemed pursuant to (a) above by the <br />City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2024 so <br />redeemed and canceled may be applied by the City as a credit against the Bonds to be redeemed <br />pursuant to this subsection (b), such credit to be equal to the principal amount of the Bonds <br />maturing in the year 2024 so redeemed or canceled provided that the City has notified the <br />Register not less than thirty-five (35) days prior to the redemption date of its election to apply <br />such Bonds as a credit. <br />Bonds maturing in the year 2026 shall be subject to mandatory sinking fund redemption <br />by lot at a redemption price equal to the principal amount of the Bonds to be so redeemed plus <br />interest accrued thereon to the date fixed for redemption, on February 1, in the years and <br />principal amounts set forth below: <br />*Final Maturity <br />Year Amount <br />2025 $140,000 <br />2026* 145,000 <br />-3- <br />