Resolutions-2015-089

with the construction of water infrastructure improvements; and (7) acquiring land for future municipal uses. The Bonds are issued pursuant to and in strict compliance with the provisions of Chapters 76 and 384 of the Code of Iowa, 2015, and all other laws amendatory thereof and supplemental thereto, and in conformity with the Resolution authorizing and approving the Loan Agreement and providing for the issuance and securing the payment of the Bonds, and reference is hereby made to the Resolution and the Loan Agreement for a more complete statement as to the source of payment of the Bonds and the rights of the owners of the Bonds. The City reserves the right to optionally prepay part or all of the Bonds maturing in the years 2022 to 2028, inclusive, prior to and in any order of maturity on June 1, 2021, or on any date thereafter upon terms of par and accrued interest. If less than all of the Bonds of any like maturity are to be redeemed, the particular part of those Bonds to be redeemed shall be selected by the Registrar by lot. The Bonds may be called in part in one or more units of $5,000. If less than the entire principal amount of any Bond in a denomination of more than $5,000 is to be redeemed, the Registrar will issue and deliver to the registered owner thereof, upon surrender of such original Bond, a new Bond or Bonds, in any authorized denomination, in a total aggregate principal amount equal to the unredeemed balance of the original Bond. Notice of such redemption as aforesaid identifying the Bond or Bonds (or portion thereof) to be redeemed shall be sent by electronic means or mailed by certified mail to the registered owners thereof at the addresses shown on the City’s registration books not less than 30 days prior to such redemption date. All of such Bonds as to which the City reserves and exercises the right of redemption and as to which notice as aforesaid shall have been given and for the redemption of which funds are duly provided, shall cease to bear interest on the redemption date. This Bond is fully negotiable but shall be fully registered as to both principal and interest in the name of the owner on the books of the City in the office of the Registrar, after which no transfer shall be valid unless made on said books and then only upon presentation of this Bond to the Registrar, together with either a written instrument of transfer satisfactory to the Registrar or the assignment form hereon completed and duly executed by the registered owner or the duly authorized attorney for such registered owner. The City, the Registrar and the Paying Agent may deem and treat the registered owner hereof as the absolute owner for the purpose of receiving payment of or on account of principal hereof, premium, if any, and interest due hereon and for all other purposes, and the City, the Registrar and the Paying Agent shall not be affected by any notice to the contrary. THE BONDS ARE GENERAL OBLIGATIONS OF THE CITY, PAYABLE FROM AMOUNTS ON DEPOSIT IN THE CITY’S DEBT SERVICE FUND AND THE BOND FUND CREATED IN THE RESOLUTION, AND OTHER REVENUES AND FUNDS, TO THE EXTENT LAWFULLY AVAILABLE FOR SUCH PURPOSE, BUT SUBJECT TO NON-APPROPRIATION IN ANY FISCAL YEAR. THE BONDS DO NOT CONSTITUTE A CONTINUING OBLIGATION OF THE CITY IN ANY FISCAL YEAR BEYOND THE FISCAL YEAR FOR WHICH FUNDS HAVE BEEN APPROPRIATED FOR THE PAYMENT OF THE BONDS AND SHALL NOT CONSTITUTE DEBT WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY DEBT LIMITATION. THE BONDS SHALL NOT DIRECTLY OR INDIRECTLY OBLIGATE