Resolution - #85-032 - 02/27/1985

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This bond is one of an issue of bonds in the total principal amount of $715,000, all of like original issue date and tenor except as to interest rate, maturity, number and redemption privilege, all issued by the City for the purpose of providing money to refund, pursuant to Minnesota Statutes, Section 475.67, in advance of their maturity, the outstanding principal amount of certain general obliga- tion bonds of the City, which have been issued for the purpose of providing money for the construction of various assessable public improvements within the City pursuant to the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 429 and is payable primarily from special assessments against property spe- cially benefitted thereby. This bond constitutes a general obligation of the City and, to provide moneys for the prompt and full payment of its principal and interest as the same become due, the full faith and credit of the City is hereby irrevocably pledged on all taxable property in the City for its share of the cost of the improvements, in event of any deficiency, has obligated itself to levy additional ad valorem taxes on all of the taxable property in the City which taxes may be levied without limitation as to rate or amount. The bonds of this issue are issued only as fully registered bonds in denomination of $5,000 or any integral multiple thereof, of single maturities. As provided in the Resolution and subject to certain limita- tions set forth therein, this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by the regis- tered owner hereof in person or by his attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or his attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental, charge required to be paid with respect to such transfer or exchange. The City and the Bond Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COYENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed preliminary to and in the issuance of this Bond in order to make it a valid and binding general obligation of the City in accor- dance with its terms, have been done, to exist have happened and have been performed as so required, and that the issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional or statutory limitation of indebtedness.