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2011.10.03 RESO 2011-31
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2011.10.03 RESO 2011-31
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City Council
Document Type
Resolutions
Meeting Date
10/3/2011
Meeting Type
Regular
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4. Interest. The Bonds shall bear interest payable semiannually on February 1 and <br />August 1 of each year (each, an "Interest Payment Date"), commencing August 1, 2012, <br />calculated on the basis of a 360 -day year of twelve 30 -day months, at the respective rates per <br />annum set forth opposite the maturity years as follows: <br />Maturi y Year <br />Interest Rate <br />Maturity Year <br />Interest Rate <br />2013 <br />2.00% <br />2019 <br />2.00% <br />2014 <br />2.00 <br />2020 <br />2.00 <br />2015 <br />2.00 <br />2021 <br />2.20 <br />2016 <br />2.00 <br />2022 <br />2.35 <br />2017 <br />2.00 <br />2024 <br />2.70 <br />2018 <br />2.00 <br />2027 <br />3.00 <br />5. Redemption. All Bonds maturing on February 1, 2021, and thereafter shall be <br />subject to redemption and prepayment at the option of the City on February 1, 2020, and on any <br />date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of <br />the Bonds subject to prepayment. If redemption is in part, the maturities and the principal <br />amounts within each maturity to be redeemed shall be determined by the City and if only part of <br />the Bonds having a common maturity date are called for prepayment, the specific Bonds to be <br />prepaid shall be chosen by lot by the Registrar. Bonds or portions thereof called for redemption <br />shall be due and payable on the redemption date, and interest thereon shall cease to accrue from <br />and after the redemption date. Mailed notice of redemption shall be given to the paying agent <br />and to each affected registered holder of the Bonds. <br />To effect a partial redemption of Bonds having a common maturity date, the Registrar <br />prior to giving notice of redemption shall assign to each Bond having a common maturity date a <br />distinctive number for each $5,000 of the principal amount of such Bond. The Registrar shall <br />then select by lot, using such method of selection as it shall deem proper in its discretion, from <br />the numbers so assigned to such Bonds, as many numbers as, at $5,000 for each number, shall <br />equal the principal amount of such Bonds to be redeemed. The Bonds to be redeemed shall be <br />the Bonds to which were assigned numbers so selected; provided, however, that only so much of <br />the principal amount of each such Bond of a denomination of more than $5,000 shall be <br />redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Bond is to be <br />redeemed only in part, it shall be surrendered to the Registrar (with, if the City or Registrar so <br />requires, a written instrument of transfer in form satisfactory to the City and Registrar duly <br />executed by the holder thereof or the Holder's attorney duly authorized in writing) and the City <br />shall execute (if necessary) and the Registrar shall authenticate and deliver to the Holder of such <br />Bond, without service charge, a new Bond or Bonds of the same series having the same stated <br />maturity and interest rate and of any Authorized Denomination or Denominations, as requested <br />by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed <br />portion of the principal of the Bond so surrendered. <br />6. ..:.Bond Reg U.S. .Bank -National Association, in Saint Paul,'Minnesota, is <br />appointed to act as bond registrar and transfer agent with. respect to the:*Bonds (the "Bond <br />.Registrar"), --.and.- shall do. so unless and until a successor -.Bond Registrar.is duly appointed; all <br />pursuant to -any contract the Cityand.Bond-Registrar:shall.execute which is consistent herewith. <br />6 <br />4232454x1 <br />
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