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

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Resolmion), f0r the purpose of providing money to defray the expenses incurred and to be incurred in m;.~kit~_g local improvements, pursuant to and in full conformity with the Constitution and laws ot ~h{: S i:ate of Minnesota, and the City's home rule charter, including Minnesota Statutes. Chapter 429, ami the principal hereof and interest hereon are payable primarily from special assessmentg agai~st property specially benefited by local improvements and ad valorem taxes, as set forth in ~hc Resolution to which reference is made for a full statement of rights and powers thereby confi~rrcd~ The full faith and credit of the City are irrevocably pledged for payment of this Bond and thc City Council has obligated itself to levy additional ad valorem taxes on all taxable property ~n the Cky in the event of any deficiency in special assessments and taxes pledged, which taxes may [)~: levied without limitation as to rate or amount. The Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof of single maturities. As p~ovi,.tM in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by the registered ()w,cr hereof in person or by the owner's attorney duly authorized in writing upon smTender he:mol together with a written instrument of transfer satisfactory to the Bond Registrar, duly execulcd by the registered owner or the owner's attorney; and may also be surrendered in exchange tlr Bo,ds 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 registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject It) reimbursement for any tax, fee or governmental charge required to be paid with respect to sm:h m, nsfer or exchange. The City ~m.d the Bond Registrar may deem and treat the person in whose name this Bond is registere0 as rt,~, absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving paynlcn'~ and for all other purposes, and neither the City nor the Bond Registrar will be affected by any notice to the contrary. l~l' 1,'¢ J.~EI-:EBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions a.d ttm-~gs required by the Constitution and laws of the State of Minnesota, and the City's home ).i¢ charter to be done, to exist, to happen and to be performed preliminary to and in the issuance of this Bond in order to make it a valid and binding general obligation of the City in accordance whh its terms, have been done, do exist, have happened and have been performed as so required, and ihat the issuance of this Bond does not cause the indebtedness of the City to exceed an y (:~ msf~tional, statutory or charter limitation of indebtedness. (Form of (x:rtificate to be printed on the reverse side of each Bond, following a full copy of the legal opi n io -~.) I certify ~h;.tt the above is a full, true and correct copy of the legal opinion rendered by bond counsel on il)e iss~e of Bonds of the City of Ramsey, Minnesota, which includes the within Bond, dated as of thc. dar,: of delivery of and payment for the Bonds. Ciiy A~lministrator The R,llowing abbreviations, when used in the inscription on the face of this Bond, shall be