Agenda - Council - 12/19/2000 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I 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 hereof. To the extent that the Beneficial Owners are designated as the transferee by the Holders, in accordance with 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 I 0 hereof. (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. The Bonds shall provide funds to £mance the Project. Pursuant to the Plan, tax increments derived from the Tax Increment District (the "Tax Increments") established pursuant to the Plan, have been pledged to the payment of the Bonds and interest thereon. The estimated collection of Tax Increments exceeds twenty percent (20%) of the cost of the Project. 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. The City covenants that it shall do all things and perform all acts required of it to assure that work on the Project proceeds with due diligence to completion and that any and all pen-nits and studies required under law for the Project obtained. 4. Interest. The Bonds shall bear interest payable semiannually on June 15 and December 15 of each year (each, an "Interest Payment Date"), commencing June 15, 2001, 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 Maturity Interest Year Rate Year Rate 2004 % 2008 2005 2009 2006 2010 2007 201I 5. Redemption. All Bonds maturing in the years 2007 to 2011, both inclusive, shall be subject to redemption and'prepayment at the option of the City on December 15, 2006, 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 6 t237935. I