CC PACKET 05261987 - Laserfiche WebLink

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[Reverse of . the Bonds] • This Bond is one of a series in ,'the aggregate principal amount- of $690,000, all .o.f like date and tenor, except as to maturity date, interest rate, denomination and redemption privilege, issued, pursuant to a resolution adopted by the City Council on May- 26 , 1987 (the Resolution), to remodel and construct an addition to the existing liquor store. in the City, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling. The Bonds of this series are issuable only as fully registered bonds, in denominations of $5,000 or any multiple thereof, of single maturities. Bonds of this series maturing in 1993 and earlier years are payable on their respective stated maturity dates without option of prior payment, but Bonds having stated maturity dates in 1994 and later years are each subject to redemption .and prepayment at the option of the City, in whole or in part, and if in part in inverse order of maturity dates and by lot, assigned in proportion to their principal amount, _ within any maturity, on January 1 , 1993 and any interest payment date thereafter , at a price equal to the principal amount thereof plus interest accrued to the date of redemption. The City will cause notice of the call for redemption to be published as required by law, and, at least 30 days prior to the designated redemption date, will cause notice of the call thereof to be mailed to the registered owner of any Bond to be redeemed at his address as it appears on the bond register maintained by the Bond Registrar, and to the bank at which principal and interest are then payable. Upon partial redemption of any Bond, a new Bond or Bonds will be delivered to the owner without charge, representing the remaining principal amount outstanding. Bonds of this series are designated by the City as "Qualified Tax Exempt Obligations" pursuant to Section 265(b ) of the Internal Revenue Code of 1986 . As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by the registered owner hereof in person or by the _ owner ' s attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or the owner 's attorney; and may also be surrendered in exchange for .Bonds of other authorized denominations . Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the -10-