Agenda - Council - 12/13/2005 - Laserfiche WebLink

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such provisions are inconsistent with the other provisions of this resolution, the provisions in the Letter of Representations shall control. 3. Purp_ oae. 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 of Tax Increments exceeds twenty percent (20%) of the cost of the Project. The total cost of the Project, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds. Work on the Project shall proceed with due diligence to completion. The City covenants that it shall do all things and perform all acts required of it to assure that work on the Project proceeds with due diligence to completion and that any and all permits and studies required under law for the Project are obtained. 4. Interest. The Bonds shall bear interest payable semiannually on J~me 1 and December- 1 of each year (each, an "Interest Payment Date"), commencing December 1, 2006, calculated on the basis of a 360-day year of twetve 30-day months, at the respective rates per annum set forth opposite the maturity years as follows: Maturity Year Interest Rate 2006 2007 2008 2009 2010 2011 5. Redemption.. The Bonds shall not be subject to redemption and prepayment prior to their maturity. 6. Bond Registrar. Northland Trust Services, Inc., Minneapolis, Minnesota, is appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Bond Registrar"), and shall do so unless and until a successor Bond Registrar is duly appointed, all pursuant to any contract the City and Bond Registrar shall execute which is consistent herewith. The Bond Registrar shall also serve as paying agent unless and until a successor paYing agent is duly appointed. Principal and interest on the Bonds shall be paid to the registered holders (or record hold~rs) of the Bonds in the manner set forth in the form of Bond and paragraph 12. 7. Form of Bond. The Bonds, together with the Bond Registrar's Certificate of Authentication, the form of Assignment and the registration information thereon, shall be in substantially the following form: lg49055vl 5 -593-