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EXHIBIT 1 <br /> TO <br />BOND RESOLUTION <br /> <br />(Form of Bond) <br /> <br />UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> COUNTY OF ANOKA <br /> <br /> CITY OF RAMSEY <br /> <br />Industrial Development Revenue Bond <br /> (Soderholm Project) <br /> <br />No. R-1 $225,000 <br /> <br /> The City of Ramsey, a municipal corporation in the <br />County of Anoka and State of Minnesota {th_ "City") for value <br />received, hereby promises to pay, but solely from the source and <br />in the manner hereinafter provided, to the Wayzata Bank and Trust <br />Company or registered assigns the principal sum of Two Hundred <br />Twenty-five Thousand Dollars ($225,000), on the twenty-fifth <br />anniversary of the first day of the first month following the <br />Completion Date, as defined in the Loan Agreement hereinafter <br />mentioned, upon the presentation and surrender hereof, and to <br />make payments of said principal sum in installments as herein- <br />after provided, and to pay to the owner hereof interest on the <br />outstanding and unpaid balance of such principal sum from the <br />date hereof until said principal sum is paid, at the rate of <br />Eleven percent (11.00%) per annum. If a Determination of Taxa- <br />bility shall be made, the Bond shall be deemed to bear and have <br />borne interest from the Date of Taxability until the Bond is <br />fully paid at a rate that shall at all times be equal to 22% per <br />annum. Upon such Determination of Taxability the Borrower shall <br />promptly pay to the Holder of the Bond the difference between (i) <br />the amount of interest that would have been due under the Bond <br />from the Date of Taxability to the date the Determination of <br />Taxability is made if calculated at the rate of 22% per annum, <br />and (ii) the amount of interest actually paid under the Bond <br />during such period. Also upon such Determination of Taxability, <br />the amount of the monthly installments of principal and interest <br />due under the Bond shall be automatically increased to an amount <br />sufficient to amortize the remaining unpaid principal balance of <br />the Bond at such higher rate over the remaining term of the Bond. <br />Interest only shall be paid in quarterly installments commencing <br />September 1, 1980 until the Completion Date at which time principal <br /> <br /> <br />