Resolution - #93-09-185 - 09/14/1993

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~ I~ , (g) atflited. Lost. Stolen or Destroyed Note, In case any Note shall become mutilated or be sost, stol~t, ~destroyed, the Registrar sfiall deliver a new Note of like amount, maturity dates and tenor in, xcl~ange and substitution for and upon cancellation of such mutilated Note or in lieu of and in sub ;tit~tion for such Note lost, stolen, or destroyed, upon the payment of the reasonable expenses ant chsxges of the Registrar in connection therewith; and, in the case the Note lost, stolen, or d~s xo~, upon fling with the Regislxar of evidence satisfactory to it that such Note was lost, stolenc, c t delStroyed, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate ,lc bndf'or indemnity in form, substance, and amount satisfactory to it, in which both the City and the Re~strar shall be named as oblige, es. The Note so surrendered to thc Registrar shall be cancelled by-it and evidence of such cancellation shall be given to the City. If the mutilated, lost, stolen,'i~}r distroyed Note has arcady matured or been called for redemption in accordance with its term it Shall not be necessary to issue a new Note prior to payment. 3.04.~ P~oaration and Delivery.. The Note shall be prepared under the direction of the City Admini~ Irat~ and shall be executed on behalf of thc City by the signatures of its Mayor and City Admi~ ~rat0..r. In case any officer whose signature shall appear on thc Note shall cease to be such officel~1 efq~. the delivery of thc Note, such signature or facsimile shall nevertheless be valid and sufficier for all purposes, thc same as if such officer had remained in office until delivery. When the N~Ote;is being so executed and authenticated, it shall be delivered by the City Administrato~r tO. the Owner thereof upon execution of the Agreement and thc Assessment Agreement b~tween the City and the Owners. SectiOn 4~ Security Provisions. 4.01. the Note ail 3 Available T~: accordance 4.02. thereof or iht unpaid, the C than the payl ~P.l~lgt. The City hereby pledges to the payment of the principal of and interest on vail!tble Tax Increment as defined in the Note. IIn6Xement shall be applied to payment of the principal of and interest on the Note in th abe terms of the form of Note set forth in Section 2 of this resolution. ~. Until the date the Note is no longer outstanding and no principal ;rest thereon (to the extent required to be paid pursuant to this resolution) remains ty shall maintain a separate and special "Bond Fund" to be used for no purpose other t~en~ of the principal of and interest on the Note. The City irrevocably agrees to appropriate tX th,'Bond Fund in each year Available Tax Increment necessary to pay principal and interest due On the Note in such year. Any amounts remaining in the Bond Fund shall be transferred tfth~ City's account for TIF District No. 5 upon the payment of ail principal and interest to be ~aic[ with respect to the Note. Secti0~ 5.. Coun _ty Auditor Registration: Certification of Prgceedings. 5.01'.i Cgunty Auditor Registration. The City Administrator is hereby authorized and directed to fi~le ~ certified copy of this resolution with the County Auditor of Anoka County, together wi~ ~ucll Other information as such County Auditor shall require, and to obtain from said County Au~t~r acertificate that the Note have been entered on his or her bond register. 5.02, i c0rtification of Proceedings. The officers of the City and the County Auditor of Anoka Count~ ar~ hereby authorized and directed to prepare and furnish to the Owner of the Note certified cop~s Of all proceedings and records of the City, and such other affidavits, certificates, and informafiq~n ~ may be required to show the facts relating to the legality and marketability of the Note as the Sam~ appear from the books and records under their custody and control or as otherwise kn6'wnito them, and all such certified copies, certificates, and affidavits, including any heretofore farhisl~, shall be deemed representations of the City as to the facts recited therein. L B-6