08.01 - Approve Lease-Lakes State Bank-Police Vehicles

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lot by the Registrar. Certificates or portions thereof called for redemption shall be due and `— payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be given to the paying agent and to each affected Holder of the Certificates. Selection of Certificates for Redemption, Partial Redemption. To effect a partial redemption of Certificates having a common maturity date, the Registrar shall assign to each Certificate having a common maturity date a distinctive number for each $1,000 of the principal amount of such Certificate. The Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretion, from the numbers assigned to the Certificates, as many numbers as, at $1,000 for each number, shall equal the principal amount of such Certificates to be redeemed. The Certificates to be redeemed shall be the Certificates to which were assigned numbers so selected; provided, however, that only so much of the principal amount of such Certificate of a denomination of more than $1,000 shall be redeemed as shall equal $1,000 for each number assigned to it and so selected. If a Certificate is to be redeemed only in part, it shall be surrendered to the Registrar (with, if the City or Registrar so requires, a written instrument of transfer in form satisfactory to the City and Registrar duly executed by the Holder thereof or the Holder's attorney duly authorized in writing) and the City shall execute (if necessary) and the Registrar shall authenticate and deliver to the Holder of such Certificate, without service charge, a new Certificate or Certificates of the same series having the same stated maturity and interest rate and of any Authorized Denomination or Denominations, as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Certificate so surrendered. Issuance, Purpose; General Obligation. This Certificate is issued as a single instrument pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by the City Council on May 4, 2010 (the "Resolution "), for the purpose of providing money to finance the purchase of various items of capital equipment for the Issuer. This Certificate is payable out of the General Obligation Equipment Certificates, Series 2010A Fund of the Issuer. This Certificate constitutes a general obligation of the Issuer and to provide moneys for the prompt and full payment of its principal, premium, if any, and interest when the same become due, the full faith and credit and taxing powers of the Issuer have been and are hereby irrevocably pledged. Manner of Payment. The principal of and interest on this Certificate are payable when due by check or draft mailed or otherwise delivered by or on behalf of the Clerk- Treasurer to the Owner hereof as of the end of the first day of the month, whether or not a business day (the "Record Date "), of the applicable payment due date; provided that if the Issuer shall be in default in payment of interest due on said date, whenever money becomes available for payment of such defaulted interest, the Clerk- Treasurer shall establish a special Record Date with respect to the payment thereof and shall mail written notice of the special Record Date not less than fifteen days prior to such date to the person that was the Owner of the Certificate as of the close of business of the Issuer on the fifth business day of the Issuer preceding such mailing, and the Owner as of the special Record Date shall be entitled to receive the payment of such defaulted interest. All principal of and interest on this Certificate are payable in any coin or currency of the United States of America which on the date of payment is legal tender for the payment of �-' public and private debts. 4 2504596v1