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

Home

(f acg~ir.,ile) City AdminJ.~;trator (facsimile) Mayor CERTIFICATE OF AUTHENTICATION 'fl.~is is one of the Bonds delivered pursuant to the Resolution mentioned w~thino By Authorized Representative [Reverse of the Bond] This Bond is one of an issue in the aggregate principal amount of $2,800~000, all of like original issue date and tenor, except as to number, maturity date, redemption privilege, and interest rate, issued pursuant to a resoJutto~ adopted by the City Council on July 7, 1987 (the Resolution), for the purpose of providing money to aid in financing the public redevel- opment co~;t~ of a project in a Tax Increment Financing District (District) in the (lit:y, pursuant to Minnesota Statutes, sections 273.71 to 273.78, the Minnesota ~'ax Increment Financing Act, and Minnesota Statutes, Chapter 472A, ~be M, nicipal Development District Act, and the principal hereof and interest he,'eon are payable primarily from tax increments resulting from incresses ~ assessed valuation of real property in the District, as set forth ~r, the Resolution to which reference is made for a full statement of rights ~nd powers thereby conferred. The full faith and credit of the City are irrevoc~bly pledged for payment of this Bond, and the City Council has obligated itself to levy taxes on all of the taxable property in the City in the ~ven'~; of any deficiency of tax increments pledged, which taxes may be ]ev~ed without limitation as to rate or amount. The bonds of this issue are issued c~nly as fully registered bonds in denominations of $5,000 or any integr;~] ~au]tiple thereof of single maturities. As pro'~.ded in the Resolution and subject to certain limitations set forth thei~eJu, this Bond is transferable upon the books of the City at the principal o~fice of the Bond Registrar, by the registered owner hereof in perso~ or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Ragfstrar, duly executed by the registered owner or the owner's attorney~ and may also be surrendered in exchange for Bonds of other authorized ,lenominations. Upon such transfer or exchange the City will cause a r~ew 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 amy tax~ fee or governmental charge required to be paid with respect to such tran~fcr or exchange.