Agenda - Council - 05/14/1991 - Laserfiche WebLink

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UNITED STATE OF AMERICA STATE OF MINNESOTA CITY OF RAMSEY No. R-1 $ TAX INCREMENT REVENUE NOTE SERIES 199 Date R.a.te of Original Issue % , 199 The City of l{amsey, Minnesota (the "City"), for value received, certifies that it is indebted and hereby promises to pay to or registered assigns (the "Owner"), the principal sum of Dollars ($ ) and to pay interest thereon at the rate of % per annum, as and to the extent set forth herein. 1. P. ayments. Principal and interest ("Payments") shall be paid on February 1, 1994 and each February 1 thereafter to and including February 1, 2000 ("Payment Dates") in the amount of and only to the extent of Available Tax Increment as hereinafter defined. Payments shall be applied first to accrued interest, and then to unpaid principal. Payments are payable by mail to the address of the Owner or such other address as the Owner may designate upon 30 days written notice to the City Administrator. Payments on this Note are payable in any coin or eurrenty of the United Sates of America which, on the Payment Date, is legal tender for the payment of public and private debts. 2. Interest. Interest at the rate stated herein shall accrue on the unpaid principal, commencing on the date of original issue and ceasing on February 1, 2000. Interest shall be computed on the basis of a year of 360 days and charged for actual days principal is unpaid. 3. Available Tax Increment. Payments on this Note are payable solely from "Available Tax Increment," which shall mean, on each Payment Date, 97% of Tax Increment generated in the preceding twelve (12) months with respect to the Sub, oct Property and remitted to the City by Anoka County, all as such terms are defined in the Development Agreement, dated as of , 1991 (the "Agreement") between the City and the Owner. Available Tax Increment shall not include any Tax Increment generated by the Subject Property if, as of any Payment Date, the Owner has breached and failed to cure any term or condition of the Agreement, including but not limited to the obligations set forth in Articles VI and VII thereof. The City shall have no obligation to pay principal of and interest on this Note on each Payment Date from any source other than Available Tax Increment, and the failure of the City to pay the entire amount of principal or interest on this Note on any Payment Date shall not constitute a default hereunder as long as the City pays principal and interest hereon to the extent of Available Tax Increment. B-2 ! I I I ! I I i I I I I I I i