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(i) Authenticating Agent. The Registrar is hereby designated authenticating agent <br /> for the Bonds, within the meaning of Minnesota Statutes, Section 475.55, Subdivision 1. <br /> 3.04. Appointment of Initial Registrar. The City hereby appoints Firstar Bank of <br /> Minnesota,N.A. in St. Paul, Minnesota, as the initial Registrar. The Mayor and City Manager <br /> are authorized to execute and deliver, on behalf of the City, a contract with Firstar Bank of <br /> Minnesota, N.A., as Registrar. Upon merger or consolidation of the Registrar with another <br /> corporation, if the resulting corporation is a bank or trust company authorized by law to conduct <br /> such business, such corporation shall be authorized to act as successor Registrar. The City <br /> agrees to pay the reasonable and customary charges of the Registrar for the services performed. <br /> The City reserves the right to remove any Registrar upon thirty (30) days' notice and upon the <br /> appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all <br /> cash and Bonds in its possession to the successor Registrar. On or before each principal or <br /> interest due date, without further order of this Council, the Finance Director shall transmit to the <br /> Registrar from the 1998 Improvement Bond Fund described in Section 4 hereof, moneys <br /> sufficient for the payment of all principal and interest then due. <br /> 3.05. Redemption. (a) Bonds maturing in the years 2000 through 2006 are <br /> payable on their respective stated maturity dates without option of prior payment, but Bonds <br /> maturing in 2007 and later years are each subject to redemption, 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 any maturity, in <br /> $5,000 principal amounts selected by the Registrar by lot, on February 1, 2006 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 2010 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 /> 2009 $55,000 <br /> 2010* 55,000 <br /> *Final Maturity <br /> In the event that any Bonds maturing in the year 2010 are redeemed pursuant to (a) above by the <br /> City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2010 so <br /> redeemed and canceled may be applied by the City as a credit against the Bonds to be redeemed <br /> on February 1, 2009 pursuant to this subsection(b), such credit to be equal to the principal <br /> -11- <br />