1998.03.16 RESO 1998-0009 - Laserfiche WebLink

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functions 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 Bond that the Beneficial Owners be=eble 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 retistered in whatever name or names the Holder of the Bonds shall.-designate at that time, in accordance with paragraph - 10--thereof. To the extent that the Beneficial Owners are -_- -= A4634hated as the transferee by the Holders, in accordance paragraph 10 hereof, the Bonds will be delivered to the Beneficial Owners. - - - - --- iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of paragraph 10 hereof. of Representations. The City Clerk -Treasurer is authorize -and directed to execute in the name of the City the - Letter`6f Representations in substantially the form on file in -- thee office=of the City. In the event of the disability or the - resignation or other absence of the Clerk -Treasurer of the City, such other officer of the City who may act in his or her behalf shali without further act or authorization of the City do all things and --execute all instruments and documents required to be done or to be executed by such absent or disabled official. 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. impose: Refunding Findings. The Bonds, together with other available funds, shall provide funds to advance refund the Refunded Bonds (the "Refunding"). It is hereby found, determined and declared that the Refunding is pursuant to Minnesota Statutes, Section 475.67, and the present value of the debt service savings to the City from the Refunding is 9.002 g of the present value of debt service on the Refunded Bonds, computed in accordance with the provisions of Minnesota Statutes, Section 475.67, Subdivision 12, and accordingly the dollar amount of such present value of the debt service for the Bonds is lower by at least three percent (3.00$) than the dollar amount of such present value of the debt service for the Refunded Bonds as required in said Subdivision 12. 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, 1999, calculated on the basis of a 360 -day year of twelve 30 -day months, at the 913727.01 7