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

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-04- such provisions are inconsistent with the other provisions of this resolution, the provisions in the Letter of Representations shall control. 3. Pt_R~ose. The Bonds shall provide funds to finance 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 o f Tax Increments exceeds twenty percent (20%) of the cost of the Project. The total cost of the Project, which shall include ail costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at l,east equal to the amount of the Bonds. Proceeds of the Bonds shall be expended on costs or uses permitted by Minnesota Statutes, Sections 469.174 through 469.179, including particularly Section 469.176, Subdivision 4, and shall not be expended on any costs or devoted to any other uses. 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 ora 360-day year of twelve 30-day months, at the respective rates per armum set forth opposite the maturity years as follows: Maturity Tear Interest Rate 2011 2012 2013 2014 5. Redemr)tion. All Bonds 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 pitts 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. Bi3kds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Notice of redemption shall be given by registered or certified mail at least tl-firty (30) days prior to the date fixed for redemption to the paying agent and to each affected re~stered holder of the Bonds at the address shown on the registration books. To effect a partial redemption of Bonds having a common maturity date, the Bond Registrar prior to giving notice of redemption shall assign to each Bond having a common maturity date a distinctive number for each $5,000 of the pr/nc/pal amount of'such Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretion, fi'om the nmnbers so assigned to such Bonds, as many numbers as, at $5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, 6 1237483~1 ! I I I I I I i I I I I I I I I