1988.05.02 RESO 1988-0015 - Laserfiche WebLink

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Year Amount 1990 $25,000 1991 25,000 1992 35,000 3. Purpose. The Certificates shall provide funds for the acquisition of the Equipment for the City. The total cost of the Equipment, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Certificates. 4. Interest. The Certificates shall bear interest payable semiannually on May 1 and Novemver 1 of each year (each, an "Interest Payment Date"), commencing November 1, 1988, 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 1990 1991 1992 Interest Rate 6.25% 6.25 6.25 5. No Redemption. The Certificates shall not be subject to redemption and prepayment prior to their maturity. 6. Certificate Registrar. American National Bank and Trust Company, in St. Paul, Minnesota, is appointed to act as Certificate registrar and transfer agent with respect to the Certificates (the "Certificate Registrar"), and shall do so unless and until a successor Certificate Registrar is duly appointed, all pursuant to any contract the City and Certificate Registrar shall execute which is consistent herewith. The Certificate Registrar shall also serve as paying agent unless and until a successor paying agent is duly appointed. Principal of and interest on the Certificates shall be paid to the registered owners of the Certificates in the manner set forth in the form of Certificate and paragraph 12 of this resolution. 7. Form of Certificate. The Certificates, together with the Certificate Registrar's Certificate of Authentica- tion, the form of Assignment and the registration information thereon, shall be in substantially the following form: 3