Agenda - Council - 11/10/1981 - Laserfiche WebLink

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! I I I I I i I I I I I ! I I I I EXHIBIT A UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF RAMSEY $380,000 City of Ramsey, Minnesota Industrial Development Revenue Note (Super Bowl, Inc. Project), Series 1981 The City of Ramsey, Anoka County, Minnesota, a municipal corporation and political subdivision of the State of Minne- sota, duly organized and existing under the laws of the State of Minnesota (the "Issuer"), for value received, hereby promises to pay to the order of the First National Bank in Anoka, a national banking association, its succes- sors and assigns (the "Holder"), at its principal office at 2015 3rd Avenue North, Anoka, Minnesota 55303, or at such other place as the Holder may from time to time designate in writing, from the source and in the manner and with interest thereon as hereinafter provided, the principal sum of Three Hundred Eighty Thousand Dollars ($380,000) (the "Principal Balance") and to pay interest thereon from the date of the hereinafter-mentioned advance until this Note is fully paid at the rate of interest hereinafter set forth. The Princi- pal Balance and interest thereon shall' be payable as fol- lows: 1. On the first day of each month from the date of the advance made by the First National Bank in Anoka, in Anoka, Minnesota (the "Lender"), pursuant to Section 6.1 of the Loan Agreement (as hereinafter defined) to and including December 1, 1981, the Issuer shall pay interest only at the rate of thirteen percent (13%) per annum on the Principal Balance. 2. Notwithstanding any adjustments of interest as set forth below, on the first day of each month beginning Janu- ary 1, 1982, the Issuer shall pay principal and interest in equal monthly installments of Four Thousand Four Hundred Fifty-Two and 34/100 Dollars ($4,452.34). From January 1, 1982 through December 31, 1984, interest on the unpaid prin- cipal amount shall accrue at the rate of thirteen percent (13%) per annum. The interest rate shall be increased on January 1, 1985 and further increased or decreased every thirty-six(36) months thereafter (the "Increase Date") for each thirty-six(36)-month period immediately succeeding the Increase Date, until all the principal and interest are paid, by an amount equal to the net increase or decrease in the Moody's "AA" Corporate Bond Index (the "Index") during the thirty-six (36) months preceding each individual In- crease Date. In no event shall the interest rate be less than thirteen percent (13%) per annum.