Resolution - #87-152 - 07/07/1987

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[Reverse of the Bond] This Bond is one of an issue in the aggregate principal amount of $160,~00, aJ.[ of like original date and tenor, except as to number, maturi- ty date,, re~lemption privilege, and interest rate, issued pursuant to a resol~t[o~ odopted by the City Council on July 7, 1987, (the Resolution), for the p~z'pose of providing money to aid in financing the public redevel- opment: cobb=ts of a project in a Tax Increment Financing District (District) in the City, pursuant to Minnesota Statutes, Sections 273.71 to 273.78, the Minnesota Tax Increment Financing Act, and Chapter 472A, and the principal hereof n~d interest hereon are payable primarily from tax increments resul~:J, ng f~om' increases in assessed valuation of real property in the District, as set forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred. The full faith and credi~ of the City are irrevocably pledged for payment of this Bond, and the City Co~ncil has obligated itself to levy taxes on all of the taxable property in 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~.ds of this issue are issued only as fully registered bonds in denominatior~s of $5,000 or any integral multiple thereof of single matu- ritie~ As p~?o~ided in the Resolution and subject to certain limitations set forth t'hereJn, this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by the registered owner hereof in perso~ or by the owner's attorney duly authorized in writing upon surrender hereo}i together with a written instrument of transfer satisfactory to the Bond Regist~.'ar, duly executed by the registered owner or the owner's attoruew; as~d 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 regis~:ered owner, of the same aggregate principal amount, bearing interest at the ~ame rate and maturing on the same date, subject to reimbursement for a~y t~×, fee or governmental charge required to be paid with respect to such ~ra~J~'~ or exchange. !!'h~ City and the Bond Registrar may deem and treat the person in whose name tb~ B~md is registered as the absolute owner hereof, whether this Bond l.s ove~:due or not, for the purpose of receiving payment and for all other p~rpo-~es, and neither the City nor the Bond Registrar shall be affec~ed by any notice to the contrary. ~(T ~ IIgREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, condi~iot~s ~nd things required by the City's home rule charter and the Constitution and laws of the State of Minnesota to be done, to exist, to happe~:~ a~d to be performed preliminary to and in the issuance of this Bond in orde~ ~o make it a valid and binding general obligation of the City in accordance ~l. th its terms, have been done, do exist, have happened and have been pe~for~ed as so required, and that the issuance of this Bond does not cause l~be i~debtedness of the City to exceed any charter, constitutional or statutory )J~nitation of indebtedness. 8