Laserfiche WebLink
of all principal and interest on this Bond, the Owner shall surrender this Bond to the City <br /> Administrator, City of Pequot Lakes, Minnesota(the "Bond Registrar"). <br /> Date of Payment Not a Business Day. If the nominal date for payment of any principal of <br /> or interest on this Bond shall not be a business day of the Issuer or of the Owner, then the date <br /> for such payment shall be the next such business day and payment on such business day shall <br /> have the same force and effect as if made on the nominal date of payment. <br /> Redemption. This Bond shall be subject to redemption and prepayment without penalty <br /> at the option of the Issuer on February 1, 2028 any date thereafter, in whole or in part, upon <br /> written notice to the Owner, at the redemption price equal to par plus accrued interest to date of <br /> prepayment. <br /> Issuance; Purpose; General Obli ag tion. This Bond is issued as a single instrument under <br /> and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota <br /> and pursuant to a resolution adopted by the City Council on Apri17, 2020 (the "Resolution"), for <br /> the purpose of providing money to finance improvements to the municipal water and municipal <br /> sanitary sewer system and to aid in financing a sewage disposal system within the jurisdiction of <br /> the Issuer. This Bond is payable out of the General Obligation Utility Revenue and Disposal <br /> System Bond, Series 2020A Fund of the Issuer. This Bond constitutes a general obligation of the <br /> Issuer, and to provide moneys for the prompt and full payment of its principal,premium, if any, <br /> and interest when the same become due, the full faith and credit and taxing powers of the Issuer <br /> have been and are hereby irrevocably pledged. <br /> Transfer. 'This Bond is transferable, as provided in the Resolution, upon the Register kept <br /> by the Finance Director upon surrender of this Bond together with a written instrument of <br /> transfer duly executed by the Owner or the Owner's attorney duly authorized in writing, and <br /> thereupon a new, fully registered Bond in the same principal amount shall be issued to the <br /> transferee in exchange therefor(or the transfer shall be duly recorded on the Register and the <br /> Certificate of Registration hereo fl, upon the payment of charges and satisfaction of applicable <br /> conditions, if any, as therein prescribed; provided that such transfer may occur only with respect <br /> to the entire Bond. The Issuer may treat and consider the person in whose name this Bond is <br /> registered as the absolute Owner hereof for the purpose of receiving payment of or on account of <br /> the principal of and interest on this Bond and for all other purposes whatsoever. <br /> Fees upon Transfer or Loss. The Bond Registrar may require payment of a sum <br /> sufficient to cover any tax or other governmental charge payable in connection with the transfer <br /> or exchange of this Bond and any legal or unusual costs regarding transfers and lost Bond. <br /> Authentication. This Bond shall not be valid or become obligatory for any purpose or be <br /> entitled to any security unless the Certificate of Registration hereon shall have been executed by <br /> the Bond Registrar. <br /> 4ualified Tax-Exempt Obli ag tion. This Bond has been designated by the Issuer as a <br /> "qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the Internal Revenue <br /> Code of 1986, as amended. <br /> 5 <br /> iza9z�o��i <br />