Agenda - Council - 09/14/1993 - Laserfiche WebLink

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I I I I (g) Mutilated. Lost, Stolen or I)estmved Note. In case any Note shall become mutilated or be lost, stolen, or destroyexi, the Registrar shall deliver a new Note of tike amount, maturity dates and tenor in exchange and substitution for and upon cancellation of such mutilated Note or in lieu of and in substitution for such Note lost, stolen, or destroyed, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case the Note lost, stolen, or destroyed, upon f'fflng with the Registrar of evidence satisfactory to it that such Note was lost, stolen, or destroyed, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in form, substance, and amount satisfactory to it, in which both the City and the Registrar shall be named as obligees. The Note so surrendered to the Registrar shall be cancelled by it and evidence of such cancellation shall be given to the City. If the mutilated, lost, stolen, or destroyed Note has already matured or been called for redemption in accordance with its terms, it shall not be necessary to issue a new Note prior to payment. 3.04. Preparation and Delivery_. The Note shall be prepared under the direction of the City Administrator and shall be executed on behalf of the City by the signatures of its Mayor and City Administrator. In case any officer whose signature shall appear on the Note shall cease to be such officer before the delivery of the Note, such signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. When the Note is being so executed and authenticated, it shall be delivered by the City Administrator to the Owner thereof upon execution of the Agreement and the Assessment Agreement between the City and the Owners. Section 4. Securiw Provisions. 4.01. P. lr, llgt. The City hereby pledges to the payment of the principal of and interest on the Note all Available Tax Increment as defined in the Note. Available Tax Increment shall be applied to payment of the principal of and interest on the Note in accordance with the terms of the form of Note set forth in Section 2 of this resolution. 4.02. Bond Fund. Until the date the Note is no longer outstanding and no principal thereof or interest thereon (to the extent required to be paid pursuant to this resolution) remains unpaid, the City shall maintain a separate and special "Bond Fund" to be used for no purpose other than the payment of the principal of and interest on the Note. The City irrevocably agrees to appropriate to the Bond Fund in each year Available Tax Increment necessary to pay principal and interest due on the Note in such year. Any amounts remaining in the Bond Fund shall be transferred to the City's account for TIF District No. 5 upon the payment of ail principal and interest to be paid with respect to the Note. Section 5. County_ Auditor Re~stration: Certification of Procee~ng$. 5.01. County Auditor Re~stration. The City Administrator is hereby authorized and directed to file a certified copy of this resolution with the County Auditor of Anoka County, together with such other information as such County Auditor shall require, and to obtain from said County Auditor a certificate that the Note have been entered on his or her bond register. 5.02. Certification of Proceedings. The officers of the City and the County Auditor of Anoka County are hereby authorized and directed to prepare and furnish to the Owner of the Note certified copies of all proceedings and records of the City, and such other affidavits, certificates, and information as may be required to show thc facts relating to the legality and marketability of the Note as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates, and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. B-6