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1999-02-10
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1999-02-10
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UNITED STATE OF AMERICA <br /> STATE OF MINNESOTA <br /> COUNTY OF ANOKA <br /> No. R -1 $32,250 <br /> TAX INCREMENT REVENUE NOTE <br /> SERIES 1995A <br /> Date <br /> Rate of Original Issue <br /> 8.50% October _ , 1995 <br /> The City of Centerville, Minnesota (the "City "), for value received, certifies <br /> that it is indebted and hereby promises to pay to Northern Forest Products, L.L.C. , <br /> or registered assigns (the "Owner "), the principal sum of $32,250 and to pay <br /> interest thereon at the rate of 8.50% per annum, as and to the extent set forth <br /> herein. <br /> 1. Payments . Principal and interest ( "Payments ") shall be paid on August <br /> 1, 1997 and each February 1 and August 1 thereafter to and including August 1, <br /> 1998 ( "Payment Dates ") in the amounts set forth in Attachment A hereto, but only <br /> to the extent of Available Tax Increment as hereinafter defined. Payments shall be <br /> applied first to accrued interest, and then to unpaid principal. <br /> Payments are payable by mail to the address of the Owner or such other <br /> address as the Owner may designate upon 30 days written notice to the City. <br /> Payments on this Note are payable in any coin or currency of the United Sates of <br /> America which, on the Payment Date, is legal tender for the payment of public and <br /> private debts. <br /> 2. Interest. Interest at the rate stated herein shall accrue on the unpaid <br /> principal, commencing on the date of original issue. Interest shall be computed on <br /> the basis of a year of 360 days and charged for actual days principal is unpaid. <br /> 3. Available Tax Increment. Payments on this Note are payable solely from <br /> "Available Tax Increment," which shall mean, on each Payment Date, 90 percent of <br /> the Tax Increment generated in the preceding six (6) months with respect to the <br /> Property and remitted to the City by Anoka County, all as such terms are defined <br /> in the Contract for Private Development, dated as of October 24, 1995 (the <br /> "Agreement ") between the City and the Owner. <br /> Available Tax Increment shall not include any Tax Increment generated with <br /> respect to the Property if, as of any Payment Date, there is an uncured Event of <br /> Default under the Agreement. <br /> The City shall have no obligation to pay principal of and interest on this Note <br /> on each Payment Date from any source other than Available Tax Increment, and the <br /> failure of the City to pay the entire amount of principal or interest on this Note on <br /> any Payment Date shall not constitute a default hereunder as long as the City pays <br /> principal and interest hereon to the extent of Available Tax Increment. If on any <br /> Payment Date there is available to the City insufficient Available Tax Increment t <br /> SJS93339 Aev <br /> CE155 -7 2 <br />
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