CC PACKET 05261987 - Laserfiche WebLink

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transferee or registered owner, of. the same aggregate principal amount , .-bearing . interest- at-:the same rate and maturing , on the same date, subject to reimbursement for any tax, -fee -or . gover.nmenta l- charge required to be paid with respect to such. transfer or exchange. The City and the Bond Registrar may deem and treat the person in whose name this Bond is .registered. as the absolute owner hereof, .whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and I either the City nor the Bond Registrar shall be affected by any notice to the contrary. IT IS HEREBY CER'T'IFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen, to exist or to be performed in order to make this Bond a valid and binding special obligation of the City according to its terms , have been done , do exist, have happended and have been performed as so required; that the issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional or statutory limitation of indebtedness; that the City has established and will maintain in its Liquor Store ' Fund a Revenue Bond Account and Reserve Account and has • irrevocably appropriated and pledged thereto, out of the Net Revenues, as defined in the Resolution, to be received from its ownership and operation of the municipal liquor store, - .. including any additions thereto and improvements thereof , periodic payments to be made at times and in amounts sufficient to pay the principal and interest on all Bonds payable therefrom as such payments become due, and to establish and . maintain the required reserve balance therein, and will use the moneys in said Accounts solely for said purposes; that the City and its officers and employees will establish and maintain operating policies governing purchase and sale of merchandise and will do all other things necessary and feasible to assure that the gross receipts of the municipal liquor store will at all times be adequate to pay all costs of operation and maintenance thereof and 'to produce Net Revenues in the amounts so appropriated and pledged; and that in and by the Resolution -other covenants, agreements and stipulations are prescribed for the security and enforcement of the Bonds of this series, eacn and all of which will be faithfully and promptly performed by the City and its officers and agents. • -11-