|
5. !~. ture of Obligation. This Note is one of an issue in the total principal amount of
<br />$106,756, ~ is~9ed to aid in financing certain public development costs and administrative costs
<br />of a Develo .p~:nefit District undertaken by the City pursuant to Minnesota Statute, s, Sections 469.124
<br />through 46'~;134, and is issued pursuant to an authorizing resolution (the 'Resolution") duly
<br />adopted by ~he JCity on September 14, 1993, and pursuant to and in full conformity with the
<br />Constitution[and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.174
<br />to 469.179,~/nd the City's home rule charter. This Note is a limited obligation of the City which is
<br />payable soli~l[y, from Available Tax Increment pledged to the payment hereof under the Resolution.
<br />This Note a~ th~ interest hereon shall not be deemed to constitute a general obligation of the State
<br />of Minnesoti. or any political subdivision thereof, including, without limitation, the City. Neither
<br />the State of.l~Iin~esota, nor any political subdivision thereof shall be obligated to pay the principal
<br />of or intereS[!o.n ~his Note or other costs incident hereto except out of Available Tax Increment, and
<br />neither the f~ll ~.aith and credit nor the taxing power of the State of Minnesota or any political
<br />subdivision ~er~of is pledged to the payment of the principal of or interest on this Note or other
<br />costs incid~fiJ h~reto. The Owner, represented by legal counsel, has undertaken an independent
<br />review of thl~ documentation and actions taken by the City in creating the City's Development
<br />District No,~ arid Tax Increment Financing District No. 5 therein, and has concluded that such
<br />actions are .s~ffioient and in accordance with applicable law. The Owner's acceptance of this Note
<br />shall be with Ithe understanding that the City shall have no liability to the Owner with respect to any
<br />defects in pr'~oc.e~:lings relating to the creation of said Development District or Tax Increment
<br />Financing D~trict.
<br /> 6. i Registration and Transfer. This Note is issuably only as a fully registered note
<br />without couI~on~. As provided in the Resolution, and subject to certain limitations set forth
<br />therein, this ~ot¢ is transferable upon the books of the City kept for that purpose ,at the principal
<br />office of the ~city~' Administrator, by the Owner hereof in person or by such owner s attorney duly
<br />authorized id writing, upon surrender of this Note together with a written instrument of transfer
<br />satisfactory ~ tlie City, duly executed by the Owner. Upon such transfer or exchange and the
<br />payment by'the Owner of any tax, fee, or governmental charge required to be paid by the City with
<br />respect to such transfer or exchange, there will be issued in the name of the transferee a new Note
<br />of the same a~gr6gate principal amount, bearing interest at the same rate and maturing on the same
<br />dates.
<br />
<br /> This ~o~ shall not be transferred to any person other than an affiliate, or other related
<br />entity, of thc ~)wlaer unless the City has been provided with an opinion of counsel or a certificate of
<br />the transfer0~, in ~ form satisfactory to the City, that such transfer is exempt from registration and
<br />prospectus d~]ivery requirements of federal and applicable state securities laws.
<br /> IT IS ~{EREBY CERTIFIED AND RECITED that all acts, conditions, and things required
<br />by the Consti~uti0n and laws of the State of Minnesota and the City's home rule charter to be done,
<br />to exist, to h~tppCn, and to be performed in order to make this Note a valid and binding limited
<br />obligation of~heSCity according to its terms, have been done, do exist, have happened, and have
<br />been perform~.d Lq due form, time and manner as so required.
<br />
<br /> IN W!T/~ SS WHEREOF, the City Council of the City of Ramsey, Minnesota has caused
<br />this Note to 1Se executed with the manual signatures of its Mayor and City Administrator, all as of
<br />the Date of O~i['girlal Issue specified above.
<br />
<br />B-3
<br />
<br />
<br />
|