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• 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 /> 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 /> duly executed by the registered owner or his attorney; and may also be surrendered in exchange <br /> for Bonds of other authorized denominations. Upon such transfer or exchange,the City will <br /> cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the <br /> same aggregate principal amount, bearing interest at the same rate and maturing on the same <br /> date, subject to reimbursement for any tax, fee or governmental charge required to be paid with <br /> respect to such transfer or exchange. <br /> The City and the Bond Registrar may deem and treat the person in whose name this Bond <br /> is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose <br /> of receiving payment and for all other purposes, and neither the City nor the Bond Registrar shall <br /> be affected by any notice to the contrary. <br /> IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, <br /> conditions and things required by the Constitution and laws of the State of Minnesota to be done, <br /> to exist,to happen and to be performed preliminary to and in the issuance of this Bond in order <br /> to make it a valid and binding general obligation of the City in accordance with its terms, have <br /> • been done, do exist, have happened and have been performed as so required; that, prior to the <br /> issuance hereof the City has pledged to the payment of the principal of and interest on the Bonds <br /> (a)tax abatements to be derived by the City and Independent School District No. 282 from <br /> certain specified properties of the City in such amount as shall be sufficient to pay all principal <br /> of and interest on the portion of the Bonds issued to refund the bonds issued to refinance park <br /> improvements in the City, (b) special assessments on property specially benefited by the portion <br /> of the Bonds issued to refinance water, street and sewer projects in the City and ad valorem taxes <br /> on all taxable property in the City, collectible in the years and amounts required to produce sums <br /> not less than 5% in excess of the principal of and interest on such portion of the Bonds as such <br /> principal and interest respectively become due, and has appropriated the same to the payment of <br /> such portion of the Bonds in the manner specified in Minnesota Statutes, Section 429.091, <br /> Subdivision 4, and (c) if necessary for payment of the principal and interest on this Bond, <br /> additional ad valorem taxes are required to be levied upon all taxable property in the City, <br /> without limitation as to rate or amount; and that the issuance of this Bond does not cause the <br /> indebtedness of the City to exceed any constitutional or statutory limitation of indebtedness. <br /> This Bond shall not be valid or become obligatory for any purpose or be entitled to any <br /> security or benefit under the Resolution until the Certificate of Authentication hereon shall have <br /> been executed by the Bond Registrar by the manual signature of a person authorized to sign on <br /> its behalf. <br /> IN WITNESS WHEREOF, the City of St. Anthony, Hennepin and Ramsey Counties, <br /> Minnesota, by its City Council, has caused this Bond to be executed by the signatures of the <br /> Mayor and the City Manager and has caused this Bond to be dated as of the date set forth below. <br /> -4- <br />