Resolution - #87-150 - 07/07/1987

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T[L~ C].Ly of Ramsey, a duly organized and existing municipal corpo- ration :i.n A~oka County, Minnesota (City), acknowledges itself to be indebt- ed anti J-c>-r ,~alue received hereby promises to pay to or regJt:l:er~d assigns, the principal sum of $ on the maturity date specif:led a!~ove with interest thereon from the date hereof at the annual rate sp{~cili:ied above, payable February 1 and August 1 in each year, commen- cing Februa~'y 1, I988, to the person in whose name this Bond is registered at tI~e c]os~ of business on the fifteenth day (whether or not a business day) o( ~:he immediately preceding month. The interest hereon and, upon presentat2o~ and surrender hereof, the principal hereof are payable in iawfuiI. ~oney of the United States of America by check or draft by . , , Minnesota, as Bond Registzar~ i'aying Agent, TranSfer Agent and Authenticating Agent, or its designat:ed successor under the Resolution described herein. For the prompt and fui[!~ payment of such principal and interest as the same respectively become ~lue~ the full faith and credit and taxing powers of the City have been a~cl are hereby irrevocably pledged. Tim Cl::y may elect on February I, 1996, and on any interest payment date theregfter~ to prepay Bonds of this issue maturing on or after February l, I997. Redemption may be in whole or in part of the Bonds subject re prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment the specif:i.~: Bonds to be prepaid will be chosen by lot by the Registrar. Ail prepaymrmts shall be chosen by lot by the Registrar. Ail prepayments shall be ac a price of par plus accrued interest. The Cii:y Council has designated the Bonds as "qualified tax exempt ob]_igatJons~' within the meaning of Section 265(b)(3) of the Internal Revem~e Cod~ of 1986 (the Code) and within the $10 million limit allowed by the Code f,n the calendar year of issue. AddJt:ic~nai provisions of this Bond are contained on the reverse hereof and such provisions shall for all purposes have the same effect as though fully set forth in this place. Thine g~nd shall not be valid or become obligatory for any purpose or be e~ttitled to any security or benefit under the Resolution until the CertifJca~:e of Authentication hereon shall have been executed by the Bond Registra, r by manual signature of one of its authorized representatives. ifN W.['FiqESS WHEREOF, the City of Ramsey, Anoka County, Minnesota, by its Ci. ty Cmmcil, has caused this Bond to be executed on its behalf by the facsimile signatures of the Mayor and City Administrator and has caused this gor~d i:r~ be dated as of the date set forth below. Dated: CITY OF RAMSEY, MINNESOTA