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Bond. Until termination of the bOOk-entry only system pursuant to the Resolution, Bonds may
<br />only be registered in the name of the Depository Or its Nominee.
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<br /> Redemption. The Bonds of this issue (the "Bonds") maturing on February 1, 2014, and
<br />thereafter, are subject to redemption and prepayment at the option of the Issuer on February 1,
<br />2013, and on any date thereafter at a price of par plus accrued interest Redemption may be in
<br />whole or in part of the Bonds st~bject to prepayment. If redemption is in part, the Issuer shall
<br />determine the maturities and the principal mounts within each maturity to be prepaid; and if
<br />only part of the Bonds having a cOmmon maturity date are called for prepayment, the specific
<br />Bonds to be prepaid shall be chosen by lot by the'Bond Registrar. Bonds or portions thereof
<br />called for redemption shall be due and payable on the redemption date, and interest thereon shall
<br />cease to accrue from and after the :redemption date. Mailed notice of redemption shall be given
<br />to the paying agent and to each affected Holder of the Bonds at least 30 days prior to the date set
<br />for redemption.
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<br /> Selection of Bonds for R ,edemption; 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 selectby 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 prineipal'm°unt 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.
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<br /> Issuance; Purpose; General Obligation. Th/s Bond is one of an issue in the total principal
<br />amount of $1,485,000, 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 Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by
<br />the City Council on October 26, 2004 (the "Resolution"), for the purpose of providing funds to
<br />finance the acquisition and construction of various: capital improvements, as defined in
<br />Minnesota Statutes, Section 475.521 and described in the Issuer's Capital Improvement Plan,
<br />including the acquisition of Fire Station No. 1 pursuant to an advance refunding of the
<br />outstanding Public Facility Lease Revenue Bonds, Series 1999A (City of Ramsey Lease
<br />Obligation) of the Economic Development Authority of the City of Ramsey, dated December 1,
<br />1999 (the "Prior Bonds"), pursuant to and in full conformity with the Constitution and laws of
<br />the State of Minnesota, including Minnesota Statutes, Chapter 475. This Bond is payable out of
<br />the General Obligation Capital Improvement Crossover Refunding Bonds of 2004 Fund of the
<br />Issuer. This Bond constitutes a general obligation of the Issuer, and to provide moneys for thb
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<br />1700675vl 8
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