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UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> COUNTY OF ANOKA <br />CITY OF RAMSEY, MINNESOTA <br /> <br />INDUSTRIAL DEVELOPMENT REVENUE NOTE, SERIES 2005 <br /> (KILKENNY LIMITED LIABILITY COMPANY PROJECT) <br /> <br />No. R-I $35,000 <br /> <br /> The CITY OF RAMSEY, MINNESOTA, a municipal corporation and a body corporate <br />and politic of the State of Minnesota (the "Issuer"), for value received, hereby promises to pay, <br />but solely from the sources and in the manner hereinafter provided, to <br /> (the "Lender"), or registered assigns, the maximum <br />principal sum of THiRTY-FIVE THOUSAND DOLLARS ($35,000), and :to pay to the <br />registered owner hereof from such sources interest on the outstanding and unpaid balance of this <br />Note (the "Principal Balance") from the date hereof until such principal sum is paid, at the rate of <br />five and one-half percent (5½%) per annum. Interest shall be computed on the basis of a year of <br />actual days elapsed in a year of 365 or 366 days. All payments shall be applied first to accrued <br />interest on the unpaid Principal Balance and then to the Principal Balance. <br /> <br /> 1. The Principal Balance and interest on the Principal Balance shall be paid on <br />June 1,2006 (the "Final Maturity Date"). <br /> <br /> 2. Principal and interest shall be paid to the registered owner hereof in lawful money <br />of thc United States as provided in the Loan Agreement of even date herewith (the "Loan. <br />Agreement") between the Issuer and Kilkenny Limited Liability Company, a Minnesota limited <br />liability company (the "Borrower"), at its registered address. <br /> <br /> 3. This Note is a special limited obligation of the Issuer issued pursuant to <br />Minnesota Statutes, Sections 469.152 to 469.1651, as amended (the "Act"). This Note shall not <br />constitute a charge, lien or encumbrance, legal or equitable, upon any property of the Issuer <br />(except t'br the interests of the Issuer in the Loan Agreement which are assigned to the Lender; <br />no owner of this Note shall ever have the right to compel the exercise of the taxing power of the <br />Issuer to pay this Note or the interest hereon, nor to enforce payment hereof against any property <br />of the Issuer (except for the interests of the Issuer in the Loan Agreement assigned to the <br />Lender); and this Note does not constitute an indebtedness of the Issuer within the meaning of <br />m~y constitutional or statutory limitation. <br /> <br /> 4. This Note is payable solely from the revenues pledged to its payment, 'including <br />loan repayments payable by the Borrower, pursuant to the Loan Agreement, pursuant to which' <br />the Issuer has loaned to the Borrower the proceeds of the issuance of this Note and the Borrower <br />has agreed to make payments sufficient to probide for the payment of all principal hereof and <br />interest hereon, which payments are pledged to the payment hereof. <br /> <br /> 5. This Note is issued for the purpose of financing a portion of the costs of issuance <br />ot' thc Issuer's $3,810,000 Variable Rate Demand Industrial Development Revenue.Bonds <br /> <br />1779{~37v I <br /> <br />-183- <br /> <br /> <br />