Agenda - Council - 10/26/2004 - 10/26/04

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(ii) Upon termination of the services of the Depository as provided in the preceding paragraph, and if no substitute securities depository can be found which, in the opinion of the City, is willing and able to assume the functions of the Depository hereunder upon reasonable or customary terms, or if the City determines that it is in the best interests of the City or the Beneficial Owners of the Bonds that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds 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. To the extent that the Beneficial Owners are designated as the transferee by the Holders, in accordance with paragraph 10, the Bonds will be delivered to the Beneficial Owners. (iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of paragraph 10. (d) Letter of Representations. The provisions in the Letter of Representations are incorporated herein by reference and made a part hereof. 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; Refunding Findings. The Bonds shall provide funds for an advance refunding of the outstanding Prior Bonds which mature on February 1, 2005 and thereafter (the "Refm~ding"). It is hereby found, determined and declared that the Refunding is pursuant to Minnesota Statutes, Section 475.67, subdivision 12, shall result in a reduction of the present value (as of November 10, 2004) of the dollar amount of the debt service to the City from a total dollar amount of $ for the Refunded Prior Bonds to a total dollar amount of $. for the Bonds, computed in accordance with the provisions of Minnesota Statutes, Section 475.67, subdivision 12. The dollar amount of such present value of the debt service for the Bonds is lower by at least three percent than the dollar amount of such present value of the debt service for the Prior Bonds as required in Minnesota Statutes, Section 475.67, subdivision 12. 4. Interest The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing February 1, 2005, 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 Interest Rate Maturity Year Interest Rate 2005 % 2012 2006 2013 2007 2014 2008 2015 2009 2016 2010 2017 2011 1700675vl 5