Agenda - Council - 11/25/1981 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I principal amount of the Note that may be outstanding hereunder is expressly limited to $575,000 unless a duplicate Note is issued pursuant to Section 206 and the proceeds of the Note shall be disbursed pursuant to the Disbursing Agreement to pay the Project Costs. The Note shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MII~NESOTA COUNTY OF ANOKA CITY OF RAMSEY Industrial Development Revenue Note of 1981 (Alan C. Phillips Project) $575,000.00 FOR VALUE RECEIVED the CITY OF RAMSES, Anoka County, Minnesota (the "City"), hereby promises to pay to the order of THE FIRST NATIONAL BANK IN ANOKA, in Anoka, Minnesota, its successors or registered assigns (the "Lender"), from the source and in the manner hereinafter provided, the principal sum of FIVE HUNDRED SEVENTY-FIVE THOUSA~ AND NO/100 DOLLARS ($575,000.0~), or so much thereof as remains unpaid from time to time -(the "Principal Balance"), on or before as required herein April 1, 1992 with interest thereon at the rates set forth below, in any coin or currency which at the time or times of payment is legal tender for the payment of public or private debts in the United States of America, and in accordance with the te~ns hereinafter set forth. The interest rate on this Note shall be thirteen percent (13%) per annum from the date of this Note to April 1, 1985 and shall be increased or decreased on April 1, 1988 and April 1, 1991 for the period from the date of the change to the immediately following date of change to an interest rate per annum equal to thirteen percent plus or minus the percentage increase in Moody's "AA" Corporate Bond Index between the date of this Note and the then applicable date of change times thirteen percent, but in no event shall such rate be less than 12% nor more than 15%. The Moody's "AA" Corporate Bond Index to be used in the above calculation shall be that index most recently published before the date of this Note or the date of change, as the case may be. In the event that such index is not published, this Note shall continue to bear interest at the rate in effect at the time the index is last published. Monthly payments of interest shall be paid on this Note on the first day of each month beginning with the month following the month in which this Note is issued and dated through and including April 1, 1992 with respect to the principal amount of this Note outstanding during the immediately preceding month. From and after April 1, 1982 and continuing on the first day of each month thereafter (the "Payment Date") so long as any principal remains 7