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Statement. The good faith deposit of the Purchaser shall be retained and deposited by the City
<br />until the Bonds have been delivered, and shall be deducted from the purchase price paid at
<br />settlement.
<br />SECTION 2. BOND TERMS: REGISTRATION: EXECUTION AND DELIVERY.
<br />2.01. Issuance of Bonds. All acts, conditions and things which are required by the
<br />Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be
<br />performed precedent to and in the valid issuance of the Bonds having been done, now existing,
<br />having happened and having been performed, it is now necessary for the Council to establish the
<br />form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith.
<br />2.02. Maturities: Interest Rates: Denominations and Payment. The Bonds shall be
<br />originally dated as of the date of issuance thereof, shall be in the denomination of $5,000 each, or
<br />any integral multiple thereof, of single maturities, shall mature on February 1 in the years and
<br />amounts stated below, and shall bear interest from date of issue until paid or duly called for
<br />redemption, at the annual rates set forth opposite such years and amounts, as follows:
<br />The Bonds shall be issuable only in fully registered form. The interest thereon and, upon
<br />surrender of each Bond, the principal amount thereof shall be payable by check or draft issued by
<br />the Registrar described herein, provided that so long as the Bonds are registered in the name of a
<br />securities depository, or a nominee thereof, in accordance with Section 2.08 hereof, principal and
<br />interest shall be payable in accordance with the operational arrangements of the securities
<br />depository.
<br />2.03. Dates and Interest Payment Dates. Upon initial delivery of the Bonds pursuant to
<br />Section 2.07 and upon any subsequent transfer or exchange pursuant to Section 2.06, the date of
<br />authentication shall be noted on each Bond so delivered, exchanged or transferred. Interest on
<br />the Bonds shall be payable on February 1 and August 1 in each year, commencing
<br />February 1, 2018, each such date being referred to herein as an Interest Payment Date, to the
<br />persons in whose names the Bonds are registered on the Bond Register, as hereinafter defined, at
<br />the Registrar's close of business on the first day of the calendar month in which such Interest
<br />2
<br />Equipment
<br />Improvement
<br />Abatement
<br />Maturity
<br />Bonds
<br />Bonds
<br />Bonds
<br />Total
<br />Rate
<br />2018
<br />$160,000
<br />$95,000
<br />$255,000
<br />3.000%
<br />2019
<br />$50,000
<br />295,000
<br />95,000
<br />440,000
<br />3.000
<br />2020
<br />55,000
<br />310,000
<br />95,000
<br />460,000
<br />3.000
<br />2021
<br />55,000
<br />320,000
<br />100,000
<br />475,000
<br />3.000
<br />2022
<br />55,000
<br />325,000
<br />105,000
<br />485,000
<br />3.000
<br />2023
<br />55,000
<br />340,000
<br />110,000
<br />505,000
<br />3.000
<br />2024
<br />60,000
<br />350,000
<br />115,000
<br />525,000
<br />3.000
<br />2025
<br />60,000
<br />355,000
<br />120,000
<br />535,000
<br />3.000
<br />2026
<br />65,000
<br />170,000
<br />235,000
<br />3.000
<br />2027
<br />65,000
<br />175,000
<br />240,000
<br />3.000
<br />2029
<br />365,000
<br />365,000
<br />3.000
<br />2031
<br />385,000
<br />385,000
<br />3.000
<br />2033
<br />405,000
<br />405,000
<br />3.000
<br />The Bonds shall be issuable only in fully registered form. The interest thereon and, upon
<br />surrender of each Bond, the principal amount thereof shall be payable by check or draft issued by
<br />the Registrar described herein, provided that so long as the Bonds are registered in the name of a
<br />securities depository, or a nominee thereof, in accordance with Section 2.08 hereof, principal and
<br />interest shall be payable in accordance with the operational arrangements of the securities
<br />depository.
<br />2.03. Dates and Interest Payment Dates. Upon initial delivery of the Bonds pursuant to
<br />Section 2.07 and upon any subsequent transfer or exchange pursuant to Section 2.06, the date of
<br />authentication shall be noted on each Bond so delivered, exchanged or transferred. Interest on
<br />the Bonds shall be payable on February 1 and August 1 in each year, commencing
<br />February 1, 2018, each such date being referred to herein as an Interest Payment Date, to the
<br />persons in whose names the Bonds are registered on the Bond Register, as hereinafter defined, at
<br />the Registrar's close of business on the first day of the calendar month in which such Interest
<br />2
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