2005.xx.xx RESO 2005-0018 - Laserfiche WebLink

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shall no longer be registered as being registered in the bond register in the name of the Nominee, but may be registered in whatever name or names the Holder of the Bonds shall designate at that time, in accordance with paragraph 10. To the extent that the Beneficial Owners are designated as the transferee by the Holders, in accordance with paragraph 10, the Bonds will be delivered to the Beneficial Owners. (iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of paragraph 10. (d) Letter of Representations. The provisions. in the Letter of Representations are incorporated herein by reference and made a part of the resolution, and if and to the extent any such provisions are inconsistent with the other provisions of this resolution, the provisions in the Letter of Representations shall control. 3. Purpose: Findings. The Bonds shall provide funds to finance the Project. The City's and School District's share of the Tax Abatements generated as a result of the Project and the Program are pledged to the payment of the Bonds and interest thereon. The principal amount of the Bonds does not exceed the estimated amount of Tax Abatements, presently estimated to be $12,850,712. The total cost of the Project, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds. Proceeds of the Bonds shall be expended on costs or uses permitted by Minnesota Statutes, Sections 469.1812 through 469.1815, and shall not be expended on any costs or devoted to any other uses. 4. Interest. The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing February 1, 2006, calculated on the basis of a 360 -day year of twelve 30 -day months, at the respective rates per annum set forth opposite the maturity years as follows: Maturity Year Interest Rate Maturity Year Interest Rate 2008 3.00'/o 2015 3.625% 2009 3.00 2016 3.70 2010 3.10 2017 4.00 2011 3.25 2018 4.00 2012 3.375 2019 4.00. 2013 3.40 2020 4.00 2014 3.50 5. Redemption. All Bonds maturing on February 1, 2016, and thereafter, shall be subject to redemption and prepayment at the option of the City on February 1, 2015, and on any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the maturities and the principal amounts within each maturity to be redeemed shall be determined by the City, and if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to 1754Z03A 6