|
Optional Redemption. The Bonds of this issue (the "Bonds") maturing on December 15,
<br />2022, and thereafter, are subject to redemption and prepayment at the option of the Issuer on
<br />December 15, 2021, and on any date thereafter at a price of par plus accrued interest.
<br />Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in
<br />part, the Issuer shall determine the maturities and the principal amounts within each maturity to
<br />be prepaid; and if only part of the Bonds having a common maturity date are called for
<br />prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar.
<br />Bonds or portions thereof called for redemption shall be due and payable on the redemption date,
<br />and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of
<br />redemption shall be given to the paying agent and to each affected Holder of the Bonds at least
<br />thirty days prior to the date set for redemption.
<br />Prior to the date on which any Bond or Bonds are directed by the Issuer to be redeemed
<br />in advance of maturity, the Issuer will cause notice of the call thereof for redemption identifying
<br />the Bonds to be redeemed to be mailed to the Bond Registrar and all Bondholders, at the
<br />addresses shown on the Bond Register. All Bonds so called for redemption will cease to bear
<br />interest on the specified redemption date, provided funds for their redemption have been duly
<br />deposited.
<br />Selection of Bonds for Redemption; Partial Redemption. To effect a partial redemption
<br />of Bonds having a common maturity date, the Bond Registrar shall assign to each Bond having a
<br />common maturity date, a distinctive number for each $5,000 of the principal amount of such
<br />Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall
<br />deem proper in its discretion from the numbers assigned to the Bonds, as many numbers as, at
<br />$5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The
<br />Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided,
<br />however, that only so much of the principal amount of such Bond of a denomination of more
<br />than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so
<br />selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar
<br />(with, if the Issuer or the Bond Registrar so requires, a written instrument of transfer in form
<br />satisfactory to the Issuer and the Bond Registrar duly executed by the Holder thereof or the
<br />Holder's attorney duly authorized in writing) and the Issuer shall execute and the Bond Registrar
<br />shall authenticate and deliver to the Holder of the Bond, without service charge, a new Bond or
<br />Bonds 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 of the Bond so surrendered.
<br />Issuance; Purpose; General Obligation. This Bond is one of an issue in the total principal
<br />amount of $16,875,000, all of like date of original issue and tenor, except as to number, maturity,
<br />interest rate, denomination and redemption privilege, issued pursuant to and in full conformity
<br />with the City Charter, the Constitution and laws of the State of Minnesota and pursuant to a
<br />resolution adopted by the City Council on May 8, 2012 (the "Resolution"), for the purpose of
<br />providing funds to finance the acquisition of capital improvements, as defined in Minnesota
<br />Statutes, Section 475.521 and described in the Issuer's Capital Improvement Plan, including the
<br />acquisition of the Facilities pursuant to an advance refunding of the outstanding Public Project
<br />Lease Revenue Bonds, Series 2005A (City of Ramsey, Minnesota Lease Obligation) of the
<br />Economic Development Authority of the City of Ramsey, Minnesota, dated June 1, 2005,
<br />4546551v1
<br />
|