Resolution - #93-09-186 - 09/14/1993

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(g) iutilhted. Lost. Stolen or Destroyed Note. In case any Note shall become mutilated or be lost, sro ~, ~ destroyed, the Registrar shall deliver a new Note of like amount, maturity dates and tenor in~xc~range and substitution for and upon cancellation of such mutilated Note or in lieu of and in su~stitgtion for such Note lost, stolen, or destroyed, upon the payment of the reasonable expenses a'n{l cfiarges of the Registrar in connection therewith; and, in the case the Note lost, stolen, or de4troY~ed, upon filing with the Registrar of evidence satisfactory to it that such Note was lost, stolen,Or d~stroyed, and of the ownership thereof, and upon furnishing to the Registrar of an appropriatei:13ond[or indemnity in form, substance, and amount satisfactory to it, in which both the City and th~egistrar shall be named as obligees. The Note so surrendered to the Registrar shall be cancelledrbylh it and evidence of such cancellation shall be given to the City. If the mutilated, lost, stolen; 4>r destroyed Note has already matured or been called for redemption in accordance with its termS, it 8hall not be necessary to issue a new Note prior to payment. 3.04. Pl'enaration and Delivery. The Note shall be prepared under the direction of the City Admirti~tra{0~ and shall be execute.~d on behalf of the City by the signatures of its Mayor and City AdminiStratOr. In case any officer whose signature shall appear on the Note shall cease to be such office~ IbefOre the delivery of the Note, such signature or facsimile shall nevertheless be valid and sufficio4t for all purposes, the same as if such officer had remained in office until delivery. When the :Iqoteiis being so executed and authenticated, it shall be delivered by the City Administrat6r t¢ the Owner thereof upon execution of the Agreement and the Assessment Agreement I~i~ twin the City and the Owners. Secfil~n 4; Security Provisions. 4.01~.i P_.lr,_4~. The City hereby pledges to the payment of the principal of and interest on the Note all 4vaiiable Tax Increment as defined in the Note. Available Ta4~ Increment shall be applied to payment of the principal of and interest on the Note in accordance ,~' rith the terms of the form of Note set forth in Section 2 of this resolution. 4.02.[ BOnd Fund. Until the date the Note is no longer outstanding and no principal thereof or in,feint thereon (to the extent required to be paid pursuant to this resolution) remains unpaid, the ID)ty ~hall maintain a separate and special "Bond Fund" to be used for no purpose other than the payment of the principal of and interest on the Note. The City irrevocably agrees to appropriate trJ th~ Bond Fund in each year Available Tax Increment necessary to pay principal and interest du¢~n i:he N,0te in such year. Any amounts remaining in the Bond Fund shall be transferred tr~the City s account for TIF District No. 5 upon the payment of all principal and interest to be ?aid with respect to the Note. SectiOn 5. County Auditor Registration; Certification of Proceedings. 5.01,.i COunt? Auclit0r Registration. The City Administrator is hereby authorized and directed to F~,le {' certified copy of this resolution with the County Auditor of Anoka County, together withBuch other information as such County Auditor shall require, and to obtain from said County Audffor acertificate that the Note have been entered on his or her bond register. 5.02. [ c~rtifica~iq~n of Proceedings. The officers 'of the City and the County Auditor of Anoka Count4y are hereby authorized and directed to prepare and furnish to the Owner of the Note certified coPijes o~f all proceedings and records of the City, and such other affidavits, certificates, and information a~ may be required to show the facts relating to the legality and marketability of the Note as the. 8arne appear from the books and records under their custody and control or as otherwise knd)wn;to them, and all such certified copies, certificates, and affidavits, including any heretofore f~isl~ed, shall be deemed representations of the City as to the facts recited therein. [