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UNITED STATES OF ~ERICA <br /> STATE OF MINNESOTA <br /> COUNTY OF ~OKA <br /> CITY OF RAMSEY <br /> <br />Industrial Development Revenue Note of 1981 <br /> (Alan C. Phillips Project) <br /> <br />$575,000.00 <br /> <br /> FOR VALUE RECEIVED the CITY OF RA~ISEY, Anoka County, <br />Minnesota (the "City"), hereby promises to pay to the order of THE <br />FIRST NATIONAL BANK IN ANOKA, in Anoka, Minnesota, its successors <br />or registered assigns (the "Lender"), from the source and in the <br />manner hereinafter provided, the principal sum of FIVE HUNDRED <br />SEVENTY-FIVE ~HOUSAND AND NO/100 DOLLARS ($575,000.00), or so much <br />thereof as remains unpaid from time to time (the "Principal <br />Balance"), on or before as required herein March 1, 1992 with <br />interest thereon at the rates set forth below, in any coin or <br />currency which at the time or times of payment is legal tender for <br />the paylnent of public or private debts in the United States of <br />America, and in accordance with the terms hereinafter set forth. <br />The interest rate on this Note shall be thirteen percent (13%) per <br />annum from the date of this Note to April 1, 1985 and shall be <br />increased or decreased on April 1, 1985, April 1, 1988 and April <br />1~ 1991 for the period from the date of the change to the <br />i!m~lediately following date of change to an interest rate per annum <br />equal to thirteen percent plus or minus the change in Moody's "AA" <br />Corporate Bond Index between the date of this Note and the then <br />applicaOle date of chan~e, but in no event shall such rate be less <br />than 12% nor more than 15%. The Moody's "AA" Corporate Bond Index <br />to be used in the above calculation shall be that index most <br />recently published before the date of this Note or the date of <br />change, as the case may be. In the event that such index is not <br />published, this Note shall continue to bear interest at the rate <br />in effect at the time ~le index is last published. <br /> <br /> Monthly payments of interest shall be paid on this Note on <br />the first day of each month beginning with the month following the <br />month in which this Note is issued and dated to but not including <br />April 1, 1982 with respect to ~e principal amount of this Note <br />outstanding during the i~mediately preceding month. From and <br />after April 1, 1982 (the "Amortization Date") this Note shall be <br />amortized and paid in one hundred twenty (120) consecutive monthly <br />installments of principal and interest of <br /> Dollars ($ ) each (except to the <br />extent to which such monthly payment is changed as provided in <br />this Note) co~aencing on the Amortization Date and continuing on <br />the first day of each month thereafter (the "Payment Date") so <br />long as any principal remains unpaid through and including <br />March 1, 1992 (the "Final ~4aturity Date"), at which time the <br /> <br />7 <br /> <br /> <br />