Resolution - #89-11-320 - 11/28/1989

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1.0-~..gj~/iig. m4l Redemption_. The City may elect on February 1, 1997 and on any date thereafter to prepay Bonds maturing on or after I%bmary ¢, 1998. Redemption may be in whole or in part of the Bonds subject to prepaym~.m t. 1£ redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be i~rcpaid first. If only part of the Bonds having a common maturity date are called for prepayment thc specific Bonds to be prepaid will be chosen by lot by the Registrar. All payments will be at ~ pri.~z<': of par plus accrued interest. 1 ~05. i~,..~' purposes of complying with Minnesota Statutes, Section 475.54, the maturities of the Bond:; m'c combined with the maturities of the City's $2,800,000 General Obligation Tax Increment B.',mts? Series 1987A. S :c,:i('~, 2~ ~e.~-qstriltion and Payment. 2.0~. 14__c:gis[ered Form.. The Bonds shall be issued only in fully registered form. The interest thcr~.~..,.m ~md, upon surrender of each Bond, the principal amount thereof, is payable by check or dra'~'~ issued by the Registrm' described herein. 2.07.. j¢~sLes_&~ Payment Dates. Each Bond will be dated as of the last interest payment da t,z pre~:eding the date of authentication to which interest on the Bond has been paid or made availal)I~¢ fi)r payment, unless (i) the date of authentication is an interest payment date to which interest has been paid or made available 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 the first interest payment dat{:~ in which case such Bond will be dated as of the date of original issue. The interest on the Bon&; is payable on February 1 and August 1 of each year, commencing August 1, 1990, to the owm',r o¢ record thereof as of the close of business on the fifteenth day of the immediately preceding m~mth~ whether or not such day is a business day. 2.03~ I.~gistration.. The City will appoint, and shall maintain, a bond registrar, transfer agent, authtmic~ting agent and paying agent (Registrar). The effect of registration and the rights and duties of tt',e ('.ity and the Registrar with respect thereto are as follows: (a) R~c~gister, The Registrar must keep at its principal corporate trust office a bond register in Milch the Registrar provides for the registration of ownership of Bonds and the registrati~m ot ~':msfers and exchanges of Bonds entitled to be registered, transferred or exchangct t. (b) '?__r~_~sf_er of Bonds. Upon surrender for transfer of a Bond duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrm:, duly executed by the registered owner thereof or by an attorney duly authorized by Ire registered owner in writing, the Registrar will authenticate and deliver, in the name of thc ,.k;signated transferee or transferees, one or more new Bonds of a like aggregate principal ~m-~oun~: and maturity, as requested by the transferor. The Registrar may, however, close the books ~'or r%istration of any transfer after the fifteenth day of the month preceding each interest payment dale ,.'md ~mtil such interest payment date. ic) .Exchange of Bonds. When Bonds are surrendered by the registered owner for exchange th,: Registrar will authenticate and deliver one or more new Bonds of a like aggregate principal tm,t}tmt and maturity, as requested by the registered owner or the owner's attorney in writing. Id) Cancellation. Bonds surrendered upon any transfer or exchange will be promptly cm ~c~.~!l~t,~ by the Registrar and thereafter disposed of as directed by the City.