Resolution - #92-01-005 - 01/14/1992

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This Bond is one of an issue in the a~ffreKate principal amount of $1,525,000 all of like original issue date and tenor, except as to number and denomination, issued pursuant to a rssolution adopted by the City Council on January 14, 1992 (the Resolution), for the purpose of providing money to temporarily defray the expenses incurred and to be incurred in making local improvements, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, includin~ Minnesota Statutes, Chapter 429, and the principal hereof and interest hereon are payable primarily from special assessments a~minst property specially benefited by local improvements and from the proceeds of definitive or additional temporaey bonds to be issued by the City, 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 credit of the City are irrevocably pledged for payment of this Bond and the City Council has obliKated itself to issue and sell definitive or additional temporary bonds to ~edeem the Bonds and to levy taxes on all of the taxable property in the City in the event of any deficiency in special assessments pledged, which taxes may be 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 intel.~Tal multiple thereof. As provided 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 Reg'istrar, 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 t~ansfer satisfactory to the Bond Registrar, duly executed by the r~gistered owner or the owner's attorney; and 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 registered owner, of the same agg~-egate 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 transfer or exchange. The City and the Bond Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for ail other purposes, and neither the City nor the Bond Registrar will be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and thfngs required by the Constitution and laws of the State of Minnesota and the City's home rule 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 with its terms, have been done, do exist, have happened and have been performed as so required, and that the issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional, statutory or charter limitation of indebtedness. (Form of certificate to be printed on the reverse side of each Bond, following a full copy of the legal opinion. ) 8RG27508 RA125-32