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• above, or from the most recent interest payment date to which interest has been paid or duly <br /> provided for, at the annual rate specified above. Interest hereon is payable on February 1 and <br /> August 1 in each year, commencing August 1, 2001, to the person in whose name this Bond is <br /> registered at the close of business on the 15th day (whether or not a business day) of the <br /> immediately preceding month, all subject to the provisions referred to herein with respect to the <br /> redemption of the principal of this Bond before maturity. The interest hereon and, upon <br /> presentation and surrender hereof,the principal hereof, are payable in lawful money of the <br /> United States of America by check or draft of Firstar Bank,N.A., in St. Paul, Minnesota, as <br /> Bond Registrar, Transfer Agent and Paying Agent(the"Bond Registrar"), or its successor <br /> designated under the Resolution described herein. <br /> This Bond is one of an issue in the aggregate principal amount of$1,160,000 (the <br /> "Bonds"), issued pursuant to a resolution adopted by the City Council on March 27, 2001 (the <br /> "Resolution"), for the purpose of financing a portion of the costs of various street and alley <br /> improvements in the City (the "Improvements"), and is issued pursuant to and in full conformity <br /> with the provisions of the Constitution and laws of the State of Minnesota thereunto enabling, <br /> including Minnesota Statutes, Chapters 429 and 475. The Bonds are payable primarily from the <br /> 2001 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 2003 through 2010 are payable on their respective <br /> stated maturity dates without option of prior payment, but Bonds having stated maturity dates in <br /> 2011 and later years are each subject to redemption and prepayment, at the option of the City and <br /> in 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, 2010 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 /> [INSERT REDEMPTION PROVISIONS FOR ANY TERM BONDS.] <br /> At least thirty days prior to the date set for redemption of any Bond, notice of the <br /> call for redemption will be mailed to the Bond Registrar and to the registered owner of each <br /> Bond to be redeemed at his address appearing in the Bond Register, but no defect in or failure to <br /> give such mailed notice of redemption shall affect the validity of the proceedings for the <br /> redemption of any Bond not affected by such defect or failure. Official notice of redemption <br /> having been given as aforesaid, the Bonds or portions of the Bonds so to be redeemed shall, on <br /> the redemption date, become due and payable at the redemption price herein specified and from <br /> and after such date (unless the City shall default in the payment of the redemption price) such <br /> Bond or portions of Bonds shall cease to bear interest. Upon the partial redemption of any Bond, <br /> a new Bond or Bonds will be delivered to the registered owner without charge, representing the <br /> remaining principal amount outstanding. <br /> • <br /> -3- <br />