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20071105 - VIII-C-1
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20071105 - VIII-C-1
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(ii) Upon termination of the services of the Depository as provided in the <br />preceding paragraph, and if no substitute securities depository is willing to undertake the <br />functions of the Depository hereunder can be found which, in the opinion of the City, is <br />willing and able to assume such functions upon reasonable or customary terms, or if the <br />City determines that it is in the best interests of the City or the Beneficial Owners of the <br />Bond that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds <br />shall no longer be registered as being registered in the bond register in the name of the <br />Nominee, but may be registered in whatever name or names the Holder of the Bonds <br />shall designate at that time, in accordance with paragraph 10 hereof (with respect to <br />registration, transfer and exchange). To the extent that the Beneficial Owners are <br />designated as the transferee by the Holders, in accordance with paragraph 10 hereof (with <br />respect to registration, transfer and exchange), the Bonds will be delivered to the <br />Beneficial Owners. <br />(iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of <br />paragraph 10 hereof (with respect to registration, transfer and exchange). <br />(d) Letter of Representations. The provisions in the Letter of Representations <br />are incorporated herein by reference and made a part of the resolution, and if and to the extent <br />any such provisions are inconsistent with the other provisions of this resolution, the provisions in <br />the Letter of Representations shall control. <br />3. Purpose. The Bonds shall provide funds to finance the construction of <br />various improvement projects in the City (the "Improvements"). The total cost of the <br />Improvements, which shall include ali costs enumerated in Minnesota Statutes, Section 475.65, <br />is estimated to be at least equal to the amount of the Bonds. Work on the Improvements shall <br />proceed with due diligence to completion. The City covenants that it shall do all things and <br />perform all acts required of it to assure that work on the Improvements proceeds with due <br />diligence to completion and that any and all permits and studies required under law for the <br />Improvements are obtained. <br />4. Interest. The Bonds shall bear interest payable semiannually on February <br />1 and August 1 of each year (each, an "Interest Payment Date"), commencing August 1, 2008 <br />calculated on the basis of a 360-day year of twelve 30-day months, at the respective rates per <br />annum set forth opposite the maturity years as follows: <br />Maturity <br />Year <br />2010 <br />2011 <br />2012 <br />2013 <br />2014 <br />Interest <br />Rate <br />ova <br />Maturity <br />Year <br />2015 <br />2016 <br />2017 <br />2018 <br />2019 <br />Interest <br />Rate <br /> <br />2086247x1 5 <br />
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