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

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! ! Further, the City shall have no obligation to pay unpaid balance of principal or accrued interest that may remain after the final Payment on February 1, 200[}. 4. Options] Prepayment. The principal sum and all accrued interest payable under this Note is prepayable in whole or in part at any time by the City without premium or penalty. No partial prepayment shall affect the amount or . }'~',g of any other regular payment otherwise required to be made under this ~ o~e. 5. Nature of Obligation. This Note is one of an issue in the total principal amount of $ , all issued to aid in financing certain public development costs and administrative costs of a Development District undertaken by the City pursuant to Minnesota Statutes, Sections 469.124 through 469.134, and is issued pursuant to an authorizing resolution (the "Resolution") duly adopted by the City on , 199__, and pursuant to and in full conformity with the Constitution and taws of the State of Minnesota, including Minnesota Statutes, Sections 469.174 to 469.179, and the City's home rule charter. This Note is a limited obligation of the City which is payable solely from Available Tax Increment pledged to the payment hereof under the Resolution. This Note and the interest hereon shall not be deemed to constitute a general obligation' of the State of Minnesota or any political subdivision thereof, including, without limitation, the City. Neither the State of Minnesota, nor any political subdivision thereof shall be obligated to pay the principal of or interest on this Note or other costs incident hereto except out of Available Tax Increment, and neither the full faith and credit nor the taxing power of the State of Minnesota or any political subdivision thereof is pledged to the payment of the principal of or interest on this Note or other costs incident hereto. The Owner, represented by legal counsel, has undertaken an independent review of the documentation and actions taken by the City in creating the City's Development District No. ~1 and Tax Increment Financing District No. 5 therein, and has concluded that such actions are sufficient and in accordance with applicable law. The Owner's acceptance of this Note shall be with the understanding that the City shall have no liability to the Owner with respect to any defects in proceedings relating to the creation of said Development District or Tax Increment Financing District. 6. Registration and Transfer. This Note is issuable only as a fully registered note without coupons. As provided in the Resolution, and subject to certain limitations set forth therein, this Note is transferable upon the books of the City kept for,that purpose at the principal office of the City Administrator, by the Owner hereof in person or by such owner's attorney duly authorized in writing, upon surrender of this Note together with a written instrument of transfer satisfactory. ~' the City, duly executed by the Owner. Upon such transfer or exchange and the payment by the Owner of any tax, fee, or governmental charge required to be paid by the City with respect to such transfer or exchange, there will be issued in the name of the transferee a new Note of the same aggregate principal amount, bearing interest at the same rate and maturing on the same dates. This Note shall not be transferred to any person other than an affiliate, or other related entity, of the Owner unless the City has been provided with an opinion of counsel or a certificate of the transferor, in a form satisfactory, to the City, that such transfer is exempt from registration and prospectus delivery requirements of federal and applicable state securities laws.