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1 , <br /> thereafter, at a redemption price equal to the principal amount thereof to be redeemed plus <br /> • accrued interest to the date of redemption. <br /> (d) At least thirty days prior to the date set for redemption of any Bond, the City <br /> shall cause notice of the call for redemption to be mailed to the Registrar and to the registered <br /> owner of each Bond to be redeemed, but no defect in or failure to give such mailed notice of <br /> redemption shall affect the validity of proceedings for the redemption of any Bond not affected <br /> by such defect or failure. The notice of redemption shall specify the redemption date, <br /> redemption price,the numbers, interest rates and CUSIP numbers of the Bonds to be redeemed <br /> and the place at which the Bonds are to be surrendered for payment, which is the principal office <br /> of the Registrar. Official notice of redemption having been given as aforesaid, the Bonds or <br /> portions thereof so to be redeemed shall, on the redemption date, become due and payable at the <br /> redemption price therein specified and from and after such date (unless the City shall default in <br /> the payment of the redemption price) such Bonds or portions thereof shall cease to bear interest. <br /> Bonds in a denomination larger than $5,000 may be redeemed in part in any <br /> integral multiple of$5,000. The owner of any Bond redeemed in part shall receive without <br /> charge, upon surrender of such Bond to the Registrar, one or more new Bonds in authorized <br /> denominations equal in principal amount to be unredeemed portion of the Bond so surrendered. <br /> 3.06. Preparation and Delivery. The Bonds shall be prepared under the direction <br /> of the City Manager and shall be executed on behalf of the City by the signatures of the Mayor <br /> and the City Manager. In case any officer whose signature shall appear on the Bonds shall cease <br /> • to be such officer before the delivery of any Bond, such signature shall nevertheless be valid and <br /> sufficient for all purposes, the same as if such officer had remained in office until delivery. <br /> Notwithstanding such execution, no Bond shall be valid or obligatory for any purpose or entitled <br /> to any security or benefit under this resolution unless and until a certificate of authentication on <br /> such Bond has been duly executed by the manual signature of an authorized representative of the <br /> Registrar. Certificates of authentication on different Bonds need not be signed by the same <br /> representative. The executed certificate of authentication on each Bond shall be conclusive <br /> evidence that it has been authenticated and delivered under this resolution. When the Bonds <br /> have been so executed and authenticated, they shall be delivered by the City Manager to the <br /> Purchaser upon payment of the purchase price in accordance with the contract of sale heretofore <br /> made and executed, and the Purchaser shall not be obligated to see to the application of the <br /> purchase price. <br /> Section 4. Use of Proceeds and Security Provisions. <br /> Section 4.01. Use of Proceeds and Escrow Account. There is hereby established <br /> as a separate account known as the "Escrow Account" in the 2003 Taxable General Obligation <br /> Tax Increment Refunding Bond Account referred to in Section 4.02 hereof. The proceeds of the <br /> Bonds in the amount of$1,138,981.20 shall be deposited into the Escrow Account and are <br /> irrevocably appropriated for the payment of interest to become due on the Bonds to and <br /> including February 1, 2006 (the "Crossover Date"), and for the payment and redemption of the <br /> principal amount of the Refunded Bonds on the Crossover Date. The Finance Director is hereby <br /> • authorized and directed, simultaneously with the delivery of the Bonds, to deposit the proceeds <br /> thereof, to the extent described above, in escrow with Wells Fargo Bank Minnesota,National <br /> 9 <br />