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Resolution - #09-10-252 No Signature - 10/27/2009
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Resolution - #09-10-252 No Signature - 10/27/2009
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Resolutions & Ordinances
Resolutions or Ordinances
Resolutions
Resolution or Ordinance Number
#09-10-252 No Signature
Document Date
10/27/2009
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<br />Maturity Interest Maturity Interest <br />Year Rate Year Rate <br />2010 % 2015 % <br />2011 2016 <br />2012 2017 <br />2013 2018 <br />2014 2019 <br /> <br />6. Redemption. All Bonds maturing on April 1, 2017, and thereafter, shall be <br />subject to redemption and prepayment at the option of the City on April 1, 2016, and on any date <br />thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the <br />Bonds subject to prepayment. Ifredemption is in part, the maturities and the principal amounts <br />within each maturity to be redeemed shall be determined by the City; and if only part of the <br />Bonds having a common maturity date are called for prepayment, the specific Bonds to be <br />prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions' thereof called for <br />redemption shall be due and payable on the redemption date, and interest thereon shall cease to <br />accrue from and after the redemption date. Mailed notice of redemption shall be given to the <br />paying agent and to each affected registered holder of the Bonds. <br /> <br />To effect a partial redemption of Bonds having a common maturity date, the Bond <br />Registrar prior to giving notice of redemption shall assign to each Bond having a common <br />maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The <br />Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in <br />its discretion, from the numbers so assigned to such Bonds, as many nuinbers as, at $5,000 for <br />each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be <br />redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, <br />that only so much of the principal amount of each such Bond of a denomination of more than <br />$5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If <br />a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the <br />, <br />City or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the <br />City and Bond Registrar duly executed by the Holder thereof or the Holder's attorney duly <br />authorized in writing) and the City shall execute (if necessary) and the Bond Registrar shall <br />authenticate and deliver to the Holder of the Bonct,'without service charge, a new Bond or Bonds <br />having the same stated maturity and interest rate and of any Authorized Denomination or <br />Denominations, as requested by the Holder, in aggregate principal amount equal to and in <br />exchange for the unredeemed portion of the principal ofthe Bond so surrendered. <br /> <br />7. Extraordinary O,Rtional Redemption. At the option of the Issuer, the Bonds are <br />subject to extraordinary redemption on any date, in whole, but not in part, at a redemption price <br />equal to par plus accrued interest to the redemption date, in the event the federal government <br />discontinues the Build America Bonds direct payment program with retroactive applicability to <br />bonds issued prior to the date of such discontinuance (including the Bonds). <br /> <br />8. Bond Registrar. Northland Trust Services, Inc., in Minneapolis, Minnesota, is <br />appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Bond <br />Registrar"), and shall do so unless and until a successor Bond Registrar is duly appointed, all <br /> <br />2413138v2 <br /> <br />7 <br />
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