Resolution - #93-09-184 - 09/14/1993

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be lost, stol~n and tenor in'~ of and in su~s fila~_d. Lost. Stolen or Destroyed Note. In case any Note shall become mutilated or ori~estroyed, the Registrar sliall deliver a new Note of like amount, maturity dates :.ch~ge and substitution for and upon cancellation of such mutilated Note or in lieu ltu~on for such Note lost, stolen, or destroyed, upon the payment of the reasonable expenses anti ch~ges of the Regislrar in connection therewith; and, in the case the Note lost, stolen, or deal oyikl~ upon filing with the Registrar of evidence satisfactory to it that such Note was lost, stolen, o~ de ~a~royed, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate b~nd ~r indemnity in form, substance, and amount satisfactory to it, in which both the City and the~egi~trar shall be named as obligees. The Note so surrendered to the Registrar shall be cancelledi~y ilk'and evidence of such cancellation shall be given to the City. If the mutilated, lost, stolen, ~ d~troyed Note has already matured or been called for redemption in accordance with its terrr~)it shall not be necessary to issue a new Note prior to payment. 3.04; [ Pr[naration and Delivery. The Note shall be prepared under the direction of the City Admin~at~'.~ and shall be executed on behalf of the City by the signatures of its Mayor and City Administrate. In case any officer whose signature shall appear on the Note shall cease to be such officer b~for~ the delivery of the Note, such signature or facsimile shall nevertheless be valid and sufficieii~for!all purposes, the same as if such officer had remained in office until deIivery. When the N~te is being so executed and authenticated, it shall be delivered by the City Administrato~ toithe Owner thereof upon execution of the Agreement and the Assessment Agreement betwe~*n the City and the Owners. Secfi°~ 4.~ Security_ Provisions. 4.01~ ! ~. The City hereby pledges to the payment of the principal of and interest on the Note ali Agail~ble Tax Increment as defined in the Note. Available Ta~,In¢~ement shall be applied to payment of the principal of and interest on the Note in accordance ~h. tBe terms of the form of Note set forth in Section 2 of this resolution. 4.02i !~. Until the date the Note is no longer outstanding and no principal thereof or int~reS[; thereon (to the extent required to be paid pursuant to this resolution) remains unpaid, the ~l~y silall maintain a separate and special "Bond Fund" to be used for no purpose other than the pa~en~of the principal of and interest on the Note. The City irrevocably agrees to appropriate toithe~Bond Fund in each year Available Tax Increment necessary to pay principal and interest due i~jn ~e Note in such year. Any amounts remaining in the Bond Fund shall be transferred to!th~City's account for TIF Disu-ict No. 5 upon the payment of all principal and interest to be ~aidiwith respect to the Note. Secfioia 5. i Coun _fy Al~diI9~ Re~strafion: Certification of Proceedings. 5.01' [ CO~ ntv Auditor Reeistration. The City Administrator is hereby authorized and directed to fi~e a ~eeriified copy o~ this resolution with the County Auditor of Anoka County, together with ~ucli! other information as such County Auditor shall require, and to obtain from said County Audi~ ~r a ~rtificate that the Note have been entered on his or her bond register. 5.02,; CeixSfication of Proceedings. The officers of the City and the County Auditor of Anoka Count'} ar6[ hereby authorized and directed to prepare and furnish to the Owner of the Note certified copliis of all proceedings and records of the City, and. such other affidavits, certificates, and informafi{!n ~ may be required to show the facts relating to the legality and marketability of the Note as the ~ilam~ appear from the books and records under their custody and control or as otherwise lm~wn ~o them, and all such certified copies, certificates, and affidavits, including any heretofore fu~.' 'sh~, shall be deemed representations of the City as to the facts recited therein. B-6