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

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checks of all unsuccessful bidders forthwith. Of the purchase price, the sum of $1,862 in excess of the minimum price of $703,843, repre- senting additional interest, shall be deposited in the Debt Service Fund hereinafter created. 1.02. The City shall forthwith issue the Refunding Bonds pur- suant to Minnesota Statutes, Chapter 475 (Act), which Refunding Bonds shall be initially numbered 1 upwards, in the denomination of $5,000 each or any integral multiple thereof, originally dated March 1, 1985, bearing interest as above provided, payable October 1, 1985, and semiannually thereafter on April 1 and October I in each year, and which shall mature serially on April 1 in the years and amounts as follows: Year Amount Year Amount 1986 $I00,000 1990 $110,000 1987 90,000 1991 105,000 1988 105,000 1992 105,000 1989 100,000 The City may elect on April 1, 1991, and on any interest payment date thereafter, to prepay Bonds due on April 1, 1992. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part the specific Bonds to be prepaid ~.11 be chosen by lot by the Registrar. All prepayments shall Be at a price of par and accrued interest. 1.03. The Refunding Bonds shall be issuable only in fully regis- tered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof shall be payable by check or draft issued by the Registrar described herein. 1.04. Dates; Interest Payment Dates. Each Refunding Bond shall be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (i) the date of authentication is an interest payment date to which interest has been paid or made avail- able for payment, in which case such Bond shall be dated as of the date of authentication, or (ii) the date of authentication is prior to October 1, 1985, in which case such Bond shall be dated as of March 1, 1985. The interest on the Bonds shall be payable on April 1 and October 1 in each year, commencing October 1, 1985, to the owner of record thereof as of the close of business on the fifteenth day of the immediately preceding month, whether or not such day is a business day. 1.05. Registration. Pursuant to the Act the City appoints as bond registrar, transfer agent, authenticating agent and paying agent (Registrar). The effect of registration and the rights and duties of the City and the Registrar with respect thereto shall be as follows: (a) Register. The Registrar shall keep at its principal corporate trust office a bond register in which the Registrar