Resolution - #87-151 - 07/07/1987

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CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentio~ed w:ithin~ By. Authorized Representative [Reverse of the Bond] Ti, is Bond is one of an issue in the aggregate principal amount of $400,000, a;il of like original date and tenor, except as to number, maturi- ty dat~ redemption privilege, and interest rate, issued pursuant to a resolution adopted by the City Council on July 7, 1987 (the Resolution), for the purpose of providing money to aid in financing the public develop- ment costs efa project in a Tax Increment Financing District (District) in the Ci~y, p~rsuant to Minnesota Statutes, Sections 273.71 to 273.78, the Minnesota Tax Increment Financing Act, and Chapter 472A, and the principal hereof and ~nterest hereon are payable primarily from tax increments resulting from increases in assessed valuation of real property in the District, a~; set forth in the Resolution to which reference is made for a full ~tat:~ment of rights and powers thereby conferred. The full faith and credit of t~e City are irrevocably pledged for payment of this Bond, and the City ~;o,,ncil has obligated itself to levy taxes on all of the taxable propert? J.n the City in the event of any deficiency of tax increments pledged, which taxes may be levied without limitation as to rate or amount. The bo~,ts of this issue are issued only as fully registered bonds in denominati~u~s of $5,000 or any integral multiple thereof of single matu- ritie:~.. As previded in the Resolution and subject to certain limitations set forth tbe~"e~n, this Bond is transferable upon the books of the City at the princ:[pa] ~tfice of the Bond Registrar, by the registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registerer, duly executed by the registered owner or the owner's attorne~i a~d may also be surrendered in exchange for Bonds of other authorized ~ienominations. Upon such transfer or exchange the City will cause ~ n~w 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 trao~fe~ or exchange. The (;Jt~ and the Bond Registrar may deem and treat the person in whose name this B~nd is registered as the absolute owner hereof, whether this Bond ~s ove)'due 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 ~ny notice to the contrary. 8