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O matured or been called for redemption in accordance with its terms, it shall not be <br /> necessary to issue a new Bond prior to payment. <br /> (i) Authenticating Agent. The Registrar is hereby designated authenticating <br /> agent for the Bonds,within the meaning of Minnesota Statutes, Section 475.55, <br /> Subdivision 1. <br /> 3.04. &nointment of Initial Rem. The City hereby appoints Wells Fargo Bank, <br /> National Association in Minneapolis,Minnesota, as the initial Registrar. The Mayor and City <br /> Manager are authorized to execute and deliver,on behalf of the City, a contract with Wells Fargo <br /> Bank,National Association, as Registrar. Upon merger or consolidation of the Registrar with <br /> another corporation,if the resulting corporation is a bank or trust company authorized by law to <br /> conduct such business, such corporation shall be authorized to act as successor Registrar. The <br /> City agrees to pay the reasonable and customary charges of the Registrar for the services <br /> performed. The City reserves the right to remove any Registrar upon thirty(30)days' notice and <br /> upon the appointment of a successor Registrar,in which event the predecessor Registrar shall <br /> deliver all cash and Bonds in its possession to the successor Registrar. On or before each <br /> principal or interest due date,without further order of this Council,the Finance Director shall <br /> transmit to the Registrar from the 2008A Improvement Bond Fund described in Section 4 hereof, <br /> moneys sufficient for the payment of all principal and interest then due. <br /> 3.05. Redemption. (a) Bonds maturing in the years 2010 through 2015 are payable on <br /> their respective stated maturity dates without option of prior payment,but Bonds maturing in <br /> O2016 and later years are each subject to redemption, at the option of the City and in whole or in <br /> part, and if in part,in the maturities selected by the City and,within any maturity, in$5,000 <br /> principal amounts selected by the Registrar by lot,on February 1,2015 and on any date <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 /> [(b) Bonds maturing in the year 2022 shall be subject to mandatory sinking fund <br /> redemption by lot at a redemption price equal to the principal amount of the Bonds to be so <br /> redeemed plus interest accrued thereon to the date fixed for redemption,on February 1, in the <br /> years and principal amounts set forth below: <br /> Year Amount <br /> 2021 $145,000 <br /> 2022* 155,000 <br /> *Final Maturity <br /> O <br /> -8- <br />