Laserfiche WebLink
Certificate if it determines that the Depository is no longer able to carry out its <br />functions as securities depository or the continuation of the system of book-entry <br />transfers through the Depository is not in the best interests of the City or the <br />Beneficial Owners. <br />(ii) Upon termination of the services of the Depository as provided in <br />the preceding paragraph, and if no substitute securities depository can be found <br />which, in the opinion of the City, is willing and able to assume such functions <br />upon reasonable or customary terms, or if the City determines that it is in the best <br />interests of the City or the Beneficial Owners of the Certificate that the Beneficial <br />Owners be able to obtain certificates for the Certificates, the Certificates shall no <br />longer be registered in the register in the name of the Nominee, but may be <br />registered in whatever name or names the Holder of the Certificates shall <br />designate at that time, in accordance with paragraph 10 hereof (with respect to <br />registration, transfer, exchange). To the extent that the Beneficial Owners are <br />designated as the transferee by the Holders, in accordance with paragraph 10 <br />hereof (with respect to registration, transfer, exchange), the Certificates will be <br />delivered to the Beneficial Owners. <br />(iii) Nothing in this subparagraph (c) shall limit or restrict the <br />provisions of paragraph 10 hereof (with respect to registration, transfer, <br />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 Certificates shall provide funds to finance the purchase of <br />various items of capital equipment (the "Equipment"). The total cost of the Equipment, which <br />shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at <br />least equal to the amount of the Certif cates. <br />4. Interest. The Certificates shall bear interest payable semiannually on <br />February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing August <br />1, 2008, calculated on the basis of a 360-day year of twelve 30-day months, at the respective <br />rates per annum set forth opposite the maturity years as follows: <br />Maturity Interest <br />Year Rate <br />2009 <br />2010 <br />2011 <br />2012 <br />2013 <br />2086205v1 5 <br />