2004.06.07 RESO 2004-0039 - Laserfiche WebLink

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(ii) Upon termination of the services of the Depository as provided in the preceding paragraph, and if no substitute securities depository can be found which, in the opinion of the City, is willing and able to assume the functions of the Depository hereunder upon reasonable or customary terms, or if the City determines that it is in the best interests of the City or the Beneficial Owners of the Bonds that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds 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 12. To the extent that the Beneficial Owners are designated as the transferee by the Holders, in accordance with paragraph 12, the Bonds will be delivered to the Beneficial Owners. (iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of paragraph 12. (d) Letter of Representations. The provisions in the Letter of Representations are incorporated herein by reference and made a part hereof. 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. PMWose. The Bonds shall provide funds to finance the Project as set forth in the Plan. 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. Work on the Project shall proceed with due diligence to completion. 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, 2005 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 Interest Rate Maturity Year Interest Rate 2006 2.25% 2014 3.90% 2007 2.75 2015 4.00 2008 3.00 2016 4.00 2009 3.25 2017 4.20 2010 3.50 2018 4.25 2011 3.70 2019 4.40 2012 3.70 2020 4.50 2013 3.80 The maximum annual principal and interest on the Bonds and any other outstanding bonds of the City previously issued under Section 475.521, Subdivision 4, is less than .05367% of the taxable market value of the City. 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 16519WI 5