Laserfiche WebLink
Opresentation and surrender hereof, the principal hereof, are payable in lawful money of the <br /> United States of America by check or draft of Wells Fargo Bank,National Association, in <br /> Minneapolis, Minnesota, as Bond Registrar, Transfer Agent and Paying Agent(the "Bond <br /> Registrar"), or its successor designated under the Resolution described herein. <br /> This Bond is one of an issue in the aggregate principal amount of$2,050,000 (the <br /> "Bonds"), issued pursuant to a resolution adopted by the City Council on March 27, 2007 (the <br /> "Resolution"), for the purpose of financing a portion of the costs of various street improvements <br /> in the City(the "Improvements"), and is issued pursuant to and in full conformity with the <br /> provisions of the Constitution and laws of the State of Minnesota thereunto enabling, including <br /> Minnesota Statutes, Chapters 429 and 475. The Bonds are payable primarily from the 2007A <br /> Improvement Bond Fund (the "Fund") of the City. In addition, for the full and prompt payment <br /> of the principal and interest on the Bonds as the same become due, the full faith, credit and <br /> taxing power of the City have been and are hereby irrevocably pledged. The Bonds are issuable <br /> only as fully registered bonds in denominations of$5,000 or any multiple thereof, of single <br /> maturities. <br /> Bonds maturing in the years 2009 through 2014 are payable on their respective stated <br /> maturity dates without option of prior payment, but Bonds having stated maturity dates in 2015 <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, 2014 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 call for <br /> redemption will be mailed to the Bond Registrar and to the registered owner of each Bond to be <br /> redeemed at his address appearing in the Bond Register, but no defect in or failure to give such <br /> mailed notice of redemption shall affect the validity of the proceedings for the redemption of any <br /> Bond not affected by such defect or failure. Official notice of redemption having been given as <br /> aforesaid, the Bonds or portions of the Bonds so to be redeemed shall, on the redemption date, <br /> become due and payable at the redemption price herein specified and from and after such date <br /> (unless the City shall default in the payment of the redemption price) such Bond or portions of <br /> Bonds shall cease to bear interest. Upon the partial redemption of any Bond, a new Bond or <br /> Bonds will be delivered to the registered owner without charge, representing the remaining <br /> principal amount outstanding. <br /> The Bonds have been designated by the City as "qualified tax-exempt obligations" <br /> pursuant to Section 265(b) of the Internal Revenue Code of 1986, as amended. <br /> As provided in the Resolution and subject to certain limitations set forth therein, this <br /> Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by <br /> O the registered owner hereof in person or by his attorney duly authorized in writing upon <br /> surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, <br /> -3- <br />